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Compare Business Loan - Bank of Maharashtra vs Syndicate Bank

Bank
Parameters
Interest Rate
Interest Rate
14.50% - 15.50%
12.65% - 13.65%
Processing Fees
Processing Fees
0.5%, Min Rs. 500
Loan Amount
Loan Amount
₹ 50,000 to ₹ 1.50 Lakh
₹ 50,000 to ₹ 5 Lakh
Loan Tenure
Loan Tenure
12 to 36 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,442
₹ 2,257
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Not Allowed
Allowed after 0 months 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 Syndicate Bank Business Loan

Loan Amount Bank of Maharashtra Syndicate Bank
₹ 1 Lakh ₹ 3,442 ₹ 2,257
₹ 5 Lakh ₹ 17,210 ₹ 11,287
₹ 10 Lakh ₹ 34,421 ₹ 22,574
₹ 15 Lakh ₹ 51,631 ₹ 33,861

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

Syndicate Bank offers lower Business Loan EMI at 2257 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 Syndicate Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.

How does Syndicate Bank Business Loan compare with Bank of Maharashtra Business Loan?

A detailed comparison of Syndicate Bank 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 Syndicate Bank Business Loan is 12.65%, which is lower than the lowest interest rate of Bank of Maharashtra at 14.50%. Hence, Syndicate Bank 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 Syndicate Bank charges a processing fees of 0.5%, Min Rs. 500.
  • Syndicate Bank offers Business Loan upto an amount of ₹ 5 Lakh while Bank of Maharashtra offer Business Loan upto an amount of ₹ 1.50 Lakh. Syndicate 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 Syndicate Bank does not offer foreclosure facility on Business Loan. This makes Bank of Maharashtra a better option for Business Loan.
  • Syndicate Bank allows part payment on Business Loan after Zero months at Nil charges, while Bank of Maharashtra does not offer part payment facility on Business Loan. This makes Syndicate Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Bank of Maharashtra and Syndicate Bank offer a business loan if your business has completed 0 months. Hence, Bank of Maharashtra and Syndicate 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 – Syndicate Bank or Bank of Maharashtra?

As per the current rates, Syndicate Bank offers a lower interest rate of 12.65% on Business Loan when compared to Bank of Maharashtra which offers a Business Loan at 14.50%.

Know all about Business Loan

Know more about Bank of Maharashtra Business Loan

Know more about Syndicate Bank Business Loan

Compare Bank of Maharashtra Business Loan With Other Banks

Compare Syndicate Bank 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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