Compare Business Loan - Allahabad Bank vs Fullerton India

Bank	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank IIFL Bank of Maharashtra IndusInd Bank Kotak Bank IDBI Bank Ftcash Indifi Neogrowth Allahabad 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	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%	20.00% - 33.50%
Processing Fees	Processing Fees Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928	2%
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 20 Lakh	₹ 1.50 Lakh to ₹ 20 Lakh
Loan Tenure	Loan Tenure 12 to 84 Months	12 to 48 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 1,902	₹ 3,043
Part Payment Charges	Part Payment Charges Allowed after 0 months at 2.25%	Allowed after 6 months at 3 - 7%
Foreclosure Charges	Foreclosure Charges Allowed after 0 months at 2.25%	Allowed after 6 months at 3 - 7%
Borrower’s Age	Borrower’s Age 25 to 65 Years	27 to 65 Years
Minimum Years in Business Required	Minimum Years in Business Required 36 Months	36 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 0	₹ 20 Lakh
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	3.5/5.0

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Compare EMI of Allahabad Bank and Fullerton India Business Loan

Loan Amount	Allahabad Bank	Fullerton India
₹ 1 Lakh	₹ 1,902	₹ 3,043
₹ 5 Lakh	₹ 9,509	₹ 15,215
₹ 10 Lakh	₹ 19,017	₹ 30,430
₹ 15 Lakh	₹ 28,526	₹ 45,646

Which is a better bank for Business Loan – Allahabad Bank or Fullerton India?

Allahabad Bank offers lower Business Loan EMI at 1902 on a Business Loan for 84 Months as compared to Fullerton India with a minimum EMI of 3043 for 48 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 Fullerton India Business Loan?

A detailed comparison of Allahabad Bank and Fullerton India 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 Business Loan is 14.50%, which is lower than the lowest interest rate of Fullerton India at 20.00%. Hence, Allahabad Bank 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 Fullerton India charges a processing fees of 2%.
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 Fullerton India gives the option to close the loan after 6 months at 3 - 7%. This makes Allahabad Bank a better option for Business Loan.
Allahabad Bank and Fullerton India allow part payment on Business Loan after Zero months at 2.25%. Allahabad Bank applies a charge of 2.25% and Fullerton India charges 3 - 7% on Business Loan.
Allahabad Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from Fullerton India is ₹ 20 Lakh. Hence, small businesses may find is easier to get a loan from Allahabad Bank.
Allahabad Bank and Fullerton India offer a business loan if your business has completed 36 months. Hence, Allahabad Bank and Fullerton India both can be a preferred choice for relatively new enterprises.
Fullerton India has an average customer ratings of 3.5, while has an average customer rating of , based on which it is clear that Fullerton India has a high customer service focus, an easy Business Loan process and a quick turnaround.

Which bank offers lower interest rate on Business Loan – Allahabad Bank or Fullerton India?

As per the current rates, Allahabad Bank offers a lower interest rate of 14.50% on Business Loan when compared to Fullerton India which offers a Business Loan at 20.00%.

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Know more about Allahabad Bank Business Loan

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Compare Allahabad Bank Business Loan With Other Banks

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Know About MSMEs and Mudra Loan

Business Loan News - Apr 2021

2021-04-13 : Bandhan Bank’s collection efficiency ratio at 96% in Q4
Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
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.

*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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