Compare Business Loan - DCB vs HDFC
| Bank |
SBI
ICICI Bank
RBL Bank
Tata Capital
Lendingkart
Bajaj Finserv
IDFC First Bank
IIFL
Bank of Maharashtra
IndusInd Bank
Kotak Bank
Fullerton India
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
Indifi
Neogrowth
IDBI Bank
Allahabad Bank
Yes Bank
PNB
OBC
Indian Overseas Bank
Dhan Laxmi Bank
Andhra Bank
United Bank of India
Corporation Bank
Syndicate Bank
Bank of Baroda
|
|---|---|---|
| Parameters | ||
| Interest Rate | Interest Rate 13.70% - 18.00% |
15.65% - 21.35% |
| Processing Fees | Processing Fees 2% |
Starting from 0.99%, Max 2.50% |
| Loan Amount | Loan Amount ₹ 0 to ₹ 0 |
₹ 50,000 to ₹ 50 Lakh |
| Loan Tenure | Loan Tenure 12 to 60 Months |
12 to 48 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 2,311 |
₹ 2,816 |
| Part Payment Charges | Part Payment Charges Allowed after 6 months at 7-36 Months: 4%, >36 Months: 6% |
Not Allowed |
| Foreclosure Charges | Foreclosure Charges Allowed after 12 months at 4 - 6% |
Allowed after 12 months at 2 - 4% |
| Borrower’s Age | Borrower’s Age 25 to 65 Years |
21 to 65 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 0 Months |
36 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 0 |
₹ 1 Cr |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
4.5/5.0 |
Compare EMI of DCB and HDFC Business Loan
| Loan Amount | DCB Bank | HDFC Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 10,257 | ₹ 8,720 |
| ₹ 5 Lakh | ₹ 51,284 | ₹ 43,600 |
| ₹ 10 Lakh | ₹ 1,02,567 | ₹ 87,201 |
| ₹ 15 Lakh | ₹ 1,53,851 | ₹ 1,30,801 |
Which is a better bank for Business Loan – DCB Bank or HDFC Bank?
DCB Bank offers lower Business Loan EMI at 2311 on a Business Loan for 60 Months as compared to HDFC Bank with a minimum EMI of 2816 for 48 Months. Average customer ratings for DCB Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.
How does DCB Bank Business Loan compare with HDFC Bank Business Loan?
A detailed comparison of DCB Bank and HDFC 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 DCB Bank Business Loan is 13.70%, which is lower than the lowest interest rate of HDFC Bank at 15.65%. Hence, DCB Bank is offering a cheaper loan option.
- When compared on other Business Loan charges such as processing fees, DCB Bank charges a processing fees of 2% while HDFC Bank charges a processing fees of Starting from 0.99%, Max 2.50%.
- HDFC Bank offers Business Loan upto an amount of ₹ 50 Lakh while DCB Bank offer Business Loan upto an amount of ₹ 0 . HDFC 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. DCB Bank and HDFC Bank gives the option to close the loan after 12 months at 4 - 6% and 2 - 4%. This makes DCB Bank a better option for Business Loan.
- DCB Bank allows part payment on Business Loan after 6 months at 7-36 Months: 4%, >36 Months: 6%, while HDFC Bank does not offer part payment facility on Business Loan. This makes DCB Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
- DCB Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from HDFC Bank is ₹ 1 Cr. Hence, small businesses may find is easier to get a loan from DCB Bank.
- DCB Bank can be a better option if you are looking for fund requirements after 0 months. HDFC Bank offers a business loan once if business is 36 months old. Hence, DCB Bank should be a preferred choice for relatively new enterprises.
- HDFC Bank has an average customer ratings of 4.5, while has an average customer rating of , based on which it is clear that HDFC Bank has a high customer service focus, an easy Business Loan process and a quick turnaround.
Which bank offers lower interest rate on Business Loan – DCB Bank or HDFC Bank?
As per the current rates, DCB Bank offers a lower interest rate of 13.70% on Business Loan when compared to HDFC Bank which offers a Business Loan at 15.65%.
How can I transfer my Business Loan from DCB Bank to HDFC Bank?
You can transfer your Business Loan from DCB Bank to HDFC 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, DCB Bank offers the cheapest Business Loan at 13.70%.
How do I check my eligibility for DCB Bank and HDFC Bank Business Loan?
You can check your eligibility for DCB Bank and HDFC 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 DCB Bank Business Loan
Know more about HDFC Bank Business Loan
Compare DCB Bank Business Loan With Other Banks
Compare HDFC Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 2021-01-08 : IndusInd Bank reported 11% growth in Q3 deposits
IndusInd Bank posted a 3.2% quarter-on-quarter growth in the net advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans in the December quarter. Further, the bank also posted a 5% quarterly growth in deposits which includes fixed and recurring deposits. - 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020. - 2021-01-06 : Yes Bank reported 1.3% quarterly growth in loans and advances
Yes Bank registered 1.3% quarter-on-quarter growth in loans and advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans to Rs 1.69 lakh crore during the December quarter. Deposits which include fixed and recurring deposits grew 7.7% to Rs 1.46 lakh crore. Further, the current account and savings account deposits grew 12.6% to Rs 37,973 crore. - 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020. - 2020-12-31 : ICICI Lombard introduced an online platform for SMEs
ICICI Lombard launched an online business insurance platform for small and medium enterprises. The new platform will be convenient for the SME owners to purchase or renew insurance products, endorse their policies, and register claims. In addition to this, the business owners will opt for different insurance options such as marine insurance, workmen compensation.
