Compare Business Loan - Allahabad Bank vs Bank of Baroda

Compare EMI of Allahabad Bank and Bank of Baroda Business Loan

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%.

How can I transfer my Business Loan from Allahabad Bank to Bank of Baroda?

You can transfer your Business Loan from Allahabad Bank to Bank of Baroda with a Business Loan balance transfer. For this, you need to follow a specific procedure that involves clearing off dues, getting a NOC, application to a new bank, getting approval, etc. The Business Loan balance transfer is an excellent way to reduce the loan burden as you can switch to a lower Business Loan interest rate.

How can I choose the best bank for Business Loan?

You can choose the best bank for a Business Loan by making a detailed comparison between top lenders on the basis of interest rates, processing fee or Business Loan offers. Apart from that, you can visit online marketplaces like MyLoanCare to choose the best Business Loan offer. Here, you will get the option of choosing the best bank amongst the shortlisted ones based on your loan requirement.

Which type of Business Loan is the cheapest?

The cheapest Business Loan is the one that is offered at the lowest Business Loan interest rates. This is because the lowest Business Loan interest rates mean the lowest EMI, as the interest charged will be less. Thus, these loans can be attained with the least repayment burden. Currently, Bank of Baroda offers the cheapest Business Loan at 14.10%.

How do I check my eligibility for Allahabad Bank and Bank of Baroda Business Loan?

You can check your eligibility for Allahabad Bank and Bank of Baroda Business Loan by using MyLoanCare Business Loan eligibility calculator. You have to enter details like required loan amount, profession, annual profit, work experience etc to check the amount of loan you are eligible for. You can apply loan for the eligible amount to repay the EMI you can comfortably service.

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