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Compare Personal Loan - Kotak Bank vs Federal Bank

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Bank
Parameters
Interest Rate
Interest Rate
10.25% - 17.99%
10.49% - 17.99%
Processing Fees
Processing Fees
Starting from Rs.1999
0.5%, Min Rs. 500
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 50 Lakh
₹ 50,000 to ₹ 10 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 48 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,548
₹ 2,560
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 12 months at 5% foreclosure charges
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
22 to 55 Years
21 to 55 Years
Minimum Income
Minimum Income
₹ 40,000
₹ 50,000
Current Work Experience
Current Work Experience
6 Months
36 Months
Total Work Experience
Total Work Experience
24 Months
0 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.5/5.0
4.5/5.0
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Compare EMI of Kotak Bank and Federal Bank Personal Loan

Loan Amount Kotak Bank Federal Bank
₹ 1 Lakh ₹ 2,548 ₹ 2,560
₹ 5 Lakh ₹ 12,741 ₹ 12,799
₹ 10 Lakh ₹ 25,483 ₹ 25,599
₹ 12 Lakh ₹ 30,579 ₹ 30,718

Which is a better bank for Personal Loan – Kotak Bank or Federal Bank?

Kotak Bank offers lower Personal Loan EMI at 2548 on a Personal Loan for 48 Months as compared to Federal Bank with a minimum EMI of 2560 for 48 Months. Average customer ratings for Kotak Bank is currently at 4.5/5.0 which makes it a good choice for taking a Personal Loan.

How does Kotak Bank Personal Loan compare with Federal Bank Personal Loan?

It is important to do a detailed comparison of Kotak 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 Kotak Bank Personal Loan is 10.25%, which is lower than the lowest interest rate of Federal Bank at 10.49%. Hence, Kotak Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Kotak Bank charges a processing fees of Starting from Rs.1999 while Federal Bank charges a processing fees of 0.5%, Min Rs. 500.
  • Kotak Bank offers Personal Loan upto an amount of ₹ 50 Lakh while Federal Bank offer Personal Loan upto an amount of ₹ 10 Lakh. Kotak 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. Federal Bank gives the option to close the loan after Zero months at Nil prepayment charges and Kotak Bank gives the option to close the loan after 12 months at 5% foreclosure charges. This makes Federal Bank a better option for Personal Loan.
  • Federal Bank allows part payment on Personal Loan after Zero months at Nil charges, while Kotak Bank does not offer part payment facility on Personal Loan. This makes Federal Bank a better option for Personal Loan.
  • Federal Bank with an average customer ratings of 4.5 is equally comparable to Kotak Bank with an average customer rating of 4.5. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Personal Loan – Kotak Bank or Federal Bank?

As per the current rates, Kotak Bank offers a lower interest rate of 10.25% on Personal Loan when compared to Federal Bank which offers a Personal Loan at 10.49%.

Know all about Personal Loan

Know more about Kotak Bank Personal Loan

Know more about Federal Bank Personal Loan

Compare Kotak Bank Personal Loan With Other Banks

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    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
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*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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