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Compare Personal Loan - RBL Bank vs Muthoot

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Bank
Parameters
Interest Rate
Interest Rate
14.00% - 23.00%
14.00% - 24.00%
Processing Fees
Processing Fees
Upto 3.5%
2.5-3.5%
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 20 Lakh
₹ 50,000 to ₹ 15 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,327
₹ 2,327
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
26 to 58 Years
Minimum Income
Minimum Income
₹ 25,000
₹ 10,000
Current Work Experience
Current Work Experience
12 Months
0 Months
Total Work Experience
Total Work Experience
36 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 RBL Bank and Muthoot Personal Loan

Loan Amount RBL Bank Muthoot
₹ 1 Lakh ₹ 2,327 ₹ 2,327
₹ 5 Lakh ₹ 11,634 ₹ 11,634
₹ 10 Lakh ₹ 23,268 ₹ 23,268
₹ 12 Lakh ₹ 27,922 ₹ 27,922

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

Muthoot and RBL Bank offer Personal Loan at the same rate of interest starting from 14.00%. Lowest EMI of Muthoot is 2327 for a maximum tenure of 60 Months. Lowest EMI of RBL Bank is Rs. 2327 for a maximum tenure of 60 Months.

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

It is important to do a detailed comparison of Muthoot 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 Muthoot and RBL Bank Personal Loan is 14.00%. Hence, both banks are at par in terms of interest rate on Personal Loan
  • When compared on other Personal Loan charges such as processing fees, RBL Bank charges a processing fees of Upto 3.5% while Muthoot charges a processing fees of 2.5-3.5%.
  • RBL Bank offers Personal Loan upto an amount of ₹ 20 Lakh while Muthoot offer Personal Loan upto an amount of ₹ 15 Lakh. 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 foreclosure facility. Muthoot 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 Muthoot a better option for Personal Loan.
  • Muthoot allows part payment on Personal Loan after Zero months at Nil charges, while RBL Bank does not offer part payment facility on Personal Loan. This makes Muthoot a better option for Personal Loan.
  • Muthoot with an average customer ratings 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 lower interest rate on Personal Loan – Muthoot or RBL Bank?

The lowest interest rate for both Muthoot and RBL Bank on Personal Loan currently starts from 14.00%. Hence, both banks are a good choice for potential borrowers.

Know all about Personal Loan

Know more about RBL Bank Personal Loan

Know more about Muthoot Personal Loan

Compare RBL Bank Personal Loan With Other Banks

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Personal Loan News - Jun 2021
  • 2021-06-23 : Capital India Home Loan plans to double asset book to Rs 250 crore this fiscal
    Capital India Home Loan aims to double its asset book to over Rs 250 crore by the end of the current fiscal year. The housing finance company that deals in Home Loan, Commercial Property Loan, Loan Against Property, Business Loan, Top-up Loan, Personal Loan, and Consumer Loan had a loan book of about Rs 135 crore in the financial year ended March 31, 2021. The loan book is expected to touch Rs 250 crore by March 2022.
  • 2021-06-23 : Muthoot Fincorp acquires 54% stake in Paymatrix
    Gold loan company Muthoot Fincorp has acquired a 54% stake in Hyderabad-based fintech startup Paymatrix by buying out existing investors as part of its added focus on the digital payments segment. Muthoot Fincorp has around 2 million customers in gold loans, retail loans, small business loans, affordable housing, two-wheeler and used-car loans, money transfer, foreign exchange, insurance sales, and wealth management, through its 3,600 branches.
  • 2021-06-21 : BharatPe FY21 revenue jumps over six times to Rs 700 crore
    In the financial year 2020-21, BharatPe has witnessed a huge jump in its revenues. With the pandemic forcing more and more people and businesses to use digital transactions, it has helped the start-up earn a revenue of over Rs 700 crores, compared to just Rs 110 crores in 2019-20. The company gives small-ticket fully unsecured loans, which majorly includes personal loans, along with two-wheeler loans, car loans and other small loans, averaging at Rs 75,000 to its merchant members. The company also saw an increase in the number of merchants from 24 lakhs to 60 lakhs along with the rise in transaction value from 10 crores a month to 2.7 crores a month.
  • 2021-06-16 : ICICI STACK launched by ICICI Bank for Corporates
    ICICI Bank announced the launch of ICICI STACK for Corporates. This will provide customised digital banking services to companies in over 15 leading industries. ICICI STACK is going to offer digital banking solution banking solutions to corporates to seamlessly meet their banking requirements.
  • 2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
    Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
*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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