Compare Personal Loan - Axis Finance vs Tata Capital

Bank	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank 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 Karur Vysya Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes 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%	11.25% - 17.99%
Processing Fees	Processing Fees 2%	Upto 2.50% of Loan Amount
Loan Amount	Loan Amount ₹ 50,000 to ₹ 25 Lakh	₹ 75,000 to ₹ 25 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 72 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,275	₹ 1,916
Part Payment Charges	Part Payment Charges Allowed after 3 months at Nil Part-Payment Charges	Allowed after 6 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 6 months at Rs. 1,000 to Rs. 5,000
Borrower’s Age	Borrower’s 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	3 Months
Total Work Experience	Total Work Experience 24 Months	24 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 4.4/5.0	4.6/5.0

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Compare EMI of Axis Finance and Tata Capital Personal Loan

Loan Amount	Axis Finance	Tata Capital
₹ 1 Lakh	₹ 10,646	₹ 12,478
₹ 5 Lakh	₹ 53,228	₹ 62,392
₹ 10 Lakh	₹ 1,06,456	₹ 1,24,784
₹ 12 Lakh	₹ 1,27,747	₹ 1,49,741

Which is a better bank for Personal Loan – Tata Capital or Axis Finance?

Tata Capital offers lower Personal Loan EMI at 1916 on a Personal Loan for 72 Months as compared to Axis Finance with a minimum EMI of 2275 for 60 Months. Average customer ratings for Tata Capital is currently at 4.6/5.0 which makes it a good choice for taking a Personal Loan.

How does Tata Capital Personal Loan compare with Axis Finance Personal Loan?

It is important to do a detailed comparison of Tata Capital 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 Tata Capital Personal Loan is 11.25%, which is lower than the lowest interest rate of Axis Finance at 13.00%. Hence, Tata Capital 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 Tata Capital charges a processing fees of Upto 2.50% of Loan Amount.
One feature that makes Personal Loan a better option is foreclosure facility. Axis Finance and Tata Capital gives the option to close the loan after 6 months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period and Rs. 1,000 to Rs. 5,000. This makes Axis Finance a better option for Personal Loan.
Axis Finance and Tata Capital allow part payment on Personal Loan after 3 months at Nil charges. Axis Finance applies a charge of Nil charges and Tata Capital charges Nil charges on Personal Loan.
Tata Capital has an average customer ratings of 4.6, while Axis Finance has an average customer rating of 4.4, based on which it is clear that Tata Capital has a high customer service focus, an easy Personal Loan process and a quick turnaround.

Which bank offers lower interest rate on Personal Loan – Tata Capital or Axis Finance?

As per the current rates, Tata Capital offers a lower interest rate of 11.25% on Personal Loan when compared to Axis Finance which offers a Personal Loan at 13.00%.

How can I transfer my Personal Loan from Axis Finance to Tata Capital?

You can transfer your Personal Loan from Axis Finance to Tata Capital 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, Tata Capital offers the cheapest Personal Loan at 11.25%.

How do I check my eligibility for Axis Finance and Tata Capital Personal Loan?

You can check your eligibility for Axis Finance, Tata Capital 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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Personal Loan News - Mar 2021

2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
2021-02-26 : IndusInd Bank to grow loan book by 15-18%
IndusInd Bank is expecting to grow its loan portfolio by 15-18% year-on-year for the next two financial years under its fifth planning cycle.The Bank’s year-on-year growth in advances which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan was flat at Rs 2.07 trillion until December 2020. Its deposits which include fixed and recurring deposits, grew by 10% to Rs 2.39 trillion.
2021-02-26 : Canara Bank organized Mega Retail Expo in Mumbai
Canara bank organized a mega retail expo camp at Gala Auditorium, Patuck Campus in Santacruz (East). The retailers present at the expo displayed salient features of their products which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan. A total loan amount of Rs. 224.30 Crores were sanctioned through the expo.
2021-02-23 : SBI launched YONO Merchant app
SBI Payments launched YONO Merchant App to expand the digitisation of merchant payments in the country. The Bank is aiming to create a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Point of Sale (PoS) infrastructure in lesser penetrated areas of the country.
2021-02-23 : Tata Capital launched a campaign to introduce Shubharambh loan
Tata Capital joined hands with Zee Cinema to launch a campaign to introduce the Shubharambh loan. Shubharambh Loans are available across Business, Personal Two-wheeler, Used Car, Loan Against Property and Home Loans. Each product has special features that aims to benefit customers across categories.

*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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