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Compare Allahabad Bank vs IIFL Personal Loan

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Interest Rate
Interest Rate
9.05% - 13.65%
24.00% - 24.00%
Processing Fees
Processing Fees
1.06%, Min Rs. 1068
Loan Amount
Loan Amount
₹ 50,000 to ₹ 7.50 Lakh
₹ 50,000 to ₹ 25 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,078
₹ 2,877
Part Payment Charges
Part Payment Charges
Allowed after 0 months at 2.25%
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 0 months at 2.25%
Allowed after 6 months at 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST
Eligible Age
Eligible Age
25 to 58 Years
25 to 60 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 25,000
Current Work Experience
Current Work Experience
24 Months
6 Months
Total Work Experience
Total Work Experience
36 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Personal Loan EMI of Allahabad Bank and IIFL

Loan Amount Allahabad Bank IIFL
₹ 1 Lakh ₹ 2,078 ₹ 2,877
₹ 5 Lakh ₹ 10,391 ₹ 14,384
₹ 10 Lakh ₹ 20,783 ₹ 28,768
₹ 12 Lakh ₹ 24,939 ₹ 34,522

Which is a better bank for Personal Loan – Allahabad Bank or IIFL?

Allahabad Bank offers lower Personal Loan EMI at Rs. 2078 for 60 Months compared to IIFL with a minimum EMI of Rs. 2877 for 60 Months. In addition, average customer ratings for Allahabad Bank is currently at /5.0, making it a good choice for taking a Personal Loan.

How does Allahabad Bank Personal Loan compare with IIFL Personal Loan?

It is important to make a detailed comparison of Allahabad Bank and IIFL on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of Allahabad Bank Loan is 9.05%, which is lower than the lowest interest rate of IIFL at 24.00%. Hence, Allahabad Bank is offering a cheaper loan option.
  • Compared to other Personal Loan charges such as processing fees, Allahabad Bank charges a processing fee of 1.06%, Min Rs. 1068, while IIFL charges a processing fee of Upto 2%.
  • IIFL offers Personal Loan upto an amount of ₹ 25 Lakh, while Allahabad Bank offers Loan upto an amount of ₹ 7.50 Lakh. Therefore, IIFL can be a better option if you are looking for a high value amount.
  • One feature that makes Personal Loan a better option is the foreclosure facility. Allahabad Bank gives the option to close the loan after Zero months at 2.25% and IIFL gives the option to close the loan after 6 months at 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST. This makes Allahabad Bank a better option for Personal Loan.
  • Allahabad Bank allows part payment on Personal Loan after Zero months at 2.25%, while IIFL does not offer a part payment facility. This makes Allahabad Bank a better option for instant loan requirements.
  • IIFL has an average customer rating of 4.8. In contrast, has an average customer rating of , based on which it is clear that IIFL has a high customer service focus, an easy process and a quick turnaround.

Which bank offers a lower interest rate on Personal Loan – Allahabad Bank or IIFL?

As per the current rates, Allahabad Bank offers a lower interest rate of 9.05% on loans compared to IIFL, which offers a Personal Loan at 24.00%.

Know more about Allahabad Bank Personal Loan

Know more about IIFL Personal Loan

Compare Allahabad Bank Personal Loan With Other Banks

Compare IIFL Personal Loan With Other Banks

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Personal Loan News - Oct 2021
  • 2021-10-14 : Zavron Finserv Launches Instant Personal Loan Application
    Zavron Finserv- a non-banking financial institution- has introduced an instant personal loan application. This App will help customers to take loans instantly within few minutes that too from their mobile phone. A loan for a minimum of Rs 10,000 and a maximum of Rs 2 lakh is available.
  • 2021-10-13 : Early Salary Introduces Dussehra Offers
    Early Salary has announced the Dussehra offer on personal loans by 50% off on processing fees. The interest rate charged by the instant mobile application is Rs. 9 per day.
  • 2021-10-12 : Axis Bank Has Launched Open API For Customers
    Axis Bank unveils open APIs (Application Programming Interface), these APIs will help retail and corporate customers/ partners to use banking services integrated across partner platforms. This banking portal has retail as well as corporate products like loans, accounts, deposits, payments, trade, collections and bills.
  • 2021-10-11 : Punjab National Bank Introduces 6S Campaign
    Punjab National Bank (PNB) has launched the 6S Campaign. The campaign consists of schemes like Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat. The objective of the campaign is to spread awareness about the development of financial services and accelerate credit growth, improve penetration of social security schemes and drive digital banking push.
  • 2021-10-07 : Bank of Baroda Decreases Personal Loan Rates
    Bank of Baroda has decreased personal loan rates by 25 points to 9.75%. Earlier the personal loan started at 10.00%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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