Compare Business Loan - Dhan Laxmi vs Bank of Baroda
| 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
Indian Overseas Bank
Dhan Laxmi Bank
DCB Bank
Andhra Bank
United Bank of India
Corporation Bank
Syndicate 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
Indian Overseas Bank
DCB Bank
Andhra Bank
United Bank of India
Corporation Bank
Syndicate Bank
Bank of Baroda
|
|---|---|---|
| Parameters | ||
| Interest Rate | Interest Rate 12.90% - 16.10% |
14.10% - 14.10% |
| Processing Fees | Processing Fees |
Upto 1.00% |
| Loan Amount | Loan Amount ₹ 10 Lakh to ₹ 5 Cr |
₹ 1 Lakh to ₹ 2 Lakh |
| Loan Tenure | Loan Tenure 12 to 60 Months |
12 to 36 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 2,270 |
₹ 3,423 |
| Part Payment Charges | Part Payment Charges Allowed after 6 months at 3% |
Not Allowed |
| Foreclosure Charges | Foreclosure Charges Allowed after 0 months at 2 - 5% |
Allowed after 1 month at Nil prepayment charges |
| Borrower’s Age | Borrower’s Age 23 to 65 Years |
21 to 60 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 48 Months |
0 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 0 |
₹ 0 |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
5/5.0 |
Compare EMI of Dhan Laxmi and Bank of Baroda Business Loan
| Loan Amount | Dhan Laxmi Bank | Bank of Baroda |
|---|---|---|
| ₹ 1 Lakh | ₹ 10,705 | ₹ 8,802 |
| ₹ 5 Lakh | ₹ 53,523 | ₹ 44,010 |
| ₹ 10 Lakh | ₹ 1,07,047 | ₹ 88,020 |
| ₹ 15 Lakh | ₹ 1,60,570 | ₹ 1,32,029 |
Which is a better bank for Business Loan – Dhan Laxmi Bank or Bank of Baroda?
Dhan Laxmi Bank offers lower Business Loan EMI at 2270 on a Business Loan for 60 Months as compared to Bank of Baroda with a minimum EMI of 3423 for 36 Months. Average customer ratings for Dhan Laxmi Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.
How does Dhan Laxmi Bank Business Loan compare with Bank of Baroda Business Loan?
A detailed comparison of Dhan Laxmi Bank and Bank of Baroda 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 Dhan Laxmi Bank Business Loan is 12.90%, which is lower than the lowest interest rate of Bank of Baroda at 14.10%. Hence, Dhan Laxmi Bank is offering a cheaper loan option.
- When compared on other Business Loan charges such as processing fees, Dhan Laxmi Bank charges a processing fees of while Bank of Baroda charges a processing fees of Upto 1.00%.
- Dhan Laxmi Bank offers Business Loan upto an amount of ₹ 5 Cr while Bank of Baroda offer Business Loan upto an amount of ₹ 2 Lakh. Dhan Laxmi 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. Dhan Laxmi Bank gives the option to close the loan after Zero months at 2 - 5% and Bank of Baroda gives the option to close the loan after 1 months at Nil prepayment charges. This makes Dhan Laxmi Bank a better option for Business Loan.
- Dhan Laxmi Bank allows part payment on Business Loan after 6 months at 3%, while Bank of Baroda does not offer part payment facility on Business Loan. This makes Dhan Laxmi Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
- Bank of Baroda can be a better option if you are looking for fund requirements after 0 months. Dhan Laxmi Bank offers a business loan once if business is 48 months old. Hence, Bank of Baroda should be a preferred choice for relatively new enterprises.
- Bank of Baroda has an average customer ratings of 5, while has an average customer rating of , based on which it is clear that Bank of Baroda has a high customer service focus, an easy Business Loan process and a quick turnaround.
Which bank offers lower interest rate on Business Loan – Dhan Laxmi Bank or Bank of Baroda?
As per the current rates, Dhan Laxmi Bank offers a lower interest rate of 12.90% on Business Loan when compared to Bank of Baroda which offers a Business Loan at 14.10%.
How can I transfer my Business Loan from Dhan Laxmi Bank to Bank of Baroda?
You can transfer your Business Loan from Dhan Laxmi Bank to Bank of Baroda 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, Dhan Laxmi Bank offers the cheapest Business Loan at 12.90%.
How do I check my eligibility for Dhan Laxmi Bank and Bank of Baroda Business Loan?
You can check your eligibility for Dhan Laxmi Bank and Bank of Baroda 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 Dhan Laxmi Bank Business Loan
Know more about Bank of Baroda Business Loan
Compare Dhan Laxmi Bank Business Loan With Other Banks
Compare Bank of Baroda Business Loan With Other Banks
Know About MSMEs and Mudra Loan
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Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020. - 2021-01-25 : South India Bank reported 3FY21 loss at Rs. 91.62 crore
South Indian Bank reported a total income of Rs.2082.08 crores backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted a net loss of Rs.91.6 crores for the period ended December 31, 2020. - 2021-01-25 : Bajaj Finserv Q3 results net profit rises 15% to Rs 1,290 crore
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Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20.
