Compare Bank of Baroda vs Andhra Bank Business Loan

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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
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
Eligible Age	Eligible Age 21 to 60 Years	21 to 55 Years
Minimum Years in Business Required	Minimum Years in Business Required NA	12 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 0	₹ 0
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 5/5.0	5/5.0

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Compare Business Loan EMI of Bank of Baroda and Andhra Bank

Loan Amount	Bank of Baroda	Andhra Bank
₹ 1 Lakh	₹ 3,423	₹ 2,419
₹ 5 Lakh	₹ 17,113	₹ 12,093
₹ 10 Lakh	₹ 34,226	₹ 24,185
₹ 15 Lakh	₹ 51,339	₹ 36,278

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

Andhra Bank offers lower Business Loan EMI at Rs. 2419 for 60 Months compared to Bank of Baroda with a minimum EMI of Rs. 3423 for 36 Months. In addition, average customer ratings for Andhra Bank is currently at 5/5.0, making 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 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.
Compared to other Business Loan charges such as processing fees, Bank of Baroda charges a processing fee of Upto 1.00%, while Andhra Bank charges a processing fee of Upto Case to Case.
Andhra Bank offers Business Loan upto an amount of ₹ 5 Lakh, while Bank of Baroda offers Loan upto an amount of ₹ 2 Lakh. Therefore, 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 the 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 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 can be a better option if you are looking for fund requirements after 12 months. Bank of Baroda offers a business loan once if business is NA months old. Hence, Andhra Bank should be a preferred choice for relatively new enterprises.
Andhra Bank with an average customer rating 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 a 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 loans compared to Andhra Bank, which offers a Business Loan at 15.75%.

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