Compare Personal Loan - Axis Finance vs Indian Bank

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Bank	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL HDB Financial Syndicate Bank Muthoot Union Bank of India Canara Bank Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank PNB Indian Overseas Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Karur Vysya Bank Axis Finance	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL HDB Financial Andhra Bank Karur Vysya Bank Muthoot Yes Bank Standard Chartered Bank Union Bank of India Canara Bank Bank of Maharashtra Corporation Bank Allahabad Bank Federal Bank Syndicate Bank Bank of Baroda PNB Indian Overseas Bank Indian Bank IDBI Bank
Parameters
Interest Rate	Interest Rate 13.00% - 18.00%	9.05% - 13.65%
Processing Fees	Processing Fees 2%	N.A
Loan Amount	Loan Amount ₹ 50,000 to ₹ 25 Lakh	₹ 50,000 to ₹ 5 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 36 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,275	₹ 3,182
Part Payment Charges	Part Payment Charges Allowed after 3 months at Nil Part-Payment Charges	Allowed after 0 months at Nil prepayment charges
Foreclosure Charges	Foreclosure Charges Allowed after 6 months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period	Allowed after 0 months at Nil prepayment charges
Eligible Age	Eligible Age 21 to 58 Years	21 to 58 Years
Minimum Income	Minimum Income ₹ 25,000	₹ 20,000
Current Work Experience	Current Work Experience 12 Months	0 Months
Total Work Experience	Total Work Experience 24 Months	0 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 4.4/5.0	4.4/5.0

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Compare EMI of Axis Finance and Indian Bank Personal Loan

Loan Amount	Axis Finance	Indian Bank
₹ 1 Lakh	₹ 2,275	₹ 3,182
₹ 5 Lakh	₹ 11,377	₹ 15,912
₹ 10 Lakh	₹ 22,753	₹ 31,823
₹ 12 Lakh	₹ 27,304	₹ 38,188

Which is a better bank for Personal Loan – Indian Bank or Axis Finance?

Axis Finance offers lower Personal Loan EMI at 2275 on a Personal Loan for 60 Months as compared to Indian Bank with a minimum EMI of 3182 for 36 Months. Average customer ratings for Axis Finance is currently at 4.4/5.0 which makes it a good choice for taking a Personal Loan.

How does Indian Bank Personal Loan compare with Axis Finance Personal Loan?

It is important to do a detailed comparison of Indian 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 Indian Bank Personal Loan is 9.05%, which is lower than the lowest interest rate of Axis Finance at 13.00%. Hence, Indian Bank is offering a cheaper loan option.
When compared on other Personal Loan charges such as processing fees, Axis Finance charges a processing fees of 2% while Indian Bank charges a processing fees of N.A.
Axis Finance offers Personal Loan upto an amount of ₹ 25 Lakh while Indian Bank offer Personal Loan upto an amount of ₹ 5 Lakh. Axis Finance 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. Indian Bank gives the option to close the loan after Zero months at Nil prepayment charges and Axis Finance gives the option to close the loan after 6 months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period. This makes Indian Bank a better option for Personal Loan.
Axis Finance and Indian Bank allow part payment on Personal Loan after 3 months at Nil charges. Axis Finance applies a charge of Nil charges and Indian Bank charges Nil charges on Personal Loan.
Axis Finance with an average customer ratings of 4.4 is equally comparable to Indian Bank with an average customer rating of 4.4. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Personal Loan – Indian Bank or Axis Finance?

As per the current rates, Indian Bank offers a lower interest rate of 9.05% on Personal Loan when compared to Axis Finance which offers a Personal Loan at 13.00%.

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Personal Loan News - Jul 2021

2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
2021-07-15 : OBC & UBI merged with PNB
After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.

*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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