Compare RBL Bank vs Canara Bank Personal Loan

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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 IIFL HDB Financial IDBI Bank Karur Vysya Bank Muthoot Yes Bank Standard Chartered Bank Union Bank of India Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank Syndicate Bank Bank of Baroda PNB Indian Overseas Bank Indian Bank Corporation Bank Cashe Axis Finance	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak 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 14.00% - 23.00%	12.85% - 14.30%
Processing Fees	Processing Fees Upto 3.5%	0.50%
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 20 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	₹ 2,675
Part Payment Charges	Part Payment Charges Not Allowed	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 18 months at 3%-5%	Allowed after 1 month at Nil prepayment charges
Eligible Age	Eligible Age 25 to 60 Years	21 to 60 Years
Minimum Income	Minimum Income ₹ 25,000	₹ 15,000
Current Work Experience	Current Work Experience 12 Months	12 Months
Total Work Experience	Total Work Experience 36 Months	36 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 4.5/5.0	4.5/5.0

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Compare Personal Loan EMI of RBL Bank and Canara Bank

Loan Amount	RBL Bank	Canara Bank
₹ 1 Lakh	₹ 2,327	₹ 2,675
₹ 5 Lakh	₹ 11,634	₹ 13,377
₹ 10 Lakh	₹ 23,268	₹ 26,753
₹ 12 Lakh	₹ 27,922	₹ 32,104

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

RBL Bank offers lower Personal Loan EMI at Rs. 2327 for 60 Months compared to Canara Bank with a minimum EMI of Rs. 2675 for 48 Months. In addition, average customer ratings for RBL Bank is currently at 4.5/5.0, making it a good choice for taking a Personal Loan.

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

It is important to make a detailed comparison of Canara Bank and RBL 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 Canara Bank Loan is 12.85%, which is lower than the lowest interest rate of RBL Bank at 14.00%. Hence, Canara Bank is offering a cheaper loan option.
Compared to other Personal Loan charges such as processing fees, RBL Bank charges a processing fee of Upto 3.5%, while Canara Bank charges a processing fee of Upto 0.50%.
RBL Bank offers Personal Loan upto an amount of ₹ 20 Lakh, while Canara Bank offers Loan upto an amount of ₹ 3 Lakh. Therefore, RBL 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. Canara Bank gives the option to close the loan after 1 months at Nil prepayment charges and RBL Bank gives the option to close the loan after 18 months at 3%-5%. This makes Canara Bank a better option for Personal Loan.
Canara Bank with an average customer rating of 4.5 is equally comparable to RBL 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 a lower interest rate on Personal Loan – Canara Bank or RBL Bank?

As per the current rates, Canara Bank offers a lower interest rate of 12.85% on loans compared to RBL Bank, which offers a Personal Loan at 14.00%.

Know more about RBL Bank Personal Loan

Know more about Canara 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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