Compare Business Loan - Allahabad Bank vs IDFC First

Compare EMI of Allahabad Bank and IDFC First Business Loan

Which is a better bank for Business Loan – Allahabad Bank or IDFC First Bank?

Allahabad Bank offers lower Business Loan EMI at 1902 on a Business Loan for 84 Months as compared to IDFC First Bank with a minimum EMI of 3151 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 IDFC First Bank Business Loan?

A detailed comparison of Allahabad Bank and IDFC First 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 Allahabad Bank Business Loan is 14.50%, which is lower than the lowest interest rate of IDFC First Bank at 22.00%. 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 IDFC First Bank charges a processing fees of 2.00%.
• Allahabad Bank offers Business Loan upto an amount of ₹ 20 Lakh while IDFC First Bank offer Business Loan upto an amount of ₹ 9 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 IDFC First Bank gives the option to close the loan after 6 months at 4 - 5%. 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 IDFC First Bank 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.
• Allahabad Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from IDFC First Bank is ₹ 12 Lakh. Hence, small businesses may find is easier to get a loan from Allahabad Bank.
• Allahabad Bank and IDFC First Bank offer a business loan if your business has completed 36 months. Hence, Allahabad Bank and IDFC First Bank both can 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 IDFC First Bank?

As per the current rates, Allahabad Bank offers a lower interest rate of 14.50% on Business Loan when compared to IDFC First Bank which offers a Business Loan at 22.00%.

How can I transfer my Business Loan from Allahabad Bank to IDFC First Bank?

You can transfer your Business Loan from Allahabad Bank to IDFC First Bank 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 offers the cheapest Business Loan at 14.50%.

How do I check my eligibility for Allahabad Bank and IDFC First Bank Business Loan?

You can check your eligibility for Allahabad Bank and IDFC First Bank 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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