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Compare Business Loan - Bank of Maharashtra vs Indian Overseas Bank

Bank
Parameters
Interest Rate
Interest Rate
14.50% - 15.50%
14.90% - 15.25%
Processing Fees
Processing Fees
Rs. 204 per lakh
Loan Amount
Loan Amount
₹ 50,000 to ₹ 1.50 Lakh
₹ 50,000 to ₹ 10 Lakh
Loan Tenure
Loan Tenure
12 to 36 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,442
₹ 2,374
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Not Allowed
Allowed after 1 month at Nil prepayment charges
Borrower’s Age
Borrower’s Age
21 to 60 Years
21 to 58 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)
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Compare EMI of Bank of Maharashtra and Indian Overseas Bank Business Loan

Loan Amount Bank of Maharashtra Indian Overseas Bank
₹ 1 Lakh ₹ 3,442 ₹ 2,374
₹ 5 Lakh ₹ 17,210 ₹ 11,869
₹ 10 Lakh ₹ 34,421 ₹ 23,737
₹ 15 Lakh ₹ 51,631 ₹ 35,606

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

Indian Overseas Bank offers lower Business Loan EMI at 2374 on a Business Loan for 60 Months as compared to Bank of Maharashtra with a minimum EMI of 3442 for 36 Months. Average customer ratings for Indian Overseas Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.

How does Bank of Maharashtra Business Loan compare with Indian Overseas Bank Business Loan?

A detailed comparison of Bank of Maharashtra and Indian Overseas 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 Maharashtra Business Loan is 14.50%, which is lower than the lowest interest rate of Indian Overseas Bank at 14.90%. Hence, Bank of Maharashtra 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 while Indian Overseas Bank charges a processing fees of Rs. 204 per lakh.
  • Indian Overseas Bank offers Business Loan upto an amount of ₹ 10 Lakh while Bank of Maharashtra offer Business Loan upto an amount of ₹ 1.50 Lakh. Indian Overseas 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. Bank of Maharashtra gives the option to close the loan after Zero months at , while Indian Overseas Bank does not offer foreclosure facility on Business Loan. This makes Bank of Maharashtra a better option for Business Loan.
  • Bank of Maharashtra and Indian Overseas Bank offer a business loan if your business has completed 0 months. Hence, Bank of Maharashtra and Indian Overseas Bank both can be a preferred choice for relatively new enterprises.
  • with an average customer ratings of is equally comparable to with an average customer rating of . 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 Maharashtra or Indian Overseas Bank?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 14.50% on Business Loan when compared to Indian Overseas Bank which offers a Business Loan at 14.90%.

Know all about Business Loan

Know more about Bank of Maharashtra Business Loan

Know more about Indian Overseas Bank Business Loan

Compare Bank of Maharashtra Business Loan With Other Banks

Compare Indian Overseas Bank Business Loan With Other Banks

Know About MSMEs and Mudra Loan

Business Loan News - Apr 2021
  • 2021-04-12 : Rs. 15 lakh crores sanctioned under the Mudra Yojna in last 6 years
    The finance ministry reported that banks and financial institutions have sanctioned Rs. 15 lakh crores to over 28.68 crores beneficiaries in the last 6 years. Prime Minister Mudra Yojna or PMMY was launched in April 2015 with an aim to promote entrepreneurship.
  • 2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
    IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
  • 2021-04-05 : Yes Bank Jan-March deposits up 54% to 162, 947
    Yes Bank reported that the bank’s loan and advances which include home, personal, LAP, gold, two-wheeler, car and doctor loans along with business and mudra loans increased by 0.8% in year-on-year (YoY) terms to Rs. 172,850 crores. In addition to this, the bank deposit which includes fixed and recurring deposits grew 54.7% to Rs. 162,947 crores as compared to ₹105,364 crores on a yearly basis. The CASA(current and savings account) was up 51.8% to Rs. 42,587 crores against Rs. 28,063 crores YoY.
  • 2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
    Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
  • 2021-03-26 : Digital Banking likely to play a major role in the banking sector
    RBI Governor emphasised that digital lending is going to play a major role in the coming years and the market will be more technology-dependent. Further, he suggested that banks need to adapt to new technologies and adapt to the changes and transformations which are happening in the world of digital lending to remain in sync with time.
*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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