Compare Business Loan - Allahabad Bank vs Bank of Baroda

Bank	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi Neogrowth IDBI Bank Allahabad Bank Yes Bank PNB OBC Indian Overseas Bank Dhan Laxmi Bank DCB Bank Andhra Bank United Bank of India Corporation Bank Syndicate Bank	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi Neogrowth IDBI Bank Yes Bank PNB OBC Indian Overseas Bank Dhan Laxmi Bank DCB Bank Andhra Bank United Bank of India Corporation Bank Syndicate Bank Bank of Baroda
Parameters
Interest Rate	Interest Rate 14.50% - 18.60%	14.10% - 14.10%
Processing Fees	Processing Fees Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928	Upto 1.00%
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 20 Lakh	₹ 1 Lakh to ₹ 2 Lakh
Loan Tenure	Loan Tenure 12 to 84 Months	12 to 36 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 1,902	₹ 3,423
Part Payment Charges	Part Payment Charges Allowed after 0 months at 2.25%	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 0 months at 2.25%	Allowed after 1 month at Nil prepayment charges
Borrower’s Age	Borrower’s Age 25 to 65 Years	21 to 60 Years
Minimum Years in Business Required	Minimum Years in Business Required 36 Months	0 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 0	₹ 0
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	5/5.0

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Compare EMI of Allahabad Bank and Bank of Baroda Business Loan

Loan Amount	Allahabad Bank	Bank of Baroda
₹ 1 Lakh	₹ 1,902	₹ 3,423
₹ 5 Lakh	₹ 9,509	₹ 17,113
₹ 10 Lakh	₹ 19,017	₹ 34,226
₹ 15 Lakh	₹ 28,526	₹ 51,339

Which is a better bank for Business Loan – Bank of Baroda or Allahabad Bank?

Allahabad Bank offers lower Business Loan EMI at 1902 on a Business Loan for 84 Months as compared to Bank of Baroda with a minimum EMI of 3423 for 36 Months. Average customer ratings for Allahabad Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.

How does Bank of Baroda Business Loan compare with Allahabad Bank Business Loan?

A detailed comparison of Bank of Baroda and Allahabad Bank Business Loan on various terms and conditions highlight key differences in their offerings and allows the customer to take an choose the best bank for Business Loan. Results of a comparative analysis between both banks highlight that:

Lowest Interest rate of Bank of Baroda Business Loan is 14.10%, which is lower than the lowest interest rate of Allahabad Bank at 14.50%. Hence, Bank of Baroda is offering a cheaper loan option.
When compared on other Business Loan charges such as processing fees, Allahabad Bank charges a processing fees of Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928 while Bank of Baroda charges a processing fees of Upto 1.00%.
Allahabad Bank offers Business Loan upto an amount of ₹ 20 Lakh while Bank of Baroda offer Business Loan upto an amount of ₹ 2 Lakh. Allahabad Bank can be a better option if you are looking for a high value amount.
One feature that makes Business Loan a better option is foreclosure facility. Allahabad Bank gives the option to close the loan after Zero months at 2.25% and Bank of Baroda gives the option to close the loan after 1 months at Nil prepayment charges. This makes Allahabad Bank a better option for Business Loan.
Allahabad Bank allows part payment on Business Loan after Zero months at 2.25%, while Bank of Baroda does not offer part payment facility on Business Loan. This makes Allahabad Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
Bank of Baroda can be a better option if you are looking for fund requirements after 0 months. Allahabad Bank offers a business loan once if business is 36 months old. Hence, Bank of Baroda should be a preferred choice for relatively new enterprises.
Bank of Baroda has an average customer ratings of 5, while has an average customer rating of , based on which it is clear that Bank of Baroda has a high customer service focus, an easy Business Loan process and a quick turnaround.

Which bank offers lower interest rate on Business Loan – Bank of Baroda or Allahabad Bank?

As per the current rates, Bank of Baroda offers a lower interest rate of 14.10% on Business Loan when compared to Allahabad Bank which offers a Business Loan at 14.50%.

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Compare Allahabad Bank Business Loan With Other Banks

Compare Bank of Baroda Business Loan With Other Banks

Know About MSMEs and Mudra Loan

Business Loan News - Apr 2021

2021-04-12 : Rs. 15 lakh crores sanctioned under the Mudra Yojna in last 6 years
The finance ministry reported that banks and financial institutions have sanctioned Rs. 15 lakh crores to over 28.68 crores beneficiaries in the last 6 years. Prime Minister Mudra Yojna or PMMY was launched in April 2015 with an aim to promote entrepreneurship.
2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
2021-04-05 : Yes Bank Jan-March deposits up 54% to 162, 947
Yes Bank reported that the bank’s loan and advances which include home, personal, LAP, gold, two-wheeler, car and doctor loans along with business and mudra loans increased by 0.8% in year-on-year (YoY) terms to Rs. 172,850 crores. In addition to this, the bank deposit which includes fixed and recurring deposits grew 54.7% to Rs. 162,947 crores as compared to ₹105,364 crores on a yearly basis. The CASA(current and savings account) was up 51.8% to Rs. 42,587 crores against Rs. 28,063 crores YoY.
2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
2021-03-26 : Digital Banking likely to play a major role in the banking sector
RBI Governor emphasised that digital lending is going to play a major role in the coming years and the market will be more technology-dependent. Further, he suggested that banks need to adapt to new technologies and adapt to the changes and transformations which are happening in the world of digital lending to remain in sync with time.

*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More

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