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Compare Personal Loan - IDFC First Bank vs IIFL

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Bank
Parameters
Interest Rate
Interest Rate
10.49% - 10.49%
24.00% - 24.00%
Processing Fees
Processing Fees
Upto 2.00%
2%
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 40 Lakh
₹ 50,000 to ₹ 25 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,149
₹ 2,877
Part Payment Charges
Part Payment Charges
Allowed after 3 months at In case of Smart Personal Loan at Nil Charges
Not Allowed
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 6 months at 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST
Eligible Age
Eligible Age
23 to 60 Years
25 to 60 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 25,000
Current Work Experience
Current Work Experience
6 Months
6 Months
Total Work Experience
Total Work Experience
12 Months
36 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.6/5.0
4.8/5.0
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Compare EMI of IDFC First Bank and IIFL Personal Loan

Loan Amount IDFC First Bank IIFL
₹ 1 Lakh ₹ 2,149 ₹ 2,877
₹ 5 Lakh ₹ 10,744 ₹ 14,384
₹ 10 Lakh ₹ 21,489 ₹ 28,768
₹ 12 Lakh ₹ 25,787 ₹ 34,522

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

IDFC First Bank offers lower Personal Loan EMI at 2149 on a Personal Loan for 60 Months as compared to IIFL with a minimum EMI of 2877 for 60 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 IDFC First Bank Personal Loan compare with IIFL Personal Loan?

It is important to do a detailed comparison of IDFC First 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 IDFC First Bank Personal Loan is 10.49%, which is lower than the lowest interest rate of IIFL at 24.00%. Hence, IDFC First 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 IIFL charges a processing fees of 2%.
  • IDFC First Bank offers Personal Loan upto an amount of ₹ 40 Lakh while IIFL offer Personal Loan upto an amount of ₹ 25 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. IIFL gives the option to close the loan after 6 months at 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST 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 IIFL a better option for Personal Loan.
  • IDFC First Bank allows part payment on Personal Loan after 3 months at Nil charges, while IIFL does not offer part payment facility on Personal Loan. This makes IDFC First Bank a better option for Personal Loan.
  • IIFL has an average customer ratings of 4.8, while IDFC First Bank has an average customer rating of 4.6, based on which it is clear that IIFL has a high customer service focus, an easy Personal Loan process and a quick turnaround.

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

As per the current rates, IDFC First Bank offers a lower interest rate of 10.49% on Personal Loan when compared to IIFL which offers a Personal Loan at 24.00%.

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Personal Loan News - Aug 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*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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