Depends on the leather & last, but generally speaking the Tassel loafer will be more formal.
For instance, I'd consider that Piccadilly in cordovan you posted more informal than the tassel loafer posted, but it would be more formal than a brown suede tassel loafer. Cordovan or a suede are generally more casual.
As soon as you begin introducing chiseled slim lasts with barely visible welts, the formality of either can change. Someone mentioned the Alden tassel loafer. That would be a good example of a loafer that is damn versatile if you kept it matte and in cordovan. That Alden last is more robust and therefore looks heavier, especially when combined with a visibly protruding welt.
So here is the EG Belgravia
View attachment 1886289
Versus the Alden Tassel in Cordovan
View attachment 1886291
All this tassel-loafer talk got me feeling FOMO...but I could not justify EG pricing to "experiment" with the style...so I found Tricker's Elton in dark brown calf on sale on their website for 208 pounds (North American pricing) and pulled the trigger. Now crossing fingers for a good fit...we shall see!
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