Compare Personal Loan - Indian Overseas Bank vs IIFL

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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 HDB Financial Syndicate Bank Muthoot Union Bank of India Canara Bank Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Karur Vysya Bank 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 Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Karur Vysya Bank Axis Finance
Parameters
Interest Rate	Interest Rate 11.00% - 15.00%	16.00% - 19.99%
Processing Fees	Processing Fees upto 3% of the loan amount	3%
Loan Amount	Loan Amount ₹ 50,000 to ₹ 15 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 ₹ 2,174	₹ 2,432
Part Payment Charges	Part Payment Charges Not Allowed	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 1 month at Nil prepayment charges	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 21 to 58 Years	25 to 60 Years
Minimum Income	Minimum Income ₹ 20,000	₹ 25,000
Current Work Experience	Current Work Experience 12 Months	6 Months
Total Work Experience	Total Work Experience 36 Months	36 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	4.8/5.0

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Compare EMI of Indian Overseas Bank and IIFL Personal Loan

Loan Amount	Indian Overseas Bank	IIFL
₹ 1 Lakh	₹ 2,174	₹ 2,432
₹ 5 Lakh	₹ 10,871	₹ 12,159
₹ 10 Lakh	₹ 21,742	₹ 24,318
₹ 12 Lakh	₹ 26,091	₹ 29,182

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

Indian Overseas Bank offers lower Personal Loan EMI at 2174 on a Personal Loan for 60 Months as compared to IIFL with a minimum EMI of 2432 for 60 Months. Average customer ratings for Indian Overseas Bank is currently at /5.0 which makes it a good choice for taking a Personal Loan.

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

It is important to do a detailed comparison of Indian Overseas 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 Indian Overseas Bank Personal Loan is 11.00%, which is lower than the lowest interest rate of IIFL at 16.00%. Hence, Indian Overseas 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 IIFL charges a processing fees of 3%.
IIFL offers Personal Loan upto an amount of ₹ 25 Lakh while Indian Overseas Bank offer Personal Loan upto an amount of ₹ 15 Lakh. IIFL 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. Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges and 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. This makes Indian Overseas Bank a better option for Personal Loan.
IIFL has an average customer ratings of 4.8, while has an average customer rating of , 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 – Indian Overseas Bank or IIFL?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 11.00% on Personal Loan when compared to IIFL which offers a Personal Loan at 16.00%.

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Personal Loan News - Jun 2021

2021-06-23 : Capital India Home Loan plans to double asset book to Rs 250 crore this fiscal
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.
2021-06-23 : Muthoot Fincorp acquires 54% stake in Paymatrix
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.
2021-06-21 : BharatPe FY21 revenue jumps over six times to Rs 700 crore
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.
2021-06-16 : ICICI STACK launched by ICICI Bank for Corporates
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.

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