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Compare Business Loan - Allahabad Bank vs IIFL

Interest Rate
Interest Rate
14.50% - 18.60%
16.00% - 30.00%
Processing Fees
Processing Fees
Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928
Up to 2%
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 20 Lakh
₹ 1 Lakh to ₹ 35 Lakh
Loan Tenure
Loan Tenure
12 to 84 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 1,902
₹ 2,432
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 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges
Borrower’s Age
Borrower’s Age
25 to 65 Years
30 to 60 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)
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Compare EMI of Allahabad Bank and IIFL Business Loan

Loan Amount Allahabad Bank IIFL
₹ 1 Lakh ₹ 1,902 ₹ 2,432
₹ 5 Lakh ₹ 9,509 ₹ 12,159
₹ 10 Lakh ₹ 19,017 ₹ 24,318
₹ 15 Lakh ₹ 28,526 ₹ 36,477

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

Allahabad Bank offers lower Business Loan EMI at 1902 on a Business Loan for 84 Months as compared to IIFL with a minimum EMI of 2432 for 60 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 IIFL Business Loan?

A detailed comparison of Allahabad Bank and IIFL 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 IIFL at 16.00%. 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 IIFL charges a processing fees of Up to 2%.
  • IIFL offers Business Loan upto an amount of ₹ 35 Lakh while Allahabad Bank offer Business Loan upto an amount of ₹ 20 Lakh. IIFL 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 IIFL gives the option to close the loan after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil 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 IIFL 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 IIFL is ₹ 20 Lakh. Hence, small businesses may find is easier to get a loan from Allahabad Bank.
  • Allahabad Bank and IIFL offer a business loan if your business has completed 36 months. Hence, Allahabad Bank and IIFL 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 IIFL?

As per the current rates, Allahabad Bank offers a lower interest rate of 14.50% on Business Loan when compared to IIFL which offers a Business Loan at 16.00%.

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Know more about Allahabad Bank Business Loan

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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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