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Compare Business Loan - Allahabad Bank vs Bank Maharashtra

Bank
Parameters
Interest Rate
Interest Rate
14.50% - 18.60%
14.50% - 15.50%
Processing Fees
Processing Fees
Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 20 Lakh
₹ 50,000 to ₹ 1.50 Lakh
Loan Tenure
Loan Tenure
12 to 84 Months
12 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 1,902
₹ 3,442
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%
Not Allowed
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)
Add Bank

Compare EMI of Allahabad Bank and Bank Maharashtra Business Loan

Loan Amount Allahabad Bank Bank of Maharashtra
₹ 1 Lakh ₹ 11,199 ₹ 8,606
₹ 5 Lakh ₹ 55,993 ₹ 43,032
₹ 10 Lakh ₹ 1,11,985 ₹ 86,063
₹ 15 Lakh ₹ 1,67,978 ₹ 1,29,095

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

Allahabad Bank offers lower Business Loan EMI at 1902 on a Business Loan for 84 Months as compared to Bank of Maharashtra with a minimum EMI of 3442 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 Allahabad Bank Business Loan compare with Bank of Maharashtra Business Loan?

A detailed comparison of Allahabad Bank and Bank of Maharashtra 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 Allahabad Bank and Bank of Maharashtra Business Loan is 14.50%. Hence, both banks are at par in terms of interest rate on Business Loan
  • 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 Maharashtra charges a processing fees of .
  • Allahabad Bank offers Business Loan upto an amount of ₹ 20 Lakh while Bank of Maharashtra offer Business Loan upto an amount of ₹ 1.50 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%, while Bank of Maharashtra does not offer foreclosure facility on Business Loan. 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 Maharashtra 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 Maharashtra 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 Maharashtra should be a preferred choice for relatively new enterprises.
  • with an average customer ratings of is equally comparable to with an average customer rating of . Hence, the customer can expect the same kind of service levels from these banks.

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

The lowest interest rate for both Allahabad Bank and Bank of Maharashtra on Business Loan currently starts from 14.50%. Hence, both banks are a good choice for potential borrowers.

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

You can transfer your Business Loan from Allahabad Bank to Bank of Maharashtra 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, Allahabad Bank and Bank of Maharashtra offer the cheapest Business Loan at 14.50%.

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

You can check your eligibility for Allahabad Bank and Bank of Maharashtra 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.

Know all about Business Loan

Know more about Allahabad Bank Business Loan

Know more about Bank of Maharashtra Business Loan

Compare Allahabad Bank Business Loan With Other Banks

Compare Bank of Maharashtra Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jan 2021
  • 2021-01-08 : IndusInd Bank reported 11% growth in Q3 deposits
    IndusInd Bank posted a 3.2% quarter-on-quarter growth in the net advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans in the December quarter. Further, the bank also posted a 5% quarterly growth in deposits which includes fixed and recurring deposits.
  • 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
    HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020.
  • 2021-01-06 : Yes Bank reported 1.3% quarterly growth in loans and advances
    Yes Bank registered 1.3% quarter-on-quarter growth in loans and advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans to Rs 1.69 lakh crore during the December quarter. Deposits which include fixed and recurring deposits grew 7.7% to Rs 1.46 lakh crore. Further, the current account and savings account deposits grew 12.6% to Rs 37,973 crore.
  • 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
    Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020.
  • 2020-12-31 : ICICI Lombard introduced an online platform for SMEs
    ICICI Lombard launched an online business insurance platform for small and medium enterprises. The new platform will be convenient for the SME owners to purchase or renew insurance products, endorse their policies, and register claims. In addition to this, the business owners will opt for different insurance options such as marine insurance, workmen compensation.
*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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