Compare Business Loan - Bank of Baroda vs Andhra Bank
| 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
Ftcash
Indifi
Neogrowth
IDBI Bank
Allahabad Bank
Yes Bank
PNB
OBC
Indian Overseas Bank
Dhan Laxmi Bank
DCB Bank
United Bank of India
Corporation Bank
Syndicate Bank
Bank of Baroda
|
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
Ftcash
Indifi
Neogrowth
IDBI Bank
Allahabad Bank
Yes Bank
PNB
OBC
Indian Overseas Bank
Dhan Laxmi Bank
DCB Bank
Andhra Bank
United Bank of India
Corporation Bank
Syndicate Bank
|
|---|---|---|
| Parameters | ||
| Interest Rate | Interest Rate 14.10% - 14.10% |
15.75% - 16.00% |
| Processing Fees | Processing Fees Upto 1.00% |
Case to Case |
| Loan Amount | Loan Amount ₹ 1 Lakh to ₹ 2 Lakh |
₹ 50,000 to ₹ 5 Lakh |
| Loan Tenure | Loan Tenure 12 to 36 Months |
12 to 60 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 3,423 |
₹ 2,419 |
| Part Payment Charges | Part Payment Charges Not Allowed |
Allowed after 0 months at Nil prepayment charges |
| Foreclosure Charges | Foreclosure Charges Allowed after 1 month at Nil prepayment charges |
Allowed after 0 months at Nil prepayment charges |
| Borrower’s Age | Borrower’s Age 21 to 60 Years |
21 to 55 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 0 Months |
0 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 0 |
₹ 0 |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) 5/5.0 |
5/5.0 |
Compare EMI of Bank of Baroda and Andhra Bank Business Loan
| Loan Amount | Bank of Baroda | Andhra Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 8,802 | ₹ 9,324 |
| ₹ 5 Lakh | ₹ 44,010 | ₹ 46,619 |
| ₹ 10 Lakh | ₹ 88,020 | ₹ 93,237 |
| ₹ 15 Lakh | ₹ 1,32,029 | ₹ 1,39,856 |
Which is a better bank for Business Loan – Bank of Baroda or Andhra Bank?
Andhra Bank offers lower Business Loan EMI at 2419 on a Business Loan for 60 Months as compared to Bank of Baroda with a minimum EMI of 3423 for 36 Months. Average customer ratings for Andhra Bank is currently at 5/5.0 which makes it a good choice for taking a Business Loan.
How does Bank of Baroda Business Loan compare with Andhra Bank Business Loan?
A detailed comparison of Bank of Baroda and Andhra 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 Bank of Baroda Business Loan is 14.10%, which is lower than the lowest interest rate of Andhra Bank at 15.75%. Hence, Bank of Baroda is offering a cheaper loan option.
- When compared on other Business Loan charges such as processing fees, Bank of Baroda charges a processing fees of Upto 1.00% while Andhra Bank charges a processing fees of Case to Case.
- Andhra Bank offers Business Loan upto an amount of ₹ 5 Lakh while Bank of Baroda offer Business Loan upto an amount of ₹ 2 Lakh. Andhra 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. Andhra Bank gives the option to close the loan after Zero months at Nil prepayment charges and Bank of Baroda gives the option to close the loan after 1 months at Nil prepayment charges. 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 Bank of Baroda does not offer part payment facility on Business Loan. 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 and Bank of Baroda offer a business loan if your business has completed 0 months. Hence, Andhra Bank and Bank of Baroda both can be a preferred choice for relatively new enterprises.
- Andhra Bank with an average customer ratings of 5 is equally comparable to Bank of Baroda with an average customer rating of 5. Hence, the customer can expect the same kind of service levels from these banks.
Which bank offers lower interest rate on Business Loan – Bank of Baroda or Andhra Bank?
As per the current rates, Bank of Baroda offers a lower interest rate of 14.10% on Business Loan when compared to Andhra Bank which offers a Business Loan at 15.75%.
How can I transfer my Business Loan from Bank of Baroda to Andhra Bank?
You can transfer your Business Loan from Bank of Baroda to Andhra 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, Bank of Baroda offers the cheapest Business Loan at 14.10%.
How do I check my eligibility for Bank of Baroda and Andhra Bank Business Loan?
You can check your eligibility for Bank of Baroda and Andhra 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 Bank of Baroda Business Loan
Know more about Andhra Bank Business Loan
Compare Bank of Baroda Business Loan With Other Banks
Compare Andhra Bank 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.
