Compare Personal Loan - Canara Bank vs Bank Maharashtra

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 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	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 Bank of Maharashtra 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 13.00% - 14.00%	10.85% - 11.85%
Processing Fees	Processing Fees 0.50%	1.00%, Min Rs. 1,000
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 3 Lakh	₹ 50,000 to ₹ 10 Lakh
Loan Tenure	Loan Tenure 12 to 48 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,683	₹ 2,167
Part Payment Charges	Part Payment Charges Not Allowed	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 1 month at Nil prepayment charges	Allowed after 1 month at Nil prepayment charges
Borrower’s Age	Borrower’s Age 21 to 60 Years	21 to 60 Years
Minimum Income	Minimum Income ₹ 15,000	₹ 20,000
Current Work Experience	Current Work Experience 12 Months	12 Months
Total Work Experience	Total Work Experience 36 Months	36 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)

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Compare EMI of Canara Bank and Bank Maharashtra Personal Loan

Loan Amount	Canara Bank	Bank of Maharashtra
₹ 1 Lakh	₹ 10,014	₹ 12,165
₹ 5 Lakh	₹ 50,072	₹ 60,823
₹ 10 Lakh	₹ 1,00,144	₹ 1,21,647
₹ 12 Lakh	₹ 1,20,172	₹ 1,45,976

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

Bank of Maharashtra offers lower Personal Loan EMI at 2167 on a Personal Loan for 60 Months as compared to Canara Bank with a minimum EMI of 2683 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 Canara 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 Canara Bank at 13.00%. Hence, Bank of Maharashtra is offering a cheaper loan option.
When compared on other Personal Loan charges such as processing fees, Canara Bank charges a processing fees of 0.50% while Bank of Maharashtra charges a processing fees of 1.00%, Min Rs. 1,000.
Bank of Maharashtra offers Personal Loan upto an amount of ₹ 10 Lakh while Canara Bank offer Personal Loan upto an amount of ₹ 3 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. Bank of Maharashtra and Canara Bank gives the option to close the loan after 1 months at Nil prepayment charges and Nil prepayment charges. This makes Bank of Maharashtra 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 Canara Bank?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 10.85% on Personal Loan when compared to Canara Bank which offers a Personal Loan at 13.00%.

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

You can transfer your Personal Loan from Canara Bank to Bank of Maharashtra 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 Canara Bank and Bank of Maharashtra Personal Loan?

You can check your eligibility for Canara Bank, Bank of Maharashtra 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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Know more about Bank of Maharashtra Personal Loan

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Personal Loan News - Mar 2021

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.
2021-02-23 : SBI launched YONO Merchant app
SBI Payments launched YONO Merchant App to expand the digitisation of merchant payments in the country. The Bank is aiming to create a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Point of Sale (PoS) infrastructure in lesser penetrated areas of the country.
2021-02-23 : Tata Capital launched a campaign to introduce Shubharambh loan
Tata Capital joined hands with Zee Cinema to launch a campaign to introduce the Shubharambh loan. Shubharambh Loans are available across Business, Personal Two-wheeler, Used Car, Loan Against Property and Home Loans. Each product has special features that aims to benefit customers across categories.

*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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