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Compare RBL Bank vs Federal Bank Personal Loan

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Bank
Interest Rate
Interest Rate
14.00% - 23.00%
10.49% - 17.99%
Processing Fees
Processing Fees
Upto 3.5%
0.5%, Min Rs. 500
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 20 Lakh
₹ 50,000 to ₹ 10 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 48 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,327
₹ 2,560
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 18 months at 3%-5%
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
25 to 60 Years
21 to 55 Years
Minimum Income
Minimum Income
₹ 25,000
₹ 50,000
Current Work Experience
Current Work Experience
12 Months
36 Months
Total Work Experience
Total Work Experience
36 Months
NA
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 Federal Bank

Loan Amount RBL Bank Federal Bank
₹ 1 Lakh ₹ 2,327 ₹ 2,560
₹ 5 Lakh ₹ 11,634 ₹ 12,799
₹ 10 Lakh ₹ 23,268 ₹ 25,599
₹ 12 Lakh ₹ 27,922 ₹ 30,718

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

RBL Bank offers lower Personal Loan EMI at Rs. 2327 for 60 Months compared to Federal Bank with a minimum EMI of Rs. 2560 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 Federal Bank Personal Loan compare with RBL Bank Personal Loan?

It is important to make a detailed comparison of Federal 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 Federal Bank Loan is 10.49%, which is lower than the lowest interest rate of RBL Bank at 14.00%. Hence, Federal 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 Federal Bank charges a processing fee of Upto 0.5%, Min Rs. 500.
  • RBL Bank offers Personal Loan upto an amount of ₹ 20 Lakh, while Federal Bank offers Loan upto an amount of ₹ 10 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. Federal Bank gives the option to close the loan after Zero months at Nil prepayment charges and RBL Bank gives the option to close the loan after 18 months at 3%-5%. 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 RBL Bank does not offer a part payment facility. This makes Federal Bank a better option for instant loan requirements.
  • Federal 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 – Federal Bank or RBL Bank?

As per the current rates, Federal Bank offers a lower interest rate of 10.49% on loans compared to RBL Bank, which offers a Personal Loan at 14.00%.

Know more about RBL Bank Personal Loan

Know more about Federal Bank Personal Loan

Compare RBL Bank Personal Loan With Other Banks

Compare Federal Bank Personal Loan With Other Banks

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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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