Compare Personal Loan - Corporation vs RBL Bank

Bank	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank IIFL HDB Financial Syndicate Bank Union Bank of India Canara Bank Bank of Maharashtra Muthoot Andhra Bank Allahabad Bank Federal Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Karur Vysya 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 Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Bank of Baroda Standard Chartered Bank Yes Bank Karur Vysya Bank Axis Finance
Parameters
Interest Rate	Interest Rate 12.95% - 13.95%	13.99% - 18.00%
Processing Fees	Processing Fees 1.5%, Min Rs. 500	Upto 2%
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 2.50 Lakh	₹ 1 Lakh to ₹ 20 Lakh
Loan Tenure	Loan Tenure 12 to 36 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 3,367	₹ 2,326
Part Payment Charges	Part Payment Charges Allowed after 0 months at Nil prepayment charges	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 0 months at Nil prepayment charges	Allowed after 12 months at NIL foreclosure charges when payed through own funds
Borrower’s Age	Borrower’s Age 21 to 58 Years	25 to 60 Years
Minimum Income	Minimum Income ₹ 20,000	₹ 25,000
Current Work Experience	Current Work Experience 0 Months	12 Months
Total Work Experience	Total Work Experience 0 Months	36 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	4.5/5.0

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Compare EMI of Corporation and RBL Bank Personal Loan

Loan Amount	Corporation Bank	RBL Bank
₹ 1 Lakh	₹ 9,433	₹ 10,107
₹ 5 Lakh	₹ 47,164	₹ 50,537
₹ 10 Lakh	₹ 94,327	₹ 1,01,074
₹ 12 Lakh	₹ 1,13,193	₹ 1,21,289

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

RBL Bank offers lower Personal Loan EMI at 2326 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 RBL Bank is currently at 4.5/5.0 which makes it a good choice for taking a Personal Loan.

How does Corporation Bank Personal Loan compare with RBL Bank 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 RBL Bank at 13.99%. 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 RBL Bank charges a processing fees of Upto 2%.
RBL Bank offers Personal Loan upto an amount of ₹ 20 Lakh while Corporation Bank offer Personal Loan upto an amount of ₹ 2.50 Lakh. RBL 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. Corporation Bank gives the option to close the loan after Zero months at Nil prepayment charges and RBL Bank gives the option to close the loan after 12 months at NIL foreclosure charges when payed through own funds. This makes Corporation Bank a better option for Personal Loan.
Corporation Bank allows part payment on Personal Loan after Zero months at Nil charges, while RBL Bank does not offer part payment facility on Personal Loan. This makes Corporation Bank a better option for Personal Loan.
RBL Bank has an average customer ratings of 4.5, while has an average customer rating of , based on which it is clear that RBL 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 – Corporation Bank or RBL Bank?

As per the current rates, Corporation Bank offers a lower interest rate of 12.95% on Personal Loan when compared to RBL Bank which offers a Personal Loan at 13.99%.

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

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

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

You can check your eligibility for Corporation Bank, RBL 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 - Feb 2021

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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
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2021-02-19 : RBI issued directives for HFCS
RBI issued slew of directives related to maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio, among others for HFCs. The directives are aimed at protecting the interest of investors and depositors.
2021-02-19 : Loan growth is back to pre covid levels
Credit bureau TransUnion Cibil and MSME lender SIDBI reported that the loan growth is again back to pre covid levels. The revival was mainly due to the Emergency Credit Line Guarantee Scheme by public sector banks.
2021-02-18 : Kotak Remit launched to send money abroad directly from phone
Kotak Mahindra launched its outward forex remittance service, Kotak Remit. The service will allow its users to directly send money abroad from their phones. The feature is live on the Kotak Mobile Banking App.

*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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