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Compare IDFC First Bank vs IndusInd Bank Personal Loan

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Bank
Interest Rate
Interest Rate
10.49% - 10.49%
10.49% - 20.00%
Processing Fees
Processing Fees
Upto 2.00%
Min 0.75% to Max 1.75%
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
₹ 2,149
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 12 months at 4%
Eligible Age
Eligible Age
23 to 60 Years
21 to 60 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 25,000
Current Work Experience
Current Work Experience
6 Months
12 Months
Total Work Experience
Total Work Experience
12 Months
24 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.6/5.0
4.5/5.0
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Compare Personal Loan EMI of IDFC First Bank and IndusInd Bank

Loan Amount IDFC First Bank IndusInd Bank
₹ 1 Lakh ₹ 2,149 ₹ 2,149
₹ 5 Lakh ₹ 10,744 ₹ 10,744
₹ 10 Lakh ₹ 21,489 ₹ 21,489
₹ 12 Lakh ₹ 25,787 ₹ 25,787

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

IDFC First Bank and IndusInd Bank offer Personal Loan at the same rate of interest starting from 10.49%. Lowest EMI of IDFC First Bank is Rs. 2149 for a maximum tenure of 60 Months. Lowest EMI of IndusInd Bank is Rs. 2149 for a maximum tenure of 60 Months.

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

It is important to make a detailed comparison of IDFC First Bank and IndusInd 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 IDFC First Bank and IndusInd 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 IndusInd Bank charges a processing fee of Upto Min 0.75% to Max 1.75%.
  • IDFC First Bank offers Personal Loan upto an amount of ₹ 40 Lakh, while IndusInd Bank offers Loan upto an amount of ₹ 25 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. IDFC First Bank and IndusInd 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 and 4%. This makes IDFC First Bank a better option for Personal Loan.
  • IDFC First Bank allows part payment on Personal Loan after 3 months at Nil charges, while IndusInd Bank does not offer a part payment facility. This makes IDFC First Bank a better option for instant loan requirements.
  • IDFC First Bank has an average customer rating of 4.6. In contrast, IndusInd Bank has an average customer rating of 4.5, based on which it is clear that IDFC First Bank has a high customer service focus, an easy process and a quick turnaround.

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

The lowest interest rate for both IDFC First Bank and IndusInd 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 IndusInd Bank Personal Loan

Compare IDFC First Bank Personal Loan With Other Banks

Compare IndusInd Bank Personal Loan With Other Banks

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Personal Loan News - Sep 2021
  • 2021-09-20 : PNB Introduces Festival Bonanza Offer
    Punjab National Bank (PNB) has introduced a festival bonanza offer under which they reduced home loan interest to 6.80%. Also, the lender has waived off processing fees and documentation charges on all retail loans like home loans, personal loans, car loans, gold loans, property loans. These charges are valid till December 31, 2021.
  • 2021-09-09 : Gold Loan Soars High in 12 Months
    In the last 12 months, gold loans and credit cards have seen significant growth. Gold loans outstanding has increased by 77.4% and personal loans have jumped by 11.2% till July 2021.
  • 2021-09-02 : Axis Bank Personal Loan Rates Changed
    The personal loan rates for Axis Bank have changed for new and BT offers. The Bank is now offering personal loans for new & BT cases starting at 10.25% & 10.49%, respectively.
  • 2021-09-02 : HDFC Bank offers Special Personal Loan
    HDFC Bank has launched a personal scheme for new, and BT offers at an attractive rate. The new personal loan rates are stating at 10.25%
  • 2021-09-01 : Mortgage lending has increased GDP by 11%
    National Housing Bank has informed that mortgage lending in India has increased India’s Gross Domestic Product (GDP) by 11%, an economy worth Rs 27 trillion. 65% of the loans are provided by banks and the rest 35% by NBFCs.
*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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