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Compare Personal Loan - ICICI Bank vs Bank of Maharashtra

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Bank
Parameters
Interest Rate
Interest Rate
10.50% - 22.00%
9.55% - 12.90%
Processing Fees
Processing Fees
Upto 2.25% of Loan Amount
1.00%, Min Rs. 1,000
Loan Amount
Loan Amount
₹ 50,000 to ₹ 30 Lakh
₹ 50,000 to ₹ 20 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 84 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,149
₹ 1,637
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 5%
Allowed after 1 month at Nil prepayment charges
Eligible Age
Eligible Age
23 to 58 Years
21 to 60 Years
Minimum Income
Minimum Income
₹ 25,000
₹ 20,000
Current Work Experience
Current Work Experience
12 Months
12 Months
Total Work Experience
Total Work Experience
24 Months
36 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.5/5.0
4.5/5.0
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Compare EMI of ICICI Bank and Bank of Maharashtra Personal Loan

Loan Amount ICICI Bank Bank of Maharashtra
₹ 1 Lakh ₹ 2,149 ₹ 1,637
₹ 5 Lakh ₹ 10,747 ₹ 8,185
₹ 10 Lakh ₹ 21,494 ₹ 16,370
₹ 12 Lakh ₹ 25,793 ₹ 19,644

Which is a better bank for Personal Loan – Bank of Maharashtra or ICICI Bank?

Bank of Maharashtra offers lower Personal Loan EMI at 1637 on a Personal Loan for 84 Months as compared to ICICI Bank with a minimum EMI of 2149 for 60 Months. Average customer ratings for Bank of Maharashtra is currently at 4.5/5.0 which makes it a good choice for taking a Personal Loan.

How does Bank of Maharashtra Personal Loan compare with ICICI Bank Personal Loan?

It is important to do a detailed comparison of Bank of Maharashtra 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 Bank of Maharashtra Personal Loan is 9.55%, which is lower than the lowest interest rate of ICICI Bank at 10.50%. Hence, Bank of Maharashtra is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, ICICI Bank charges a processing fees of Upto 2.25% of Loan Amount while Bank of Maharashtra charges a processing fees of 1.00%, Min Rs. 1,000.
  • ICICI Bank offers Personal Loan upto an amount of ₹ 30 Lakh while Bank of Maharashtra offer Personal Loan upto an amount of ₹ 20 Lakh. ICICI 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. Bank of Maharashtra gives the option to close the loan after 1 months at Nil prepayment charges and ICICI Bank gives the option to close the loan after 6 months at 5%. This makes Bank of Maharashtra a better option for Personal Loan.
  • Bank of Maharashtra with an average customer ratings of 4.5 is equally comparable to ICICI Bank with an average customer rating of 4.5. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Personal Loan – Bank of Maharashtra or ICICI Bank?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 9.55% on Personal Loan when compared to ICICI Bank which offers a Personal Loan at 10.50%.

Know all about Personal Loan

Know more about ICICI Bank Personal Loan

Know more about Bank of Maharashtra Personal Loan

Compare ICICI Bank Personal Loan With Other Banks

Compare Bank of Maharashtra Personal Loan With Other Banks

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Personal Loan News - Jun 2021
  • 2021-06-16 : ICICI STACK launched by ICICI Bank for Corporates
    ICICI Bank announced the launch of ICICI STACK for Corporates. This will provide customised digital banking services to companies in over 15 leading industries. ICICI STACK is going to offer digital banking solution banking solutions to corporates to seamlessly meet their banking requirements.
  • 2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
    Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
  • 2021-06-15 : Indian Overseas Bank declared a profit of Rs 831 crore
    IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-06-11 : YONO to offer fast-tracked two-wheeler loans and express credit
    The State Bank of India YONO app is going to offer fast track two-wheeler loans and express credit, a high-value personal loan. SBI is planning to expand the YONO product basket. YONO will be offering two-wheeler loans along with personal loans of small ticket size, between Rs 5-10 lakhs.
*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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