Compare Personal Loan - RBL Bank vs IIFL

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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 HDB Financial Syndicate Bank Muthoot Union Bank of India Canara Bank Bank of Maharashtra 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 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 Axis Finance
Parameters
Interest Rate	Interest Rate 14.00% - 23.00%	16.00% - 19.99%
Processing Fees	Processing Fees Upto 3.5%	3%
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 20 Lakh	₹ 50,000 to ₹ 25 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,327	₹ 2,432
Part Payment Charges	Part Payment Charges Not Allowed	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 18 months at 3%-5%	Allowed after 6 months at 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST
Eligible Age	Eligible Age 25 to 60 Years	25 to 60 Years
Minimum Income	Minimum Income ₹ 25,000	₹ 25,000
Current Work Experience	Current Work Experience 12 Months	6 Months
Total Work Experience	Total Work Experience 36 Months	36 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 4.5/5.0	4.8/5.0

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Compare EMI of RBL Bank and IIFL Personal Loan

Loan Amount	RBL Bank	IIFL
₹ 1 Lakh	₹ 2,327	₹ 2,432
₹ 5 Lakh	₹ 11,634	₹ 12,159
₹ 10 Lakh	₹ 23,268	₹ 24,318
₹ 12 Lakh	₹ 27,922	₹ 29,182

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

RBL Bank offers lower Personal Loan EMI at 2327 on a Personal Loan for 60 Months as compared to IIFL with a minimum EMI of 2432 for 60 Months. Average customer ratings for RBL Bank is currently at 4.5/5.0 which makes it a good choice for taking a Personal Loan.

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

It is important to do a detailed comparison of RBL 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 RBL Bank Personal Loan is 14.00%, which is lower than the lowest interest rate of IIFL at 16.00%. Hence, RBL Bank is offering a cheaper loan option.
When compared on other Personal Loan charges such as processing fees, RBL Bank charges a processing fees of Upto 3.5% while IIFL charges a processing fees of 3%.
IIFL offers Personal Loan upto an amount of ₹ 25 Lakh while RBL Bank offer Personal Loan upto an amount of ₹ 20 Lakh. IIFL 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. IIFL gives the option to close the loan after 6 months at 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST and RBL Bank gives the option to close the loan after 18 months at 3%-5%. This makes IIFL a better option for Personal Loan.
IIFL has an average customer ratings of 4.8, while RBL Bank has an average customer rating of 4.5, based on which it is clear that IIFL has a high customer service focus, an easy Personal Loan process and a quick turnaround.

Which bank offers lower interest rate on Personal Loan – RBL Bank or IIFL?

As per the current rates, RBL Bank offers a lower interest rate of 14.00% on Personal Loan when compared to IIFL which offers a Personal Loan at 16.00%.

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Personal Loan News - Jun 2021

2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
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.
2021-06-11 : YONO to offer fast-tracked two-wheeler loans and express credit
The State Bank of India YONO app is going to offer fast track two-wheeler loans and express credit, a high-value personal loan. SBI is planning to expand the YONO product basket. YONO will be offering two-wheeler loans along with personal loans of small ticket size, between Rs 5-10 lakhs.
2021-06-11 : MyLoanCare collaborates with three of the top app-based lenders
MyLoanCare Ventures Pvt Ltd has collaborated with three of the top app-based lenders - MoneyTap, EarlySalary, and Paysense to make Instant Small Ticket Personal Loans convenient, transparent and much quicker.
2021-06-11 : MyLoanCare collaborates with three of the top app-based lenders
MyLoanCare Ventures Pvt Ltd has collaborated with three of the top app-based lenders - MoneyTap, EarlySalary, and Paysense to make Instant Small Ticket Personal Loans convenient, transparent and much quicker.
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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