Compare Personal Loan - Bajaj Finserv vs Kotak Bank

Bank	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank RBL Bank IIFL HDB Financial Syndicate Bank Union Bank of India Canara Bank Bank of Maharashtra Muthoot Andhra Bank Allahabad Bank Federal Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Karur Vysya Bank Axis Finance	SBI HDFC Bank ICICI Bank 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 Karur Vysya Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Axis Finance
Parameters
Interest Rate	Interest Rate 12.99% - 15.50%	10.40% - 17.99%
Processing Fees	Processing Fees Starting from 1.50%, Up to 3%	Starting from Rs.999
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 25 Lakh	₹ 1 Lakh to ₹ 15 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 48 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,275	₹ 2,556
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 12 months at 5% foreclosure charges
Borrower’s Age	Borrower’s Age 25 to 58 Years	22 to 55 Years
Minimum Income	Minimum Income ₹ 27,000	₹ 40,000
Current Work Experience	Current Work Experience 1 Month	6 Months
Total Work Experience	Total Work Experience 36 Months	24 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 4.3/5.0	4.5/5.0

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Compare EMI of Bajaj Finserv and Kotak Bank Personal Loan

Loan Amount	Bajaj Finserv	Kotak Bank
₹ 1 Lakh	₹ 10,651	₹ 11,942
₹ 5 Lakh	₹ 53,257	₹ 59,710
₹ 10 Lakh	₹ 1,06,514	₹ 1,19,420
₹ 12 Lakh	₹ 1,27,817	₹ 1,43,304

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

Bajaj Finserv offers lower Personal Loan EMI at 2275 on a Personal Loan for 60 Months as compared to Kotak Bank with a minimum EMI of 2556 for 48 Months. Average customer ratings for Bajaj Finserv is currently at 4.3/5.0 which makes it a good choice for taking a Personal Loan.

How does Kotak Bank Personal Loan compare with Bajaj Finserv Personal Loan?

It is important to do a detailed comparison of Kotak 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 Kotak Bank Personal Loan is 10.40%, which is lower than the lowest interest rate of Bajaj Finserv at 12.99%. Hence, Kotak Bank is offering a cheaper loan option.
When compared on other Personal Loan charges such as processing fees, Bajaj Finserv charges a processing fees of Starting from 1.50%, Up to 3% while Kotak Bank charges a processing fees of Starting from Rs.999.
Bajaj Finserv offers Personal Loan upto an amount of ₹ 25 Lakh while Kotak Bank offer Personal Loan upto an amount of ₹ 15 Lakh. Bajaj Finserv 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. Bajaj Finserv gives the option to close the loan after 1 months at 4% and Kotak Bank gives the option to close the loan after 12 months at 5% foreclosure charges. This makes Bajaj Finserv a better option for Personal Loan.
Bajaj Finserv allows part payment on Personal Loan after 1 months at 2%, while Kotak Bank does not offer part payment facility on Personal Loan. This makes Bajaj Finserv a better option for Personal Loan.
Kotak Bank has an average customer ratings of 4.5, while Bajaj Finserv has an average customer rating of 4.3, based on which it is clear that Kotak Bank has a high customer service focus, an easy Personal Loan process and a quick turnaround.

Which bank offers lower interest rate on Personal Loan – Kotak Bank or Bajaj Finserv?

As per the current rates, Kotak Bank offers a lower interest rate of 10.40% on Personal Loan when compared to Bajaj Finserv which offers a Personal Loan at 12.99%.

How can I transfer my Personal Loan from Bajaj Finserv to Kotak Bank?

You can transfer your Personal Loan from Bajaj Finserv to Kotak Bank 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, Kotak Bank offers the cheapest Personal Loan at 10.40%.

How do I check my eligibility for Bajaj Finserv and Kotak Bank Personal Loan?

You can check your eligibility for Bajaj Finserv, Kotak Bank 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

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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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