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Compare Personal Loan - Allahabad Bank vs IIFL

Interest Rate
Interest Rate
12.15% - 12.65%
12.99% - 19.99%
Processing Fees
Processing Fees
1.06%, Min Rs. 1068
1 - 2%
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
₹ 2,232
₹ 2,275
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 7 - 12 months - 5 - 6% and after 12 months - nil charges
Borrower’s Age
Borrower’s 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
0 Months
36 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of Allahabad Bank and IIFL Personal Loan

Loan Amount Allahabad Bank IIFL
₹ 1 Lakh ₹ 11,180 ₹ 10,651
₹ 5 Lakh ₹ 55,901 ₹ 53,257
₹ 10 Lakh ₹ 1,11,801 ₹ 1,06,514
₹ 12 Lakh ₹ 1,34,161 ₹ 1,27,817

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

Allahabad Bank offers lower Personal Loan EMI at 2232 on a Personal Loan for 60 Months as compared to IIFL with a minimum EMI of 2275 for 60 Months. Average customer ratings for Allahabad Bank is currently at /5.0 which makes it a good choice for taking a Personal Loan.

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

It is important to do a detailed comparison of Allahabad Bank and Personal Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own 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 Personal Loan is 12.15%, which is lower than the lowest interest rate of IIFL at 12.99%. Hence, Allahabad Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Allahabad Bank charges a processing fees of 1.06%, Min Rs. 1068 while IIFL charges a processing fees of 1 - 2%.
  • IIFL offers Personal Loan upto an amount of ₹ 25 Lakh while Allahabad Bank offer Personal Loan upto an amount of ₹ 7.50 Lakh. 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 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 7 - 12 months - 5 - 6% and after 12 months - nil charges. 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 part payment facility on Personal Loan. This makes Allahabad Bank a better option for Personal Loan.
  • IIFL has an average customer ratings of 4.8, while has an average customer rating of , based on which it is clear that IIFL has a high customer service focus, an easy Personal Loan process and a quick turnaround.

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

As per the current rates, Allahabad Bank offers a lower interest rate of 12.15% on Personal Loan when compared to IIFL which offers a Personal Loan at 12.99%.

How can I transfer my Personal Loan from Allahabad Bank to IIFL?

You can transfer your Personal Loan from Allahabad Bank to IIFL with a Personal Loan balance transfer. For this, you need to follow a specific procedure that involves clearing off dues, getting a NOC, application to a new bank, getting approval, etc. The Personal Loan balance transfer is an excellent way to reduce the loan burden as you can switch to a lower Personal Loan interest rate.

How can I choose the best bank for Personal Loan?

You can choose the best bank for a Personal Loan by making a detailed comparison between top lenders on the basis of interest rates, processing fee or Personal Loan offers. Apart from that, you can visit online marketplaces like MyLoanCare to choose the best Personal Loan offer. Here, you will get the option of choosing the best bank amongst the shortlisted ones based on your loan requirement.

Which type of Personal Loan is the cheapest?

The cheapest Personal Loan is the one that is offered at the lowest Personal Loan interest rates. This is because the lowest Personal Loan interest rates mean the lowest EMI, as the interest charged will be less. Thus, these loans can be attained with the least repayment burden. Currently, Allahabad Bank offers the cheapest Personal Loan at 12.15%.

How do I check my eligibility for Allahabad Bank and IIFL Personal Loan?

You can check your eligibility for Allahabad Bank, IIFL and Personal Loan by using MyLoanCare Personal Loan eligibility calculator. You have to enter details like required loan amount, occupation, salary, current obligations, work experience etc to check the amount of loan you are eligible for. You can apply loan for the eligible amount to repay the EMI you can comfortably service.

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*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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