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Compare Andhra Bank vs ICICI Bank Business Loan

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Bank
Interest Rate
Interest Rate
15.75% - 16.00%
16.50% - 20.00%
Processing Fees
Processing Fees
Case to Case
Starting from 0.99%, Up to 2%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 5 Lakh
₹ 1 Lakh to ₹ 40 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,419
₹ 3,540
Part Payment Charges
Part Payment Charges
Allowed after 0 months at Nil prepayment charges
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 0 months at Nil prepayment charges
Allowed after 6 months at 5%
Eligible Age
Eligible Age
21 to 55 Years
25 to 65 Years
Minimum Years in Business Required
Minimum Years in Business Required
12 Months
36 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 0
₹ 60 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.5/5.0
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Compare Business Loan EMI of Andhra Bank and ICICI Bank

Loan Amount Andhra Bank ICICI Bank
₹ 1 Lakh ₹ 2,419 ₹ 3,540
₹ 5 Lakh ₹ 12,093 ₹ 17,702
₹ 10 Lakh ₹ 24,185 ₹ 35,404
₹ 15 Lakh ₹ 36,278 ₹ 53,107

Which is a better bank for Business Loan – Andhra Bank or ICICI Bank?

Andhra Bank offers lower Business Loan EMI at Rs. 2419 for 60 Months compared to ICICI Bank with a minimum EMI of Rs. 3540 for 36 Months. In addition, average customer ratings for Andhra Bank is currently at /5.0, making it a good choice for taking a Business Loan.

How does Andhra Bank Business Loan compare with ICICI Bank Business Loan?

A detailed comparison of Andhra Bank and ICICI 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 Andhra Bank Loan is 15.75%, which is lower than the lowest interest rate of ICICI Bank at 16.50%. Hence, Andhra Bank is offering a cheaper loan option.
  • Compared to other Business Loan charges such as processing fees, Andhra Bank charges a processing fee of Case to Case, while ICICI Bank charges a processing fee of Upto Starting from 0.99%, Up to 2%.
  • ICICI Bank offers Business Loan upto an amount of ₹ 40 Lakh, while Andhra Bank offers Loan upto an amount of ₹ 5 Lakh. Therefore, ICICI 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 the foreclosure facility. Andhra Bank gives the option to close the loan after Zero months at Nil prepayment charges and ICICI Bank gives the option to close the loan after 6 months at 5%. This makes Andhra Bank a better option for Business Loan.
  • Andhra Bank allows part payment on Business Loan after Zero months at Nil charges, while ICICI Bank does not offer a part payment facility. This makes Andhra Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Andhra Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from ICICI Bank is ₹ 60 Lakh. Hence, small businesses may find is easier to get a loan from Andhra Bank.
  • Andhra Bank can be a better option if you are looking for fund requirements after 12 months. ICICI Bank offers a business loan once if business is 36 months old. Hence, Andhra Bank should be a preferred choice for relatively new enterprises.
  • ICICI Bank has an average customer rating of 3.5. In contrast, has an average customer rating of , based on which it is clear that ICICI Bank has a high customer service focus, an easy process and a quick turnaround.

Which bank offers a lower interest rate on Business Loan – Andhra Bank or ICICI Bank?

As per the current rates, Andhra Bank offers a lower interest rate of 15.75% on loans compared to ICICI Bank, which offers a Business Loan at 16.50%.

Know all about Business Loan

Know more about Andhra Bank Business Loan

Know more about ICICI Bank Business Loan

Compare Andhra Bank Business Loan With Other Banks

Compare ICICI Bank Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Oct 2021
  • 2021-10-11 : IIFL Finance Launches Instant Business Loan
    IIFL Finance has launched instant business loans on WhatsApp to avail of loan amount upto Rs. 10 Lakhs with benefits such as minimum documentation and quick approval.
  • 2021-10-05 : IndusInd Bank Advances Grow by 10% Y-O-Y
    IndusInd Bank has posted a growth in advances by 10% on a Y-O-Y basis. Retail Deposits and Deposits from Small Business Customers amounted to Rs 1,11,749 crore as of 30 September 2021 as compared to Rs 1,05,737 crore as of 30 June 2021.
  • 2021-10-05 : HDFC Bank Reports Growth in Advances in Q2
    HDFC Bank has reported a growth in advances by 15.4% in quarter 2. As a result, the advances have grown to ₹ 11.98 lakh crore as of September 30, 2021, from ₹ 10.38 lakh crore a year ago.
  • 2021-10-04 : Yes Bank Posts Growth in Loans and Deposits
    Yes Bank has posted growth of 3.6% (year-on-year) in advances at Rs 1,72,945 crore for the quarter ended September 2021 (Q2FY22). Its advances stood at Rs 1,66,923 crore at end of September 2020 (Q2FY21).
  • 2021-09-30 : Govt Extends Emergency Credit Scheme for Micro, Small and Medium Enterprises
    The government has extended the emergency credit scheme for MSMEs till 31st March 2022. The new deadline for disbursement of loans under this scheme is 30th June 2021.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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