Compare Personal Loan - Corporation Bank vs Axis Finance

Compare EMI of Corporation Bank and Axis Finance Personal Loan

Which is a better bank for Personal Loan – Corporation Bank or Axis Finance?

Axis Finance offers lower Personal Loan EMI at 2275 on a Personal Loan for 60 Months as compared to Corporation Bank with a minimum EMI of 3367 for 36 Months. Average customer ratings for Axis Finance is currently at 4.4/5.0 which makes it a good choice for taking a Personal Loan.

How does Corporation Bank Personal Loan compare with Axis Finance Personal Loan?

It is important to do a detailed comparison of Corporation 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 Corporation Bank Personal Loan is 12.95%, which is lower than the lowest interest rate of Axis Finance at 13.00%. Hence, Corporation Bank is offering a cheaper loan option.
• When compared on other Personal Loan charges such as processing fees, Corporation Bank charges a processing fees of 1.5%, Min Rs. 500 while Axis Finance charges a processing fees of 2%.
• Axis Finance offers Personal Loan upto an amount of ₹ 25 Lakh while Corporation Bank offer Personal Loan upto an amount of ₹ 2.50 Lakh. Axis Finance 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. Corporation Bank gives the option to close the loan after Zero months at Nil prepayment charges and Axis Finance gives the option to close the loan after 6 months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period. This makes Corporation Bank a better option for Personal Loan.
• Axis Finance and Corporation Bank allow part payment on Personal Loan after 3 months at Nil charges. Axis Finance applies a charge of Nil charges and Corporation Bank charges Nil charges on Personal Loan.
• Axis Finance has an average customer ratings of 4.4, while has an average customer rating of , based on which it is clear that Axis Finance has a high customer service focus, an easy Personal Loan process and a quick turnaround.

Which bank offers lower interest rate on Personal Loan – Corporation Bank or Axis Finance?

As per the current rates, Corporation Bank offers a lower interest rate of 12.95% on Personal Loan when compared to Axis Finance which offers a Personal Loan at 13.00%.

How can I transfer my Personal Loan from Corporation Bank to Axis Finance?

You can transfer your Personal Loan from Corporation Bank to Axis Finance 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, Corporation Bank offers the cheapest Personal Loan at 12.95%.

How do I check my eligibility for Corporation Bank and Axis Finance Personal Loan?

You can check your eligibility for Corporation Bank, Axis Finance 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 Corporation Bank Personal Loan

Know more about Axis Finance Personal Loan

Compare Corporation Bank Personal Loan With Other Banks

Compare Axis Finance Personal Loan With Other Banks