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Compare Personal Loan - Bank of Baroda vs Federal Bank

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Bank
Parameters
Interest Rate
Interest Rate
10.50% - 12.50%
10.49% - 17.99%
Processing Fees
Processing Fees
2%, Min Rs. 250
0.5%, Min Rs. 500
Loan Amount
Loan Amount
₹ 50,000 to ₹ 5 Lakh
₹ 50,000 to ₹ 10 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 48 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,149
₹ 2,560
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
21 to 60 Years
21 to 55 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 50,000
Current Work Experience
Current Work Experience
12 Months
36 Months
Total Work Experience
Total Work Experience
36 Months
0 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of Bank of Baroda and Federal Bank Personal Loan

Loan Amount Bank of Baroda Federal Bank
₹ 1 Lakh ₹ 2,149 ₹ 2,560
₹ 5 Lakh ₹ 10,747 ₹ 12,799
₹ 10 Lakh ₹ 21,494 ₹ 25,599
₹ 12 Lakh ₹ 25,793 ₹ 30,718

Which is a better bank for Personal Loan – Federal Bank or Bank of Baroda?

Bank of Baroda offers lower Personal Loan EMI at 2149 on a Personal Loan for 60 Months as compared to Federal Bank with a minimum EMI of 2560 for 48 Months. Average customer ratings for Bank of Baroda is currently at /5.0 which makes it a good choice for taking a Personal Loan.

How does Federal Bank Personal Loan compare with Bank of Baroda Personal Loan?

It is important to do a detailed comparison of Federal 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 Federal Bank Personal Loan is 10.49%, which is lower than the lowest interest rate of Bank of Baroda at 10.50%. Hence, Federal Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Bank of Baroda charges a processing fees of 2%, Min Rs. 250 while Federal Bank charges a processing fees of 0.5%, Min Rs. 500.
  • Federal Bank offers Personal Loan upto an amount of ₹ 10 Lakh while Bank of Baroda offer Personal Loan upto an amount of ₹ 5 Lakh. Federal Bank 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. Federal Bank gives the option to close the loan after Zero months at Nil prepayment charges and Bank of Baroda gives the option to close the loan after 1 months at Nil. This makes Federal Bank a better option for Personal Loan.
  • Federal Bank allows part payment on Personal Loan after Zero months at Nil charges, while Bank of Baroda does not offer part payment facility on Personal Loan. This makes Federal Bank a better option for Personal Loan.
  • with an average customer ratings of is equally comparable to with an average customer rating of . Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Personal Loan – Federal Bank or Bank of Baroda?

As per the current rates, Federal Bank offers a lower interest rate of 10.49% on Personal Loan when compared to Bank of Baroda which offers a Personal Loan at 10.50%.

Know all about Personal Loan

Know more about Bank of Baroda Personal Loan

Know more about Federal Bank Personal Loan

Compare Bank of Baroda Personal Loan With Other Banks

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Personal Loan News - Aug 2021
  • 2021-08-01 : Special HDFC Bank Offer for Government Employees
    HDFC Bank has launched a special Freedom Dhamaka Offer for personal loans for government employees. The personal loan rates start at 10.25% and are valid till 15th August 2021.
  • 2021-07-27 : Google Updates Policy for Personal loan Apps
    Google has asked all the personal loan lending apps in India to provide a declaration form stating that the application serves as a middle-man for registered non-banking financial companies (NBFCs) or banks. The apps must comply with these norms and provide relevant documentation such as a license till September 15 if they want to stay listed on the app store.
  • 2021-07-23 : RBI Revises Personal Loan Limit to Rs. 5 Crore for Board Directors.
    RBI has revised the limit of the personal loan that can be granted to board directors and their families. The new limit is set at ₹5 crore as against the earlier threshold at ₹25 lakh.
  • 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
*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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