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Compare Personal Loan - Muthoot vs Canara Bank

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Bank
Parameters
Interest Rate
Interest Rate
14.00% - 24.00%
12.40% - 13.90%
Processing Fees
Processing Fees
2.5-3.5%
0.50%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 15 Lakh
₹ 1 Lakh to ₹ 3 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 48 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,327
₹ 2,653
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
26 to 58 Years
21 to 60 Years
Minimum Income
Minimum Income
₹ 10,000
₹ 15,000
Current Work Experience
Current Work Experience
0 Months
12 Months
Total Work Experience
Total Work Experience
0 Months
36 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of Muthoot and Canara Bank Personal Loan

Loan Amount Muthoot Canara Bank
₹ 1 Lakh ₹ 2,327 ₹ 2,653
₹ 5 Lakh ₹ 11,634 ₹ 13,265
₹ 10 Lakh ₹ 23,268 ₹ 26,531
₹ 12 Lakh ₹ 27,922 ₹ 31,837

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

Muthoot offers lower Personal Loan EMI at 2327 on a Personal Loan for 60 Months as compared to Canara Bank with a minimum EMI of 2653 for 48 Months. Average customer ratings for Muthoot is currently at /5.0 which makes it a good choice for taking a Personal Loan.

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

It is important to do a detailed comparison of Canara 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 Canara Bank Personal Loan is 12.40%, which is lower than the lowest interest rate of Muthoot at 14.00%. Hence, Canara Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Muthoot charges a processing fees of 2.5-3.5% while Canara Bank charges a processing fees of 0.50%.
  • Muthoot offers Personal Loan upto an amount of ₹ 15 Lakh while Canara Bank offer Personal Loan upto an amount of ₹ 3 Lakh. Muthoot 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. Muthoot 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 Muthoot a better option for Personal Loan.
  • Muthoot allows part payment on Personal Loan after Zero months at Nil charges, while Canara Bank does not offer part payment facility on Personal Loan. This makes Muthoot 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 – Canara Bank or Muthoot?

As per the current rates, Canara Bank offers a lower interest rate of 12.40% on Personal Loan when compared to Muthoot which offers a Personal Loan at 14.00%.

Know all about Personal Loan

Know more about Muthoot Personal Loan

Know more about Canara Bank Personal Loan

Compare Muthoot 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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  • 2021-06-10 : Rural Loan Collections to be affected by the Second wave
    As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
*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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