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Compare Personal Loan - IDFC First Bank vs Corporation Bank

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Bank
Parameters
Interest Rate
Interest Rate
10.49% - 22.00%
8.90% - 13.00%
Processing Fees
Processing Fees
Upto 2.00%
1.5%, Min Rs. 500
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 40 Lakh
₹ 1 Lakh to ₹ 2.50 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,149
₹ 3,175
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
21 to 58 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 Corporation Bank Personal Loan

Loan Amount IDFC First Bank Corporation Bank
₹ 1 Lakh ₹ 2,149 ₹ 3,175
₹ 5 Lakh ₹ 10,744 ₹ 15,877
₹ 10 Lakh ₹ 21,489 ₹ 31,753
₹ 12 Lakh ₹ 25,787 ₹ 38,104

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

IDFC First Bank offers lower Personal Loan EMI at 2149 on a Personal Loan for 60 Months as compared to Corporation Bank with a minimum EMI of 3175 for 36 Months. Average customer ratings for IDFC First Bank is currently at 4.6/5.0 which makes it a good choice for taking a Personal Loan.

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

It is important to do a detailed comparison of Corporation 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 Corporation Bank Personal Loan is 8.90%, which is lower than the lowest interest rate of IDFC First Bank at 10.49%. Hence, Corporation 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 Corporation Bank charges a processing fees of 1.5%, Min Rs. 500.
  • IDFC First Bank offers Personal Loan upto an amount of ₹ 40 Lakh while Corporation Bank offer Personal Loan upto an amount of ₹ 2.50 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. Corporation 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 Corporation Bank a better option for Personal Loan.
  • Corporation Bank and IDFC First Bank allow part payment on Personal Loan after Zero months at Nil charges. Corporation Bank applies a charge of Nil charges and IDFC First Bank charges Nil charges on Personal Loan.
  • Corporation 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 – Corporation Bank or IDFC First Bank?

As per the current rates, Corporation 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%.

Know all about Personal Loan

Know more about IDFC First Bank Personal Loan

Know more about Corporation Bank Personal Loan

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Personal Loan News - Jun 2021
  • 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.
  • 2021-06-11 : MyLoanCare collaborates with three of the top app-based lenders
    MyLoanCare Ventures Pvt Ltd has collaborated with three of the top app-based lenders - MoneyTap, EarlySalary, and Paysense to make Instant Small Ticket Personal Loans convenient, transparent and much quicker.
  • 2021-06-11 : MyLoanCare collaborates with three of the top app-based lenders
    MyLoanCare Ventures Pvt Ltd has collaborated with three of the top app-based lenders - MoneyTap, EarlySalary, and Paysense to make Instant Small Ticket Personal Loans convenient, transparent and much quicker.
  • 2021-06-10 : Rural Loan Collections to be affected by the Second wave
    As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
*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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