Compare Business Loan - Bajaj Finance vs Neogrowth
| Bank |
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
IDBI Bank
Ftcash
Indifi
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
IDFC First Bank
IIFL
Bank of Maharashtra
IndusInd Bank
Kotak Bank
Fullerton India
Ftcash
Indifi
IDBI Bank
Neogrowth
Yes Bank
Allahabad 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 18.00% - 22.00% |
19.50% - 23.00% |
| Processing Fees | Processing Fees Upto 2% of loan amount |
2.5% of loan amount |
| Loan Amount | Loan Amount ₹ 5 Lakh to ₹ 30 Lakh |
₹ 1 Lakh to ₹ 8 Lakh |
| Loan Tenure | Loan Tenure 12 to 48 Months |
9 to 24 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 2,937 |
₹ 5,065 |
| 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 Nil charges |
| Borrower’s Age | Borrower’s Age 25 to 65 Years |
23 to 65 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 36 Months |
12 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 12 Lakh |
₹ 24 Lakh |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) 4/5.0 |
4/5.0 |
Compare EMI of Bajaj Finance and Neogrowth Business Loan
| Loan Amount | Bajaj Finserv | Neogrowth |
|---|---|---|
| ₹ 1 Lakh | ₹ 7,899 | ₹ 6,244 |
| ₹ 5 Lakh | ₹ 39,497 | ₹ 31,218 |
| ₹ 10 Lakh | ₹ 78,993 | ₹ 62,435 |
| ₹ 15 Lakh | ₹ 1,18,490 | ₹ 93,653 |
Which is a better bank for Business Loan – Bajaj Finserv or Neogrowth?
Bajaj Finserv offers lower Business Loan EMI at 2937 on a Business Loan for 48 Months as compared to Neogrowth with a minimum EMI of 5065 for 24 Months. Average customer ratings for Bajaj Finserv is currently at 4/5.0 which makes it a good choice for taking a Business Loan.
How does Bajaj Finserv Business Loan compare with Neogrowth Business Loan?
A detailed comparison of Bajaj Finserv and Neogrowth 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 Bajaj Finserv Business Loan is 18.00%, which is lower than the lowest interest rate of Neogrowth at 19.50%. Hence, Bajaj Finserv 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 Neogrowth charges a processing fees of 2.5% of loan amount.
- Bajaj Finserv offers Business Loan upto an amount of ₹ 30 Lakh while Neogrowth offer Business Loan upto an amount of ₹ 8 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 Neogrowth gives the option to close the loan after 1 months at 4% and Nil 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 Neogrowth 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 Neogrowth is ₹ 24 Lakh. Hence, small businesses may find is easier to get a loan from Bajaj Finserv.
- Neogrowth can be a better option if you are looking for fund requirements after 12 months. Bajaj Finserv offers a business loan once if business is 36 months old. Hence, Neogrowth should be a preferred choice for relatively new enterprises.
- Bajaj Finserv with an average customer ratings of 4 is equally comparable to Neogrowth 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 – Bajaj Finserv or Neogrowth?
As per the current rates, Bajaj Finserv offers a lower interest rate of 18.00% on Business Loan when compared to Neogrowth which offers a Business Loan at 19.50%.
How can I transfer my Business Loan from Bajaj Finserv to Neogrowth?
You can transfer your Business Loan from Bajaj Finserv to Neogrowth 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, Bajaj Finserv offers the cheapest Business Loan at 18.00%.
How do I check my eligibility for Bajaj Finserv and Neogrowth Business Loan?
You can check your eligibility for Bajaj Finserv and Neogrowth 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 Neogrowth Business Loan
Compare Bajaj Finserv Business Loan With Other Banks
Compare Neogrowth Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020. - 2021-01-25 : South India Bank reported 3FY21 loss at Rs. 91.62 crore
South Indian Bank reported a total income of Rs.2082.08 crores backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted a net loss of Rs.91.6 crores for the period ended December 31, 2020. - 2021-01-25 : Bajaj Finserv Q3 results net profit rises 15% to Rs 1,290 crore
Bajaj Finserv posted a 15% year-on-year rise in its net profit to Rs 1,290 crore in the quarter ended December, backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans Further, the bank’s revenues climbed 10% year-on-year to Rs 15,960.7 crore. - 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter. - 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.
