Compare Personal Loan - IDFC First Bank vs Andhra Bank

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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 Allahabad Bank Federal Bank Karur Vysya Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Axis Finance	SBI HDFC Bank ICICI Bank Bajaj Finserv 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 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 10.49% - 22.00%	8.90% - 13.00%
Processing Fees	Processing Fees Upto 2.00%	Case to Case
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 40 Lakh	₹ 50,000 to ₹ 5 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,149	₹ 2,071
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 Nil prepayment charges
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 Nil prepayment charges
Eligible Age	Eligible Age 23 to 60 Years	18 to 55 Years
Minimum Income	Minimum Income ₹ 20,000	₹ 20,000
Current Work Experience	Current Work Experience 6 Months	0 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 Andhra Bank Personal Loan

Loan Amount	IDFC First Bank	Andhra Bank
₹ 1 Lakh	₹ 2,149	₹ 2,071
₹ 5 Lakh	₹ 10,744	₹ 10,355
₹ 10 Lakh	₹ 21,489	₹ 20,710
₹ 12 Lakh	₹ 25,787	₹ 24,852

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

Andhra Bank offers lower Personal Loan EMI at 2071 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 Andhra Bank is currently at 4.6/5.0 which makes it a good choice for taking a Personal Loan.

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

It is important to do a detailed comparison of Andhra 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 Andhra Bank Personal Loan is 8.90%, which is lower than the lowest interest rate of IDFC First Bank at 10.49%. Hence, Andhra 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 Andhra Bank charges a processing fees of Case to Case.
IDFC First Bank offers Personal Loan upto an amount of ₹ 40 Lakh while Andhra Bank offer Personal Loan upto an amount of ₹ 5 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. Andhra Bank gives the option to close the loan after Zero months at Nil prepayment charges 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 Andhra Bank a better option for Personal Loan.
Andhra Bank and IDFC First Bank allow part payment on Personal Loan after Zero months at Nil charges. Andhra Bank applies a charge of Nil charges and IDFC First Bank charges Nil charges on Personal Loan.
Andhra 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 – Andhra Bank or IDFC First Bank?

As per the current rates, Andhra Bank offers a lower interest rate of 8.90% on Personal Loan when compared to IDFC First Bank which offers a Personal Loan at 10.49%.

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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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