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Compare Federal Bank vs Muthoot Personal Loan

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Bank
Interest Rate
Interest Rate
10.49% - 17.99%
14.00% - 24.00%
Processing Fees
Processing Fees
0.5%, Min Rs. 500
2.5-3.5%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 10 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
₹ 2,560
₹ 2,327
Part Payment Charges
Part Payment Charges
Allowed after 0 months at Nil prepayment charges
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 0 months at Nil prepayment charges
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
21 to 55 Years
26 to 58 Years
Minimum Income
Minimum Income
₹ 50,000
₹ 10,000
Current Work Experience
Current Work Experience
36 Months
NA
Total Work Experience
Total Work Experience
NA
NA
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Personal Loan EMI of Federal Bank and Muthoot

Loan Amount Federal Bank Muthoot
₹ 1 Lakh ₹ 2,560 ₹ 2,327
₹ 5 Lakh ₹ 12,799 ₹ 11,634
₹ 10 Lakh ₹ 25,599 ₹ 23,268
₹ 12 Lakh ₹ 30,718 ₹ 27,922

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

Muthoot offers lower Personal Loan EMI at Rs. 2327 for 60 Months compared to Federal Bank with a minimum EMI of Rs. 2560 for 48 Months. In addition, average customer ratings for Muthoot is currently at /5.0, making it a good choice for taking a Personal Loan.

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

It is important to make a detailed comparison of Federal Bank and Muthoot on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its 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 Federal Bank Loan is 10.49%, which is lower than the lowest interest rate of Muthoot at 14.00%. Hence, Federal Bank is offering a cheaper loan option.
  • Compared to other Personal Loan charges such as processing fees, Federal Bank charges a processing fee of 0.5%, Min Rs. 500, while Muthoot charges a processing fee of Upto 2.5-3.5%.
  • Muthoot offers Personal Loan upto an amount of ₹ 15 Lakh, while Federal Bank offers Loan upto an amount of ₹ 10 Lakh. Therefore, 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 the foreclosure facility. Federal Bank and Muthoot gives the option to close the loan after Zero months at Nil prepayment charges and Nil prepayment charges. This makes Federal Bank a better option for Personal Loan.
  • Federal Bank and Muthoot allow part payment on Personal Loan after Zero months at Nil charges. Federal Bank applies a charge of Nil charges and Muthoot charges Nil charges on Personal Loan.
  • with an average customer rating 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 a lower interest rate on Personal Loan – Federal Bank or Muthoot?

As per the current rates, Federal Bank offers a lower interest rate of 10.49% on loans compared to Muthoot, which offers a Personal Loan at 14.00%.

Know more about Federal Bank Personal Loan

Know more about Muthoot Personal Loan

Compare Federal Bank Personal Loan With Other Banks

Compare Muthoot Personal Loan With Other Banks

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Personal Loan News - Oct 2021
  • 2021-10-14 : Zavron Finserv Launches Instant Personal Loan Application
    Zavron Finserv- a non-banking financial institution- has introduced an instant personal loan application. This App will help customers to take loans instantly within few minutes that too from their mobile phone. A loan for a minimum of Rs 10,000 and a maximum of Rs 2 lakh is available.
  • 2021-10-13 : Early Salary Introduces Dussehra Offers
    Early Salary has announced the Dussehra offer on personal loans by 50% off on processing fees. The interest rate charged by the instant mobile application is Rs. 9 per day.
  • 2021-10-12 : Axis Bank Has Launched Open API For Customers
    Axis Bank unveils open APIs (Application Programming Interface), these APIs will help retail and corporate customers/ partners to use banking services integrated across partner platforms. This banking portal has retail as well as corporate products like loans, accounts, deposits, payments, trade, collections and bills.
  • 2021-10-11 : Punjab National Bank Introduces 6S Campaign
    Punjab National Bank (PNB) has launched the 6S Campaign. The campaign consists of schemes like Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat. The objective of the campaign is to spread awareness about the development of financial services and accelerate credit growth, improve penetration of social security schemes and drive digital banking push.
  • 2021-10-07 : Bank of Baroda Decreases Personal Loan Rates
    Bank of Baroda has decreased personal loan rates by 25 points to 9.75%. Earlier the personal loan started at 10.00%.
*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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