Compare Business Loan - Bank of Baroda vs Kotak
| Bank |
SBI
HDFC Bank
ICICI Bank
RBL Bank
Tata Capital
Lendingkart
Bajaj Finserv
IDFC First Bank
IIFL
Bank of Maharashtra
IndusInd 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
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% |
16.00% - 19.99% |
| Processing Fees | Processing Fees Upto 1.00% |
|
| Loan Amount | Loan Amount ₹ 1 Lakh to ₹ 2 Lakh |
₹ 3 Lakh to ₹ 75 Lakh |
| Loan Tenure | Loan Tenure 12 to 36 Months |
24 to 60 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 3,423 |
₹ 2,432 |
| Part Payment Charges | Part Payment Charges Not Allowed |
Not Allowed |
| Foreclosure Charges | Foreclosure Charges Allowed after 1 month at Nil prepayment charges |
Allowed after 0 months at 5% charges |
| Borrower’s Age | Borrower’s Age 21 to 60 Years |
25 to 65 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 Kotak Business Loan
| Loan Amount | Bank of Baroda | Kotak Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 8,802 | ₹ 9,227 |
| ₹ 5 Lakh | ₹ 44,010 | ₹ 46,135 |
| ₹ 10 Lakh | ₹ 88,020 | ₹ 92,270 |
| ₹ 15 Lakh | ₹ 1,32,029 | ₹ 1,38,405 |
Which is a better bank for Business Loan – Bank of Baroda or Kotak Bank?
Kotak Bank offers lower Business Loan EMI at 2432 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 Kotak 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 Kotak Bank Business Loan?
A detailed comparison of Bank of Baroda and Kotak 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 Kotak Bank at 16.00%. 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 Kotak Bank charges a processing fees of .
- Kotak Bank offers Business Loan upto an amount of ₹ 75 Lakh while Bank of Baroda offer Business Loan upto an amount of ₹ 2 Lakh. Kotak 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. Kotak Bank gives the option to close the loan after Zero months at 5% charges and Bank of Baroda gives the option to close the loan after 1 months at Nil prepayment charges. This makes Kotak Bank a better option for Business Loan.
- Bank of Baroda and Kotak Bank offer a business loan if your business has completed 0 months. Hence, Bank of Baroda and Kotak Bank both can be a preferred choice for relatively new enterprises.
- Bank of Baroda with an average customer ratings of 5 is equally comparable to Kotak 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 – Bank of Baroda or Kotak Bank?
As per the current rates, Bank of Baroda offers a lower interest rate of 14.10% on Business Loan when compared to Kotak Bank which offers a Business Loan at 16.00%.
How can I transfer my Business Loan from Bank of Baroda to Kotak Bank?
You can transfer your Business Loan from Bank of Baroda to Kotak 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 Kotak Bank Business Loan?
You can check your eligibility for Bank of Baroda and Kotak 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 Kotak Bank Business Loan
Compare Bank of Baroda Business Loan With Other Banks
Compare Kotak Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans. - 2021-01-27 : DCB Bank reported Q3 profit at ₹96.21 crore
DCB Bank posted a net profit of ₹96.21 crore for the third quarter ended December 2020. Further, it reported a total income of ₹1,023.86 crore backed by home, personal, car, two wheeler and gold loan along with business and mudra loans. - 2021-01-27 : Sundaram Home Finance Q3 net rose by 36%
Sundaram Home Finance posted a 36% growth in its net profit for Q3 to Rs 56.24cror. Disbursements for Q3 stood at Rs 4,16.57 crore backed by home, personal, car, two wheeler and gold loans along with business and mudra loans. - 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.
