Compare Business Loan - DCB vs IOB
| 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
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
Ftcash
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% |
14.90% - 15.25% |
| Processing Fees | Processing Fees 2% |
Rs. 204 per lakh |
| Loan Amount | Loan Amount ₹ 0 to ₹ 0 |
₹ 50,000 to ₹ 10 Lakh |
| Loan Tenure | Loan Tenure 12 to 60 Months |
12 to 60 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 2,311 |
₹ 2,374 |
| 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 1 month at Nil prepayment charges |
| Borrower’s Age | Borrower’s Age 25 to 65 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) |
|
Compare EMI of DCB and IOB Business Loan
| Loan Amount | DCB Bank | Indian Overseas Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 10,257 | ₹ 9,678 |
| ₹ 5 Lakh | ₹ 51,284 | ₹ 48,390 |
| ₹ 10 Lakh | ₹ 1,02,567 | ₹ 96,781 |
| ₹ 15 Lakh | ₹ 1,53,851 | ₹ 1,45,172 |
Which is a better bank for Business Loan – DCB Bank or Indian Overseas Bank?
DCB Bank offers lower Business Loan EMI at 2311 on a Business Loan for 60 Months as compared to Indian Overseas Bank with a minimum EMI of 2374 for 60 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 Indian Overseas Bank Business Loan?
A detailed comparison of DCB Bank 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 DCB Bank Business Loan is 13.70%, which is lower than the lowest interest rate of Indian Overseas Bank at 14.90%. 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 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 DCB Bank offer Business Loan upto an amount of ₹ 0 . 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. Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges and DCB Bank gives the option to close the loan after 12 months at 4 - 6%. This makes Indian Overseas 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 Indian Overseas 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 and Indian Overseas Bank offer a business loan if your business has completed 0 months. Hence, DCB Bank 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 – DCB Bank or Indian Overseas Bank?
As per the current rates, DCB Bank offers a lower interest rate of 13.70% on Business Loan when compared to Indian Overseas Bank which offers a Business Loan at 14.90%.
How can I transfer my Business Loan from DCB Bank to Indian Overseas Bank?
You can transfer your Business Loan from DCB Bank to Indian Overseas 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 Indian Overseas Bank Business Loan?
You can check your eligibility for DCB Bank and Indian Overseas 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 Indian Overseas Bank Business Loan
Compare DCB Bank Business Loan With Other Banks
Compare Indian Overseas Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
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RBL Bank reported a 110% rise in its net profit year-on-year at ₹147 crore in the quarter ended December 31, 2020. In the corresponding quarter, the bank posted a net profit of ₹6,995 crore. The bank’s total revenue backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans grew by 6% year-on-year to ₹1,488 crore . - 2021-01-28 : Bank of Baroda reported Q3 net profit of ₹1,061 crore
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DCB Bank posted a net profit of ₹96.21 crore for the third quarter ended December 2020. Further, it reported a total income of ₹1,023.86 crore backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
