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Compare IDFC First Bank vs Federal Bank Personal Loan

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Bank
Interest Rate
Interest Rate
10.49% - 22.00%
10.49% - 17.99%
Processing Fees
Processing Fees
Upto 2.00%
0.5%, Min Rs. 500
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 40 Lakh
₹ 50,000 to ₹ 10 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 48 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,149
₹ 2,560
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 55 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 50,000
Current Work Experience
Current Work Experience
6 Months
36 Months
Total Work Experience
Total Work Experience
12 Months
NA
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.6/5.0
4.6/5.0
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Compare Personal Loan EMI of IDFC First Bank and Federal Bank

Loan Amount IDFC First Bank Federal Bank
₹ 1 Lakh ₹ 2,149 ₹ 2,560
₹ 5 Lakh ₹ 10,744 ₹ 12,799
₹ 10 Lakh ₹ 21,489 ₹ 25,599
₹ 12 Lakh ₹ 25,787 ₹ 30,718

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

IDFC First Bank offers lower Personal Loan EMI at Rs. 2149 for 60 Months compared to Federal Bank with a minimum EMI of Rs. 2560 for 48 Months. In addition, average customer ratings for IDFC First Bank is currently at 4.6/5.0, making it a good choice for taking a Personal Loan.

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

It is important to make a detailed comparison of Federal Bank and IDFC First Bank 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 Federal Bank and IDFC First Bank Loan is 10.49%. Hence, both banks are at par in terms of interest rate on Personal Loan
  • Compared to other Personal Loan charges such as processing fees, IDFC First Bank charges a processing fee of Upto 2.00%, while Federal Bank charges a processing fee of Upto 0.5%, Min Rs. 500.
  • IDFC First Bank offers Personal Loan upto an amount of ₹ 40 Lakh, while Federal Bank offers Loan upto an amount of ₹ 10 Lakh. Therefore, 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 the foreclosure facility. Federal 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 Federal Bank a better option for Personal Loan.
  • Federal Bank and IDFC First Bank allow part payment on Personal Loan after Zero months at Nil charges. Federal Bank applies a charge of Nil charges and IDFC First Bank charges Nil charges on Personal Loan.
  • Federal Bank with an average customer rating 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 a lower interest rate on Personal Loan – Federal Bank or IDFC First Bank?

The lowest interest rate for both Federal Bank and IDFC First Bank on loans currently starts from 10.49%. Hence, both banks are a good choice for potential borrowers.

Know more about IDFC First Bank Personal Loan

Know more about Federal Bank Personal Loan

Compare IDFC First Bank Personal Loan With Other Banks

Compare Federal Bank Personal Loan With Other Banks

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Personal Loan News - Aug 2022
  • 2022-08-09 : HDFC hikes MCRL by upto 10 bps on all loan tenures.
    With the effect of the 50bps hike by RBI in key policy rates, private sector lender HDFC increased its marginal cost of funds-based lending rates on loans across all tenures by upto 10 basis points. The one-year MCLR will now be 8.10% compared to 8.00% previously.
  • 2022-08-06 : SBI to offer personal loans of upto INR 35 lakhs via YONO.
    With the help of Real-Time Xpress Credit (RTXC), SBI will now offer personal loans of upto INR 35 lakhs on YONO app. Customers can now apply for a personal loan on YONO app without having to fill out any documentation.
  • 2022-07-22 : SBI hikes lending rates, loan EMIs to rise.
    Increase in SBI’s Marginal Cost Lending Rates on loans by 10 basis points. The new lending rates will come into effect from 15th July 2022. For one year tenure, MCLR increased to 7.5% from the current 7.4%, and retail loans for cars, houses, or personal loans tend to go higher, affecting monthly loan installments.
  • 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.
*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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