Compare IndusInd Bank vs IDFC First Bank Personal Loan

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Bank	SBI HDFC Bank ICICI Bank Bajaj Finserv Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL HDB Financial Corporation Bank Muthoot Karur Vysya Bank Yes Bank Union Bank of India Canara Bank Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank Standard Chartered Bank Syndicate Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Bank of Baroda Cashe Axis Finance	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India Kotak Bank RBL Bank IIFL HDB Financial Syndicate Bank Union Bank of India Canara Bank Bank of Maharashtra Muthoot 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 Cashe Axis Finance
Interest Rate	Interest Rate 10.49% - 20.00%	10.49% - 22.00%
Processing Fees	Processing Fees Min 0.75% to Max 1.75%	Upto 2.00%
Loan Amount	Loan Amount ₹ 50,000 to ₹ 25 Lakh	₹ 1 Lakh to ₹ 40 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 Not Allowed	Allowed after 3 months at In case of Smart Personal Loan at Nil Charges
Foreclosure Charges	Foreclosure Charges Allowed after 12 months at 4%	Allowed after 12 months at 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan
Eligible Age	Eligible Age 21 to 60 Years	23 to 60 Years
Minimum Income	Minimum Income ₹ 25,000	₹ 20,000
Current Work Experience	Current Work Experience 12 Months	6 Months
Total Work Experience	Total Work Experience 24 Months	12 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 4.5/5.0	4.6/5.0

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Compare Personal Loan EMI of IndusInd Bank and IDFC First Bank

Loan Amount	IndusInd Bank	IDFC First 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, IndusInd Bank charges a processing fee of Min 0.75% to Max 1.75%, while IDFC First Bank charges a processing fee of Upto Upto 2.00%.
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 IndusInd Bank Personal Loan

Know more about IDFC First 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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