Compare Personal Loan - Federal Bank vs PNB

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 Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank 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 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 11.49% - 17.99%	8.95% - 11.80%
Processing Fees	Processing Fees 0.5%, Min Rs. 500	1.8% + Taxes
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 ₹ 2,608	₹ 2,073
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
Borrower’s Age	Borrower’s Age 21 to 55 Years	21 to 58 Years
Minimum Income	Minimum Income ₹ 50,000	₹ 30,000
Current Work Experience	Current Work Experience 36 Months	0 Months
Total Work Experience	Total Work Experience 0 Months	0 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)

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Compare EMI of Federal Bank and PNB Personal Loan

Loan Amount	Federal Bank	PNB
₹ 1 Lakh	₹ 11,026	₹ 14,132
₹ 5 Lakh	₹ 55,129	₹ 70,658
₹ 10 Lakh	₹ 1,10,259	₹ 1,41,316
₹ 12 Lakh	₹ 1,32,310	₹ 1,69,579

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

PNB offers lower Personal Loan EMI at 2073 on a Personal Loan for 60 Months as compared to Federal Bank with a minimum EMI of 2608 for 48 Months. Average customer ratings for PNB is currently at /5.0 which makes it a good choice for taking a Personal Loan.

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

It is important to do a detailed comparison of PNB 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 PNB Personal Loan is 8.95%, which is lower than the lowest interest rate of Federal Bank at 11.49%. Hence, PNB is offering a cheaper loan option.
When compared on other Personal Loan charges such as processing fees, Federal Bank charges a processing fees of 0.5%, Min Rs. 500 while PNB charges a processing fees of 1.8% + Taxes.
PNB offers Personal Loan upto an amount of ₹ 15 Lakh while Federal Bank offer Personal Loan upto an amount of ₹ 10 Lakh. PNB 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. Federal Bank and PNB 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 PNB allow part payment on Personal Loan after Zero months at Nil charges. Federal Bank applies a charge of Nil charges and PNB charges Nil charges on 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 – PNB or Federal Bank?

As per the current rates, PNB offers a lower interest rate of 8.95% on Personal Loan when compared to Federal Bank which offers a Personal Loan at 11.49%.

How can I transfer my Personal Loan from Federal Bank to PNB?

You can transfer your Personal Loan from Federal Bank to PNB 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, PNB offers the cheapest Personal Loan at 8.95%.

How do I check my eligibility for Federal Bank and PNB Personal Loan?

You can check your eligibility for Federal Bank, PNB 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 - Mar 2021

2021-03-03 : Fullerton India made personal loan disbursal quicker
Fullerton India now offers instant personal loans within just a few clicks.The digital application and paperless process allow customers to avail a personal loan from Fullerton India anywhere, anytime.Fullerton offers personal loans of up to Rs 25 lakhs starting at an attractive interest rate of 11.99%
2021-03-02 : Banks credit rose by 6.58% and deposits by 11.75%
Reserve Bank of India reported that the Bank credit which involves home, personal, LAP, two-wheeler, gold and education loans along with business and mudra loans grew by 6.58% to Rs 107.04 lakh crore in the fortnight ended February 12. Further, deposits which include FDs and RDs increased by 11.75% to Rs 147.81 lakh crore.
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.

*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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