Compare Personal Loan - Bank of Maharashtra vs Federal Bank

Bank	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 Syndicate Bank Muthoot Union Bank of India Canara Bank Bank of Maharashtra Andhra Bank Allahabad Bank Karur Vysya Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank 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 Syndicate Bank Muthoot Union Bank of India Canara Bank 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 10.85% - 11.85%	11.49% - 17.99%
Processing Fees	Processing Fees 1.00%, Min Rs. 1,000	0.5%, Min Rs. 500
Loan Amount	Loan Amount ₹ 50,000 to ₹ 10 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 ₹ 2,167	₹ 2,608
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 prepayment charges	Allowed after 0 months at Nil prepayment charges
Borrower’s Age	Borrower’s 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 Maharashtra and Federal Bank Personal Loan

Loan Amount	Bank of Maharashtra	Federal Bank
₹ 1 Lakh	₹ 2,167	₹ 2,608
₹ 5 Lakh	₹ 10,834	₹ 13,042
₹ 10 Lakh	₹ 21,668	₹ 26,084
₹ 12 Lakh	₹ 26,001	₹ 31,301

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

Bank of Maharashtra offers lower Personal Loan EMI at 2167 on a Personal Loan for 60 Months as compared to Federal Bank with a minimum EMI of 2608 for 48 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 Bank of Maharashtra Personal Loan compare with Federal Bank Personal Loan?

It is important to do a detailed comparison of Bank of Maharashtra 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 Bank of Maharashtra Personal Loan is 10.85%, which is lower than the lowest interest rate of Federal Bank at 11.49%. Hence, Bank of Maharashtra 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 Federal Bank charges a processing fees of 0.5%, Min Rs. 500.
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 Maharashtra gives the option to close the loan after 1 months at Nil prepayment charges. 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 Maharashtra 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 – Bank of Maharashtra or Federal Bank?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 10.85% on Personal Loan when compared to Federal Bank which offers a Personal Loan at 11.49%.

How can I transfer my Personal Loan from Bank of Maharashtra to Federal Bank?

You can transfer your Personal Loan from Bank of Maharashtra to Federal 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, Bank of Maharashtra offers the cheapest Personal Loan at 10.85%.

How do I check my eligibility for Bank of Maharashtra and Federal Bank Personal Loan?

You can check your eligibility for Bank of Maharashtra, Federal 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

2021-03-05 : Axis Bank launches WhatsApp banking
Axis Bank launched banking services on WhatsApp. The new facility will enable its retail customers to seek information regarding their account balance, recent transactions, credit card payments, fixed and recurring deposit details, besides getting their queries answered in real-time.
2021-03-04 : 10 lakh customers of other bank are using ICICI’s banking app, iMobile Pay
ICICI Bank reported that 10 lakh customers of other banks have started using its app, ‘iMobile Pay’. The Bank has achieved the feat in three months after it made the app open for all to use, including those not its customers. The bank anticipates that the number is likely to double in two months.
2021-03-03 : Fullerton India made personal loan disbursal quicker
Fullerton India now offers instant personal loans within just a few clicks.The digital application and paperless process allow customers to avail a personal loan from Fullerton India anywhere, anytime.Fullerton offers personal loans of up to Rs 25 lakhs starting at an attractive interest rate of 11.99%
2021-03-02 : Banks credit rose by 6.58% and deposits by 11.75%
Reserve Bank of India reported that the Bank credit which involves home, personal, LAP, two-wheeler, gold and education loans along with business and mudra loans grew by 6.58% to Rs 107.04 lakh crore in the fortnight ended February 12. Further, deposits which include FDs and RDs increased by 11.75% to Rs 147.81 lakh crore.
2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020

*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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