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Compare Allahabad Bank vs SBI Personal Loan

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Bank
Interest Rate
Interest Rate
9.05% - 13.65%
9.60% - 15.65%
Processing Fees
Processing Fees
1.06%, Min Rs. 1068
1.00%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 7.50 Lakh
₹ 50,000 to ₹ 15 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
6 to 72 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,078
₹ 1,832
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 3%
Eligible Age
Eligible Age
25 to 58 Years
21 to 58 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 24,000
Current Work Experience
Current Work Experience
24 Months
12 Months
Total Work Experience
Total Work Experience
NA
24 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.6/5.0
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Compare Personal Loan EMI of Allahabad Bank and SBI

Loan Amount Allahabad Bank SBI
₹ 1 Lakh ₹ 2,078 ₹ 1,832
₹ 5 Lakh ₹ 10,391 ₹ 9,162
₹ 10 Lakh ₹ 20,783 ₹ 18,325
₹ 12 Lakh ₹ 24,939 ₹ 21,990

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

SBI offers lower Personal Loan EMI at Rs. 1832 for 72 Months compared to Allahabad Bank with a minimum EMI of Rs. 2078 for 60 Months. In addition, average customer ratings for SBI is currently at 3.6/5.0, making it a good choice for taking a Personal Loan.

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

It is important to make a detailed comparison of Allahabad Bank and SBI 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 SBI at 9.60%. 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 SBI charges a processing fee of Upto 1.00%.
  • SBI offers Personal Loan upto an amount of ₹ 15 Lakh, while Allahabad Bank offers Loan upto an amount of ₹ 7.50 Lakh. Therefore, SBI 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 SBI gives the option to close the loan after 6 months at 3%. 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 SBI does not offer a part payment facility. This makes Allahabad Bank a better option for instant loan requirements.
  • SBI has an average customer rating of 3.6. In contrast, has an average customer rating of , based on which it is clear that SBI 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 SBI?

As per the current rates, Allahabad Bank offers a lower interest rate of 9.05% on loans compared to SBI, which offers a Personal Loan at 9.60%.

Know more about Allahabad Bank Personal Loan

Know more about SBI Personal Loan

Compare Allahabad Bank Personal Loan With Other Banks

Compare SBI Personal Loan With Other Banks

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Personal Loan News - Sep 2021
  • 2021-09-20 : PNB Introduces Festival Bonanza Offer
    Punjab National Bank (PNB) has introduced a festival bonanza offer under which they reduced home loan interest to 6.80%. Also, the lender has waived off processing fees and documentation charges on all retail loans like home loans, personal loans, car loans, gold loans, property loans. These charges are valid till December 31, 2021.
  • 2021-09-09 : Gold Loan Soars High in 12 Months
    In the last 12 months, gold loans and credit cards have seen significant growth. Gold loans outstanding has increased by 77.4% and personal loans have jumped by 11.2% till July 2021.
  • 2021-09-02 : Axis Bank Personal Loan Rates Changed
    The personal loan rates for Axis Bank have changed for new and BT offers. The Bank is now offering personal loans for new & BT cases starting at 10.25% & 10.49%, respectively.
  • 2021-09-02 : HDFC Bank offers Special Personal Loan
    HDFC Bank has launched a personal scheme for new, and BT offers at an attractive rate. The new personal loan rates are stating at 10.25%
  • 2021-09-01 : Mortgage lending has increased GDP by 11%
    National Housing Bank has informed that mortgage lending in India has increased India’s Gross Domestic Product (GDP) by 11%, an economy worth Rs 27 trillion. 65% of the loans are provided by banks and the rest 35% by NBFCs.
*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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