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Compare Business Loan - Bank of Maharashtra vs Lendingkart

Bank
Parameters
Interest Rate
Interest Rate
14.50% - 15.50%
18.00% - 24.00%
Processing Fees
Processing Fees
2% of loan amount
Loan Amount
Loan Amount
₹ 50,000 to ₹ 1.50 Lakh
₹ 50,000 to ₹ 1 Cr
Loan Tenure
Loan Tenure
12 to 36 Months
1 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,442
₹ 3,615
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Not Allowed
Allowed after 1 month at Nil foreclosure charges
Borrower’s Age
Borrower’s Age
21 to 60 Years
21 to 65 Years
Minimum Years in Business Required
Minimum Years in Business Required
0 Months
12 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 0
₹ 6 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.7/5.0
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Compare EMI of Bank of Maharashtra and Lendingkart Business Loan

Loan Amount Bank of Maharashtra Lendingkart
₹ 1 Lakh ₹ 3,442 ₹ 3,615
₹ 5 Lakh ₹ 17,210 ₹ 18,076
₹ 10 Lakh ₹ 34,421 ₹ 36,152
₹ 15 Lakh ₹ 51,631 ₹ 54,229

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

Bank of Maharashtra offers lower Business Loan EMI at 3442 on a Business Loan for 36 Months as compared to Lendingkart with a minimum EMI of 3615 for 36 Months. Average customer ratings for Bank of Maharashtra 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 Lendingkart Business Loan?

A detailed comparison of Bank of Maharashtra and Lendingkart 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 Lendingkart at 18.00%. 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 Lendingkart charges a processing fees of 2% of loan amount.
  • Lendingkart offers Business Loan upto an amount of ₹ 1 Cr while Bank of Maharashtra offer Business Loan upto an amount of ₹ 1.50 Lakh. Lendingkart 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 Lendingkart does not offer foreclosure facility on Business Loan. This makes Bank of Maharashtra a better option for Business Loan.
  • Bank of Maharashtra gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from Lendingkart is ₹ 6 Lakh. Hence, small businesses may find is easier to get a loan from Bank of Maharashtra.
  • Bank of Maharashtra can be a better option if you are looking for fund requirements after 0 months. Lendingkart offers a business loan once if business is 12 months old. Hence, Bank of Maharashtra should be a preferred choice for relatively new enterprises.
  • Lendingkart has an average customer ratings of 4.7, while has an average customer rating of , based on which it is clear that Lendingkart 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 Maharashtra or Lendingkart?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 14.50% on Business Loan when compared to Lendingkart which offers a Business Loan at 18.00%.

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Know more about Bank of Maharashtra Business Loan

Know more about Lendingkart Business Loan

Compare Bank of Maharashtra Business Loan With Other Banks

Compare Lendingkart Business Loan With Other Banks

Know About MSMEs and Mudra Loan

Business Loan News - Apr 2021
  • 2021-04-13 : Bandhan Bank’s collection efficiency ratio at 96% in Q4
    Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
  • 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.
*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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