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Compare Personal Loan - IDFC First Bank vs Allahabad Bank

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Bank
Parameters
Interest Rate
Interest Rate
10.49% - 22.00%
9.05% - 13.65%
Processing Fees
Processing Fees
Upto 2.00%
1.06%, Min Rs. 1068
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 40 Lakh
₹ 50,000 to ₹ 7.50 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,149
₹ 2,078
Part Payment Charges
Part Payment Charges
Allowed after 3 months at In case of Smart Personal Loan at Nil Charges
Allowed after 0 months at 2.25%
Foreclosure Charges
Foreclosure Charges
Allowed after 12 months at 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan
Allowed after 0 months at 2.25%
Eligible Age
Eligible Age
23 to 60 Years
25 to 58 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 20,000
Current Work Experience
Current Work Experience
6 Months
24 Months
Total Work Experience
Total Work Experience
12 Months
0 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.6/5.0
4.6/5.0
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Compare EMI of IDFC First Bank and Allahabad Bank Personal Loan

Loan Amount IDFC First Bank Allahabad Bank
₹ 1 Lakh ₹ 2,149 ₹ 2,078
₹ 5 Lakh ₹ 10,744 ₹ 10,391
₹ 10 Lakh ₹ 21,489 ₹ 20,783
₹ 12 Lakh ₹ 25,787 ₹ 24,939

Which is a better bank for Personal Loan – Allahabad Bank or IDFC First Bank?

Allahabad Bank offers lower Personal Loan EMI at 2078 on a Personal Loan for 60 Months as compared to IDFC First Bank with a minimum EMI of 2149 for 60 Months. Average customer ratings for Allahabad Bank is currently at 4.6/5.0 which makes it a good choice for taking a Personal Loan.

How does Allahabad Bank Personal Loan compare with IDFC First Bank Personal Loan?

It is important to do a detailed comparison of Allahabad 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 Allahabad Bank Personal Loan is 9.05%, which is lower than the lowest interest rate of IDFC First Bank at 10.49%. Hence, Allahabad Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, IDFC First Bank charges a processing fees of Upto 2.00% while Allahabad Bank charges a processing fees of 1.06%, Min Rs. 1068.
  • IDFC First Bank offers Personal Loan upto an amount of ₹ 40 Lakh while Allahabad Bank offer Personal Loan upto an amount of ₹ 7.50 Lakh. IDFC First 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. Allahabad Bank gives the option to close the loan after Zero months at 2.25% and IDFC First Bank gives the option to close the loan after 12 months at 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan. This makes Allahabad Bank a better option for Personal Loan.
  • Allahabad Bank and IDFC First Bank allow part payment on Personal Loan after Zero months at 2.25%. Allahabad Bank applies a charge of 2.25% and IDFC First Bank charges Nil charges on Personal Loan.
  • Allahabad Bank with an average customer ratings of 4.6 is equally comparable to IDFC First Bank with an average customer rating of 4.6. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Personal Loan – Allahabad Bank or IDFC First Bank?

As per the current rates, Allahabad Bank offers a lower interest rate of 9.05% on Personal Loan when compared to IDFC First Bank which offers a Personal Loan at 10.49%.

Know all about Personal Loan

Know more about IDFC First Bank Personal Loan

Know more about Allahabad Bank Personal Loan

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    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.
*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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