Compare Personal Loan - Canara Bank vs Muthoot

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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 Union Bank of India Canara Bank 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	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 12.40% - 13.90%	14.00% - 24.00%
Processing Fees	Processing Fees 0.50%	2.5-3.5%
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 3 Lakh	₹ 50,000 to ₹ 15 Lakh
Loan Tenure	Loan Tenure 12 to 48 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,653	₹ 2,327
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
Eligible Age	Eligible Age 21 to 60 Years	26 to 58 Years
Minimum Income	Minimum Income ₹ 15,000	₹ 10,000
Current Work Experience	Current Work Experience 12 Months	0 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 Canara Bank and Muthoot Personal Loan

Loan Amount	Canara Bank	Muthoot
₹ 1 Lakh	₹ 2,653	₹ 2,327
₹ 5 Lakh	₹ 13,265	₹ 11,634
₹ 10 Lakh	₹ 26,531	₹ 23,268
₹ 12 Lakh	₹ 31,837	₹ 27,922

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

Muthoot offers lower Personal Loan EMI at 2327 on a Personal Loan for 60 Months as compared to Canara Bank with a minimum EMI of 2653 for 48 Months. Average customer ratings for Muthoot is currently at /5.0 which makes it a good choice for taking a Personal Loan.

How does Canara Bank Personal Loan compare with Muthoot Personal Loan?

It is important to do a detailed comparison of Canara 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 Canara Bank Personal Loan is 12.40%, which is lower than the lowest interest rate of Muthoot at 14.00%. Hence, Canara Bank 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 Muthoot charges a processing fees of 2.5-3.5%.
Muthoot offers Personal Loan upto an amount of ₹ 15 Lakh while Canara Bank offer Personal Loan upto an amount of ₹ 3 Lakh. Muthoot 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. Muthoot gives the option to close the loan after Zero months at Nil prepayment charges and Canara Bank gives the option to close the loan after 1 months at Nil prepayment charges. This makes Muthoot a better option for Personal Loan.
Muthoot allows part payment on Personal Loan after Zero months at Nil charges, while Canara Bank does not offer part payment facility on Personal Loan. This makes Muthoot 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 – Canara Bank or Muthoot?

As per the current rates, Canara Bank offers a lower interest rate of 12.40% on Personal Loan when compared to Muthoot which offers a Personal Loan at 14.00%.

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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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