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Compare IDBI Bank vs Muthoot Personal Loan

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Bank
Interest Rate
Interest Rate
12.00% - 13.50%
14.00% - 24.00%
Processing Fees
Processing Fees
1.00%
2.5-3.5%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 10 Lakh
₹ 50,000 to ₹ 15 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,224
₹ 2,327
Part Payment Charges
Part Payment Charges
Allowed after 1 month at 2% of the outstanding loan amount + applicable taxes
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
22 to 60 Years
26 to 58 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 10,000
Current Work Experience
Current Work Experience
12 Months
NA
Total Work Experience
Total Work Experience
36 Months
NA
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Personal Loan EMI of IDBI Bank and Muthoot

Loan Amount IDBI Bank Muthoot
₹ 1 Lakh ₹ 2,224 ₹ 2,327
₹ 5 Lakh ₹ 11,122 ₹ 11,634
₹ 10 Lakh ₹ 22,244 ₹ 23,268
₹ 12 Lakh ₹ 26,693 ₹ 27,922

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

IDBI Bank offers lower Personal Loan EMI at Rs. 2224 for 60 Months compared to Muthoot with a minimum EMI of Rs. 2327 for 60 Months. In addition, average customer ratings for IDBI Bank is currently at /5.0, making it a good choice for taking a Personal Loan.

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

It is important to make a detailed comparison of IDBI 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 IDBI Bank Loan is 12.00%, which is lower than the lowest interest rate of Muthoot at 14.00%. Hence, IDBI Bank is offering a cheaper loan option.
  • Compared to other Personal Loan charges such as processing fees, IDBI Bank charges a processing fee of 1.00%, while Muthoot charges a processing fee of Upto 2.5-3.5%.
  • Muthoot offers Personal Loan upto an amount of ₹ 15 Lakh, while IDBI 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. Muthoot gives the option to close the loan after Zero months at Nil prepayment charges and IDBI Bank gives the option to close the loan after 1 months at Nil prepayment charges. This makes Muthoot a better option for Personal Loan.
  • IDBI Bank and Muthoot allow part payment on Personal Loan after 1 months at 2% of the outstanding loan amount + applicable taxes. IDBI Bank applies a charge of 2% of the outstanding loan amount + applicable taxes 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 – IDBI Bank or Muthoot?

As per the current rates, IDBI Bank offers a lower interest rate of 12.00% on loans compared to Muthoot, which offers a Personal Loan at 14.00%.

Know more about IDBI Bank Personal Loan

Know more about Muthoot Personal Loan

Compare IDBI Bank Personal Loan With Other Banks

Compare Muthoot Personal Loan With Other Banks

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Personal Loan News - Aug 2022
  • 2022-05-13 : Punjab National Bank Increases Personal Loan Rates
    The bank has increased the rates by 40 basis points, and after the revision, the bank offers personal loans starting from 8.85% to 14.85%.
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
  • 2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
    The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
  • 2022-05-12 : Indian Bank Revises Personal Loan Rates
    Indian Bank has increased the rates on personal loans, and as a result, the bank offers the lowest rates starting at 8.90% to upto 9.40%.
  • 2022-05-10 : Canara Bank Hikes Personal Loan Interest Rates
    The bank has increased the lowest personal loan rates from 12.40% to 12.80%.
*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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