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Compare Business Loan - Bank of Baroda vs Dhan Laxmi

Bank
Parameters
Interest Rate
Interest Rate
14.10% - 14.10%
12.90% - 16.10%
Processing Fees
Processing Fees
Upto 1.00%
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 2 Lakh
₹ 10 Lakh to ₹ 5 Cr
Loan Tenure
Loan Tenure
12 to 36 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,423
₹ 2,270
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 6 months at 3%
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 0 months at 2 - 5%
Borrower’s Age
Borrower’s Age
21 to 60 Years
23 to 65 Years
Minimum Years in Business Required
Minimum Years in Business Required
0 Months
48 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 0
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
5/5.0
5/5.0
Add Bank

Compare EMI of Bank of Baroda and Dhan Laxmi Business Loan

Loan Amount Bank of Baroda Dhan Laxmi Bank
₹ 1 Lakh ₹ 8,802 ₹ 10,705
₹ 5 Lakh ₹ 44,010 ₹ 53,523
₹ 10 Lakh ₹ 88,020 ₹ 1,07,047
₹ 15 Lakh ₹ 1,32,029 ₹ 1,60,570

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

Dhan Laxmi Bank offers lower Business Loan EMI at 2270 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 Dhan Laxmi Bank is currently at 5/5.0 which makes it a good choice for taking a Business Loan.

How does Dhan Laxmi Bank Business Loan compare with Bank of Baroda Business Loan?

A detailed comparison of Dhan Laxmi Bank and Bank of Baroda 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 Dhan Laxmi Bank Business Loan is 12.90%, which is lower than the lowest interest rate of Bank of Baroda at 14.10%. Hence, Dhan Laxmi Bank 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 Dhan Laxmi Bank charges a processing fees of .
  • Dhan Laxmi Bank offers Business Loan upto an amount of ₹ 5 Cr while Bank of Baroda offer Business Loan upto an amount of ₹ 2 Lakh. Dhan Laxmi 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. Dhan Laxmi Bank gives the option to close the loan after Zero months at 2 - 5% and Bank of Baroda gives the option to close the loan after 1 months at Nil prepayment charges. This makes Dhan Laxmi Bank a better option for Business Loan.
  • Dhan Laxmi Bank allows part payment on Business Loan after 6 months at 3%, while Bank of Baroda does not offer part payment facility on Business Loan. This makes Dhan Laxmi Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Bank of Baroda can be a better option if you are looking for fund requirements after 0 months. Dhan Laxmi Bank offers a business loan once if business is 48 months old. Hence, Bank of Baroda should be a preferred choice for relatively new enterprises.
  • Bank of Baroda with an average customer ratings of 5 is equally comparable to Dhan Laxmi Bank 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 – Dhan Laxmi Bank or Bank of Baroda?

As per the current rates, Dhan Laxmi Bank offers a lower interest rate of 12.90% on Business Loan when compared to Bank of Baroda which offers a Business Loan at 14.10%.

How can I transfer my Business Loan from Bank of Baroda to Dhan Laxmi Bank?

You can transfer your Business Loan from Bank of Baroda to Dhan Laxmi 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, Dhan Laxmi Bank offers the cheapest Business Loan at 12.90%.

How do I check my eligibility for Bank of Baroda and Dhan Laxmi Bank Business Loan?

You can check your eligibility for Bank of Baroda and Dhan Laxmi 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 Dhan Laxmi Bank Business Loan

Compare Bank of Baroda Business Loan With Other Banks

Compare Dhan Laxmi Bank Business Loan With Other Banks

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Business Loan News - Jan 2021
  • 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.
  • 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.
*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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