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Compare Personal Loan - Bank of Maharashtra vs IDFC First Bank

Bank
Parameters
Interest Rate
Interest Rate
10.85% - 11.85%
10.49% - 22.00%
Processing Fees
Processing Fees
1.00%, Min Rs. 1,000
Upto 2.00%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 10 Lakh
₹ 1 Lakh to ₹ 40 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,167
₹ 2,149
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 3 months at In case of Smart Personal Loan at Nil Charges
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 12 months at 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan
Borrower’s Age
Borrower’s Age
21 to 60 Years
23 to 60 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 20,000
Current Work Experience
Current Work Experience
12 Months
6 Months
Total Work Experience
Total Work Experience
36 Months
12 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.6/5.0
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Compare EMI of Bank of Maharashtra and IDFC First Bank Personal Loan

Loan Amount Bank of Maharashtra IDFC First Bank
₹ 1 Lakh ₹ 12,165 ₹ 12,482
₹ 5 Lakh ₹ 60,823 ₹ 62,408
₹ 10 Lakh ₹ 1,21,647 ₹ 1,24,816
₹ 12 Lakh ₹ 1,45,976 ₹ 1,49,779

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

IDFC First Bank offers lower Personal Loan EMI at 2149 on a Personal Loan for 60 Months as compared to Bank of Maharashtra with a minimum EMI of 2167 for 60 Months. Average customer ratings for IDFC First Bank is currently at 4.6/5.0 which makes it a good choice for taking a Personal Loan.

How does IDFC First Bank Personal Loan compare with Bank of Maharashtra Personal Loan?

It is important to do a detailed comparison of IDFC First 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 IDFC First Bank Personal Loan is 10.49%, which is lower than the lowest interest rate of Bank of Maharashtra at 10.85%. Hence, IDFC First 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 IDFC First Bank charges a processing fees of Upto 2.00%.
  • IDFC First Bank offers Personal Loan upto an amount of ₹ 40 Lakh while Bank of Maharashtra offer Personal Loan upto an amount of ₹ 10 Lakh. IDFC First 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. Bank of Maharashtra gives the option to close the loan after 1 months at Nil prepayment charges and IDFC First Bank gives the option to close the loan after 12 months at 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan. This makes Bank of Maharashtra a better option for Personal Loan.
  • IDFC First Bank allows part payment on Personal Loan after 3 months at Nil charges, while Bank of Maharashtra does not offer part payment facility on Personal Loan. This makes IDFC First Bank a better option for Personal Loan.
  • IDFC First Bank has an average customer ratings of 4.6, while has an average customer rating of , based on which it is clear that IDFC First 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 – IDFC First Bank or Bank of Maharashtra?

As per the current rates, IDFC First Bank offers a lower interest rate of 10.49% on Personal Loan when compared to Bank of Maharashtra which offers a Personal Loan at 10.85%.

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

You can transfer your Personal Loan from Bank of Maharashtra to IDFC First 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, IDFC First Bank offers the cheapest Personal Loan at 10.49%.

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

You can check your eligibility for Bank of Maharashtra, IDFC First 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.

Know all about Personal Loan

Know more about Bank of Maharashtra Personal Loan

Know more about IDFC First Bank Personal Loan

Compare Bank of Maharashtra Personal Loan With Other Banks

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Personal Loan News - Mar 2021
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    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
  • 2021-02-26 : IndusInd Bank to grow loan book by 15-18%
    IndusInd Bank is expecting to grow its loan portfolio by 15-18% year-on-year for the next two financial years under its fifth planning cycle.The Bank’s year-on-year growth in advances which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan was flat at Rs 2.07 trillion until December 2020. Its deposits which include fixed and recurring deposits, grew by 10% to Rs 2.39 trillion.
  • 2021-02-26 : Canara Bank organized Mega Retail Expo in Mumbai
    Canara bank organized a mega retail expo camp at Gala Auditorium, Patuck Campus in Santacruz (East). The retailers present at the expo displayed salient features of their products which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan. A total loan amount of Rs. 224.30 Crores were sanctioned through the expo.
*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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