Compare Bank of Maharashtra vs Axis Bank Personal Loan

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Bank	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL HDB Financial Muthoot Union Bank of India Canara Bank Bank of Maharashtra Syndicate Bank 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 Cashe 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 IDBI Bank Karur Vysya Bank Muthoot Yes Bank Standard Chartered Bank Union Bank of India Canara Bank Andhra Bank Allahabad Bank Federal Bank Syndicate Bank Bank of Baroda PNB Indian Overseas Bank Indian Bank Corporation Bank Cashe Axis Finance
Interest Rate	Interest Rate 10.35% - 13.70%	10.75% - 17.25%
Processing Fees	Processing Fees 1.00%, Min Rs. 1,000	Rs.4,999
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 20 Lakh	₹ 50,000 to ₹ 25 Lakh
Loan Tenure	Loan Tenure 6 to 36 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 3,243	₹ 2,162
Part Payment Charges	Part Payment Charges Not Allowed	Allowed after 1 month at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
Foreclosure Charges	Foreclosure Charges Allowed after 1 month at Nil prepayment charges	Allowed after 1 month at For Loan Amt Approved of 10 Lacs and above-- 0% FC charges after 12 EMIs if closure through OWN FUNDS,1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
Eligible Age	Eligible Age 21 to 60 Years	21 to 60 Years
Minimum Income	Minimum Income ₹ 20,000	₹ 25,000
Current Work Experience	Current Work Experience 12 Months	1 Month
Total Work Experience	Total Work Experience 36 Months	12 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	4.5/5.0

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Compare Personal Loan EMI of Bank of Maharashtra and Axis Bank

Loan Amount	Bank of Maharashtra	Axis Bank
₹ 1 Lakh	₹ 3,243	₹ 2,162
₹ 5 Lakh	₹ 16,216	₹ 10,809
₹ 10 Lakh	₹ 32,432	₹ 21,618
₹ 12 Lakh	₹ 38,918	₹ 25,942

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

Axis Bank offers lower Personal Loan EMI at Rs. 2162 for 60 Months compared to Bank of Maharashtra with a minimum EMI of Rs. 3243 for 36 Months. In addition, average customer ratings for Axis Bank is currently at 4.5/5.0, making it a good choice for taking a Personal Loan.

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

It is important to make a detailed comparison of Bank of Maharashtra and Axis Bank 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 Bank of Maharashtra Loan is 10.35%, which is lower than the lowest interest rate of Axis Bank at 10.75%. Hence, Bank of Maharashtra is offering a cheaper loan option.
Compared to other Personal Loan charges such as processing fees, Bank of Maharashtra charges a processing fee of 1.00%, Min Rs. 1,000, while Axis Bank charges a processing fee of Upto Rs.4,999.
Axis Bank offers Personal Loan upto an amount of ₹ 25 Lakh, while Bank of Maharashtra offers Loan upto an amount of ₹ 20 Lakh. Therefore, Axis 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 the foreclosure facility. Axis Bank and Bank of Maharashtra gives the option to close the loan after 1 months at For Loan Amt Approved of 10 Lacs and above-- 0% FC charges after 12 EMIs if closure through OWN FUNDS,1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% and Nil prepayment charges. This makes Axis Bank a better option for Personal Loan.
Axis Bank allows part payment on Personal Loan after 1 months at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%, while Bank of Maharashtra does not offer a part payment facility. This makes Axis Bank a better option for instant loan requirements.
Axis Bank has an average customer rating of 4.5. In contrast, has an average customer rating of , based on which it is clear that Axis Bank has a high customer service focus, an easy process and a quick turnaround.

Which bank offers a lower interest rate on Personal Loan – Bank of Maharashtra or Axis Bank?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 10.35% on loans compared to Axis Bank, which offers a Personal Loan at 10.75%.

Know more about Bank of Maharashtra Personal Loan

Know more about Axis Bank Personal Loan

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Personal Loan News - Aug 2022

2022-08-09 : HDFC hikes MCRL by upto 10 bps on all loan tenures.
With the effect of the 50bps hike by RBI in key policy rates, private sector lender HDFC increased its marginal cost of funds-based lending rates on loans across all tenures by upto 10 basis points. The one-year MCLR will now be 8.10% compared to 8.00% previously.
2022-08-06 : SBI to offer personal loans of upto INR 35 lakhs via YONO.
With the help of Real-Time Xpress Credit (RTXC), SBI will now offer personal loans of upto INR 35 lakhs on YONO app. Customers can now apply for a personal loan on YONO app without having to fill out any documentation.
2022-07-22 : SBI hikes lending rates, loan EMIs to rise.
Increase in SBI’s Marginal Cost Lending Rates on loans by 10 basis points. The new lending rates will come into effect from 15th July 2022. For one year tenure, MCLR increased to 7.5% from the current 7.4%, and retail loans for cars, houses, or personal loans tend to go higher, affecting monthly loan installments.
2022-05-13 : Punjab National Bank Increases Personal Loan Rates
The bank has increased the rates by 40 basis points, and after the revision, the bank offers personal loans starting from 8.85% to 14.85%.
2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.

*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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