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Compare Bajaj Finserv vs IIFL Personal Loan

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Bank
Interest Rate
Interest Rate
12.99% - 15.50%
24.00% - 24.00%
Processing Fees
Processing Fees
Starting from 1.50%, Up to 3%
2%
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 25 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
₹ 2,275
₹ 2,877
Part Payment Charges
Part Payment Charges
Allowed after 1 month at 2%
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at 4%
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
₹ 27,000
₹ 25,000
Current Work Experience
Current Work Experience
1 Month
6 Months
Total Work Experience
Total Work Experience
36 Months
36 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.4/5.0
4.8/5.0
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Compare Personal Loan EMI of Bajaj Finserv and IIFL

Loan Amount Bajaj Finserv IIFL
₹ 1 Lakh ₹ 2,275 ₹ 2,877
₹ 5 Lakh ₹ 11,374 ₹ 14,384
₹ 10 Lakh ₹ 22,748 ₹ 28,768
₹ 12 Lakh ₹ 27,298 ₹ 34,522

Which is a better bank for Personal Loan – Bajaj Finserv or IIFL?

Bajaj Finserv offers lower Personal Loan EMI at Rs. 2275 for 60 Months compared to IIFL with a minimum EMI of Rs. 2877 for 60 Months. In addition, average customer ratings for Bajaj Finserv is currently at 4.4/5.0, making it a good choice for taking a Personal Loan.

How does Bajaj Finserv Personal Loan compare with IIFL Personal Loan?

It is important to make a detailed comparison of Bajaj Finserv 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 Bajaj Finserv Loan is 12.99%, which is lower than the lowest interest rate of IIFL at 24.00%. Hence, Bajaj Finserv is offering a cheaper loan option.
  • Compared to other Personal Loan charges such as processing fees, Bajaj Finserv charges a processing fee of Starting from 1.50%, Up to 3%, while IIFL charges a processing fee of Upto 2%.
  • One feature that makes Personal Loan a better option is the foreclosure facility. Bajaj Finserv gives the option to close the loan after 1 months at 4% 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 Bajaj Finserv a better option for Personal Loan.
  • Bajaj Finserv allows part payment on Personal Loan after 1 months at 2%, while IIFL does not offer a part payment facility. This makes Bajaj Finserv a better option for instant loan requirements.
  • IIFL has an average customer rating of 4.8. In contrast, Bajaj Finserv has an average customer rating of 4.4, 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 – Bajaj Finserv or IIFL?

As per the current rates, Bajaj Finserv offers a lower interest rate of 12.99% on loans compared to IIFL, which offers a Personal Loan at 24.00%.

Know more about Bajaj Finserv Personal Loan

Know more about IIFL Personal Loan

Compare Bajaj Finserv Personal Loan With Other Banks

Compare IIFL 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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