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Compare Personal Loan - Bank of Maharashtra vs Allahabad Bank

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Interest Rate
Interest Rate
9.55% - 12.90%
9.05% - 13.65%
Processing Fees
Processing Fees
1.00%, Min Rs. 1,000
1.06%, Min Rs. 1068
Loan Amount
Loan Amount
₹ 50,000 to ₹ 20 Lakh
₹ 50,000 to ₹ 7.50 Lakh
Loan Tenure
Loan Tenure
12 to 84 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 1,637
₹ 2,078
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at 2.25%
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 0 months at 2.25%
Eligible Age
Eligible Age
21 to 60 Years
25 to 58 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 20,000
Current Work Experience
Current Work Experience
12 Months
24 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 Maharashtra and Allahabad Bank Personal Loan

Loan Amount Bank of Maharashtra Allahabad Bank
₹ 1 Lakh ₹ 1,637 ₹ 2,078
₹ 5 Lakh ₹ 8,185 ₹ 10,391
₹ 10 Lakh ₹ 16,370 ₹ 20,783
₹ 12 Lakh ₹ 19,644 ₹ 24,939

Which is a better bank for Personal Loan – Allahabad Bank or Bank of Maharashtra?

Bank of Maharashtra offers lower Personal Loan EMI at 1637 on a Personal Loan for 84 Months as compared to Allahabad Bank with a minimum EMI of 2078 for 60 Months. Average customer ratings for Bank of Maharashtra is currently at /5.0 which makes it a good choice for taking a Personal Loan.

How does Allahabad Bank Personal Loan compare with Bank of Maharashtra Personal Loan?

It is important to do a detailed comparison of Allahabad 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 Allahabad Bank Personal Loan is 9.05%, which is lower than the lowest interest rate of Bank of Maharashtra at 9.55%. Hence, Allahabad Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Bank of Maharashtra charges a processing fees of 1.00%, Min Rs. 1,000 while Allahabad Bank charges a processing fees of 1.06%, Min Rs. 1068.
  • Bank of Maharashtra offers Personal Loan upto an amount of ₹ 20 Lakh while Allahabad Bank offer Personal Loan upto an amount of ₹ 7.50 Lakh. Bank of Maharashtra 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. Allahabad Bank gives the option to close the loan after Zero months at 2.25% and Bank of Maharashtra gives the option to close the loan after 1 months at Nil prepayment charges. This makes Allahabad Bank a better option for Personal Loan.
  • Allahabad Bank allows part payment on Personal Loan after Zero months at 2.25%, while Bank of Maharashtra does not offer part payment facility on Personal Loan. This makes Allahabad 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 – Allahabad Bank or Bank of Maharashtra?

As per the current rates, Allahabad Bank offers a lower interest rate of 9.05% on Personal Loan when compared to Bank of Maharashtra which offers a Personal Loan at 9.55%.

Know all about Personal Loan

Know more about Bank of Maharashtra Personal Loan

Know more about Allahabad Bank Personal Loan

Compare Bank of Maharashtra Personal Loan With Other Banks

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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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