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Compare Business Loan - Bajaj Finance vs IDBI

Bank
Parameters
Interest Rate
Interest Rate
18.00% - 22.00%
12.25% - 13.50%
Processing Fees
Processing Fees
Upto 2% of loan amount
1.00%
Loan Amount
Loan Amount
₹ 5 Lakh to ₹ 30 Lakh
₹ 50,000 to ₹ 5 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,937
₹ 2,237
Part Payment Charges
Part Payment Charges
Allowed after 1 month at 2%
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at 4%
Allowed after 1 month at Before 6 months - 2%, After that Nil prepayment charges
Borrower’s Age
Borrower’s Age
25 to 65 Years
22 to 58 Years
Minimum Years in Business Required
Minimum Years in Business Required
36 Months
36 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 12 Lakh
₹ 30 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4/5.0
4/5.0
Add Bank

Compare EMI of Bajaj Finance and IDBI Business Loan

Loan Amount Bajaj Finserv IDBI Bank
₹ 1 Lakh ₹ 7,899 ₹ 11,113
₹ 5 Lakh ₹ 39,497 ₹ 55,566
₹ 10 Lakh ₹ 78,993 ₹ 1,11,132
₹ 15 Lakh ₹ 1,18,490 ₹ 1,66,699

Which is a better bank for Business Loan – IDBI Bank or Bajaj Finserv?

IDBI Bank offers lower Business Loan EMI at 2237 on a Business Loan for 60 Months as compared to Bajaj Finserv with a minimum EMI of 2937 for 48 Months. Average customer ratings for IDBI Bank is currently at 4/5.0 which makes it a good choice for taking a Business Loan.

How does IDBI Bank Business Loan compare with Bajaj Finserv Business Loan?

A detailed comparison of IDBI Bank and Bajaj Finserv 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 IDBI Bank Business Loan is 12.25%, which is lower than the lowest interest rate of Bajaj Finserv at 18.00%. Hence, IDBI Bank is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, Bajaj Finserv charges a processing fees of Upto 2% of loan amount while IDBI Bank charges a processing fees of 1.00%.
  • Bajaj Finserv offers Business Loan upto an amount of ₹ 30 Lakh while IDBI Bank offer Business Loan upto an amount of ₹ 5 Lakh. Bajaj Finserv 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. Bajaj Finserv and IDBI Bank gives the option to close the loan after 1 months at 4% and Before 6 months - 2%, After that Nil prepayment charges. This makes Bajaj Finserv a better option for Business Loan.
  • Bajaj Finserv allows part payment on Business Loan after 1 months at 2%, while IDBI Bank does not offer part payment facility on Business Loan. This makes Bajaj Finserv a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Bajaj Finserv gives business loan at a minimum turnover of ₹ 12 Lakh. However, the turnover requirement for a business loan from IDBI Bank is ₹ 30 Lakh. Hence, small businesses may find is easier to get a loan from Bajaj Finserv.
  • Bajaj Finserv and IDBI Bank offer a business loan if your business has completed 36 months. Hence, Bajaj Finserv and IDBI Bank both can be a preferred choice for relatively new enterprises.
  • Bajaj Finserv with an average customer ratings of 4 is equally comparable to IDBI Bank with an average customer rating of 4. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Business Loan – IDBI Bank or Bajaj Finserv?

As per the current rates, IDBI Bank offers a lower interest rate of 12.25% on Business Loan when compared to Bajaj Finserv which offers a Business Loan at 18.00%.

How can I transfer my Business Loan from Bajaj Finserv to IDBI Bank?

You can transfer your Business Loan from Bajaj Finserv to IDBI 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, IDBI Bank offers the cheapest Business Loan at 12.25%.

How do I check my eligibility for Bajaj Finserv and IDBI Bank Business Loan?

You can check your eligibility for Bajaj Finserv and IDBI 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.

Know all about Business Loan

Know more about Bajaj Finserv Business Loan

Know more about IDBI Bank Business Loan

Compare Bajaj Finserv Business Loan With Other Banks

Compare IDBI Bank Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jan 2021
  • 2021-01-18 : Karnataka Bank Q3 net profit rises to ₹135 cr
    Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20.
  • 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.
*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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