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Compare Personal Loan - Indian Overseas Bank vs Allahabad Bank

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Bank
Parameters
Interest Rate
Interest Rate
11.00% - 15.00%
9.05% - 13.65%
Processing Fees
Processing Fees
upto 3% of the loan amount
1.06%, Min Rs. 1068
Loan Amount
Loan Amount
₹ 50,000 to ₹ 15 Lakh
₹ 50,000 to ₹ 7.50 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,174
₹ 2,078
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at 2.25%
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 0 months at 2.25%
Eligible Age
Eligible Age
21 to 58 Years
25 to 58 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 20,000
Current Work Experience
Current Work Experience
12 Months
24 Months
Total Work Experience
Total Work Experience
36 Months
0 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of Indian Overseas Bank and Allahabad Bank Personal Loan

Loan Amount Indian Overseas Bank Allahabad Bank
₹ 1 Lakh ₹ 2,174 ₹ 2,078
₹ 5 Lakh ₹ 10,871 ₹ 10,391
₹ 10 Lakh ₹ 21,742 ₹ 20,783
₹ 12 Lakh ₹ 26,091 ₹ 24,939

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

Allahabad Bank offers lower Personal Loan EMI at 2078 on a Personal Loan for 60 Months as compared to Indian Overseas Bank with a minimum EMI of 2174 for 60 Months. Average customer ratings for Allahabad Bank is currently at /5.0 which makes it a good choice for taking a Personal Loan.

How does Allahabad Bank Personal Loan compare with Indian Overseas Bank Personal Loan?

It is important to do a detailed comparison of Allahabad 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 Allahabad Bank Personal Loan is 9.05%, which is lower than the lowest interest rate of Indian Overseas Bank at 11.00%. Hence, Allahabad Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Indian Overseas Bank charges a processing fees of upto 3% of the loan amount while Allahabad Bank charges a processing fees of 1.06%, Min Rs. 1068.
  • Indian Overseas Bank offers Personal Loan upto an amount of ₹ 15 Lakh while Allahabad Bank offer Personal Loan upto an amount of ₹ 7.50 Lakh. Indian Overseas 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. Allahabad Bank gives the option to close the loan after Zero months at 2.25% and Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges. This makes Allahabad Bank a better option for Personal Loan.
  • Allahabad Bank allows part payment on Personal Loan after Zero months at 2.25%, while Indian Overseas Bank does not offer part payment facility on Personal Loan. This makes Allahabad Bank a better option for Personal Loan.
  • with an average customer ratings 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 lower interest rate on Personal Loan – Allahabad Bank or Indian Overseas Bank?

As per the current rates, Allahabad Bank offers a lower interest rate of 9.05% on Personal Loan when compared to Indian Overseas Bank which offers a Personal Loan at 11.00%.

Know all about Personal Loan

Know more about Indian Overseas Bank Personal Loan

Know more about Allahabad Bank Personal Loan

Compare Indian Overseas Bank Personal Loan With Other Banks

Compare Allahabad Bank Personal Loan With Other Banks

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Personal Loan News - Jun 2021
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    Capital India Home Loan aims to double its asset book to over Rs 250 crore by the end of the current fiscal year. The housing finance company that deals in Home Loan, Commercial Property Loan, Loan Against Property, Business Loan, Top-up Loan, Personal Loan, and Consumer Loan had a loan book of about Rs 135 crore in the financial year ended March 31, 2021. The loan book is expected to touch Rs 250 crore by March 2022.
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    Gold loan company Muthoot Fincorp has acquired a 54% stake in Hyderabad-based fintech startup Paymatrix by buying out existing investors as part of its added focus on the digital payments segment. Muthoot Fincorp has around 2 million customers in gold loans, retail loans, small business loans, affordable housing, two-wheeler and used-car loans, money transfer, foreign exchange, insurance sales, and wealth management, through its 3,600 branches.
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    In the financial year 2020-21, BharatPe has witnessed a huge jump in its revenues. With the pandemic forcing more and more people and businesses to use digital transactions, it has helped the start-up earn a revenue of over Rs 700 crores, compared to just Rs 110 crores in 2019-20. The company gives small-ticket fully unsecured loans, which majorly includes personal loans, along with two-wheeler loans, car loans and other small loans, averaging at Rs 75,000 to its merchant members. The company also saw an increase in the number of merchants from 24 lakhs to 60 lakhs along with the rise in transaction value from 10 crores a month to 2.7 crores a month.
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    ICICI Bank announced the launch of ICICI STACK for Corporates. This will provide customised digital banking services to companies in over 15 leading industries. ICICI STACK is going to offer digital banking solution banking solutions to corporates to seamlessly meet their banking requirements.
  • 2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
    Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
*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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