Compare Business Loan - Bank of Maharashtra vs Bank of Baroda

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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 Andhra Bank United Bank of India Corporation Bank Syndicate Bank	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank IIFL 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 14.50% - 15.50%	14.10% - 14.10%
Processing Fees	Processing Fees Upto 3% of the loan amount	Upto 1.00%
Loan Amount	Loan Amount ₹ 50,000 to ₹ 1.50 Lakh	₹ 1 Lakh to ₹ 2 Lakh
Loan Tenure	Loan Tenure 12 to 36 Months	12 to 36 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 3,442	₹ 3,423
Part Payment Charges	Part Payment Charges Not Allowed	Not Allowed
Foreclosure Charges	Foreclosure Charges Not Allowed	Allowed after 1 month at Nil prepayment charges
Eligible Age	Eligible Age 21 to 60 Years	21 to 60 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

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Compare EMI of Bank of Maharashtra and Bank of Baroda Business Loan

Loan Amount	Bank of Maharashtra	Bank of Baroda
₹ 1 Lakh	₹ 3,442	₹ 3,423
₹ 5 Lakh	₹ 17,210	₹ 17,113
₹ 10 Lakh	₹ 34,421	₹ 34,226
₹ 15 Lakh	₹ 51,631	₹ 51,339

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

Bank of Baroda offers lower Business Loan EMI at 3423 on a Business Loan for 36 Months as compared to Bank of Maharashtra with a minimum EMI of 3442 for 36 Months. Average customer ratings for Bank of Baroda 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 Bank of Maharashtra Business Loan?

A detailed comparison of Bank of Baroda and Bank of Maharashtra 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 Bank of Maharashtra at 14.50%. Hence, Bank of Baroda is offering a cheaper loan option.
When compared on other Business Loan charges such as processing fees, Bank of Maharashtra charges a processing fees of Upto 3% of the loan amount while Bank of Baroda charges a processing fees of Upto 1.00%.
Bank of Baroda offers Business Loan upto an amount of ₹ 2 Lakh while Bank of Maharashtra offer Business Loan upto an amount of ₹ 1.50 Lakh. Bank of Baroda 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. Bank of Maharashtra gives the option to close the loan after Zero months at , while Bank of Baroda does not offer foreclosure facility on Business Loan. This makes Bank of Maharashtra a better option for Business Loan.
Bank of Baroda and Bank of Maharashtra offer a business loan if your business has completed 0 months. Hence, Bank of Baroda and Bank of Maharashtra both can be a preferred choice for relatively new enterprises.
Bank of Baroda has an average customer ratings of 5, while has an average customer rating of , based on which it is clear that Bank of Baroda has a high customer service focus, an easy Business Loan process and a quick turnaround.

Which bank offers lower interest rate on Business Loan – Bank of Baroda or Bank of Maharashtra?

As per the current rates, Bank of Baroda offers a lower interest rate of 14.10% on Business Loan when compared to Bank of Maharashtra which offers a Business Loan at 14.50%.

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Business Loan News - Jul 2021

2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
2021-07-15 : OBC & UBI merged with PNB
After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.

*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More

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