Compare Indian Bank vs Canara Bank Personal Loan

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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 IDBI Bank Karur Vysya Bank Muthoot Yes Bank Standard Chartered Bank Union Bank of India Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank Syndicate Bank Bank of Baroda PNB Indian Overseas Bank Indian Bank Corporation Bank Cashe Axis Finance	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 Andhra Bank Allahabad Bank Federal Bank PNB Indian Overseas Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Karur Vysya Bank Cashe Axis Finance
Interest Rate	Interest Rate 10.90% - 10.90%	12.85% - 14.30%
Processing Fees	Processing Fees N.A	0.50%
Loan Amount	Loan Amount ₹ 50,000 to ₹ 5 Lakh	₹ 1 Lakh to ₹ 3 Lakh
Loan Tenure	Loan Tenure 12 to 36 Months	12 to 48 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 3,269	₹ 2,675
Part Payment Charges	Part Payment Charges Allowed after 0 months at Nil prepayment charges	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 0 months at Nil prepayment charges	Allowed after 1 month at Nil prepayment charges
Eligible Age	Eligible Age 21 to 58 Years	21 to 60 Years
Minimum Income	Minimum Income ₹ 20,000	₹ 15,000
Current Work Experience	Current Work Experience NA	12 Months
Total Work Experience	Total Work Experience NA	36 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)

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Compare Personal Loan EMI of Indian Bank and Canara Bank

Loan Amount	Indian Bank	Canara Bank
₹ 1 Lakh	₹ 3,269	₹ 2,675
₹ 5 Lakh	₹ 16,346	₹ 13,377
₹ 10 Lakh	₹ 32,691	₹ 26,753
₹ 12 Lakh	₹ 39,230	₹ 32,104

Which is a better bank for Personal Loan – Indian Bank or Canara Bank?

Canara Bank offers lower Personal Loan EMI at Rs. 2675 for 48 Months compared to Indian Bank with a minimum EMI of Rs. 3269 for 36 Months. In addition, average customer ratings for Canara Bank is currently at /5.0, making it a good choice for taking a Personal Loan.

How does Indian Bank Personal Loan compare with Canara Bank Personal Loan?

It is important to make a detailed comparison of Indian Bank and Canara 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 Indian Bank Loan is 10.90%, which is lower than the lowest interest rate of Canara Bank at 12.85%. Hence, Indian Bank is offering a cheaper loan option.
Compared to other Personal Loan charges such as processing fees, Indian Bank charges a processing fee of N.A, while Canara Bank charges a processing fee of Upto 0.50%.
Indian Bank offers Personal Loan upto an amount of ₹ 5 Lakh, while Canara Bank offers Loan upto an amount of ₹ 3 Lakh. Therefore, Indian 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. Indian Bank gives the option to close the loan after Zero months at Nil prepayment charges and Canara Bank gives the option to close the loan after 1 months at Nil prepayment charges. This makes Indian Bank a better option for Personal Loan.
Indian Bank allows part payment on Personal Loan after Zero months at Nil charges, while Canara Bank does not offer a part payment facility. This makes Indian Bank a better option for instant loan requirements.
with an average customer rating of is equally comparable to with an average customer rating of . Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers a lower interest rate on Personal Loan – Indian Bank or Canara Bank?

As per the current rates, Indian Bank offers a lower interest rate of 10.90% on loans compared to Canara Bank, which offers a Personal Loan at 12.85%.

Know more about Indian Bank Personal Loan

Know more about Canara Bank Personal Loan

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Personal Loan News - Jun 2022

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.
2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
2022-05-12 : Indian Bank Revises Personal Loan Rates
Indian Bank has increased the rates on personal loans, and as a result, the bank offers the lowest rates starting at 8.90% to upto 9.40%.
2022-05-10 : Canara Bank Hikes Personal Loan Interest Rates
The bank has increased the lowest personal loan rates from 12.40% to 12.80%.

*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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