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Compare Business Loan - Dhan Laxmi vs IDFC First

Bank
Parameters
Interest Rate
Interest Rate
12.90% - 16.10%
22.00% - 24.00%
Processing Fees
Processing Fees
2.00%
Loan Amount
Loan Amount
₹ 10 Lakh to ₹ 5 Cr
₹ 1 Lakh to ₹ 9 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 48 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,270
₹ 3,151
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 6 months at 4 - 5%
Borrower’s Age
Borrower’s Age
23 to 65 Years
25 to 65 Years
Minimum Years in Business Required
Minimum Years in Business Required
48 Months
36 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 0
₹ 12 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of Dhan Laxmi and IDFC First Business Loan

Loan Amount Dhan Laxmi Bank IDFC First Bank
₹ 1 Lakh ₹ 10,705 ₹ 6,920
₹ 5 Lakh ₹ 53,523 ₹ 34,599
₹ 10 Lakh ₹ 1,07,047 ₹ 69,199
₹ 15 Lakh ₹ 1,60,570 ₹ 1,03,798

Which is a better bank for Business Loan – Dhan Laxmi Bank or IDFC First Bank?

Dhan Laxmi Bank offers lower Business Loan EMI at 2270 on a Business Loan for 60 Months as compared to IDFC First Bank with a minimum EMI of 3151 for 48 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 IDFC First Bank Business Loan?

A detailed comparison of Dhan Laxmi Bank and IDFC First 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 Dhan Laxmi Bank Business Loan is 12.90%, which is lower than the lowest interest rate of IDFC First Bank at 22.00%. 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 IDFC First Bank charges a processing fees of 2.00%.
  • Dhan Laxmi Bank offers Business Loan upto an amount of ₹ 5 Cr while IDFC First Bank offer Business Loan upto an amount of ₹ 9 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 IDFC First Bank gives the option to close the loan after 6 months at 4 - 5%. 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 IDFC First Bank 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.
  • Dhan Laxmi Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from IDFC First Bank is ₹ 12 Lakh. Hence, small businesses may find is easier to get a loan from Dhan Laxmi Bank.
  • IDFC First Bank can be a better option if you are looking for fund requirements after 36 months. Dhan Laxmi Bank offers a business loan once if business is 48 months old. Hence, IDFC First Bank should 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 – Dhan Laxmi Bank or IDFC First Bank?

As per the current rates, Dhan Laxmi Bank offers a lower interest rate of 12.90% on Business Loan when compared to IDFC First Bank which offers a Business Loan at 22.00%.

How can I transfer my Business Loan from Dhan Laxmi Bank to IDFC First Bank?

You can transfer your Business Loan from Dhan Laxmi Bank to IDFC First 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, Dhan Laxmi Bank offers the cheapest Business Loan at 12.90%.

How do I check my eligibility for Dhan Laxmi Bank and IDFC First Bank Business Loan?

You can check your eligibility for Dhan Laxmi Bank and IDFC First 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 Dhan Laxmi Bank Business Loan

Know more about IDFC First Bank Business Loan

Compare Dhan Laxmi Bank Business Loan With Other Banks

Compare IDFC First Bank Business Loan With Other Banks

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Business Loan News - Jan 2021
  • 2021-01-28 : Axis Bank Q3 net profit down 36%
    Axis Bank reported a 36% drop in its net profit in the December quarter. Profit declined to Rs 1,116 crore from Rs 1,757 crore in the same period last year. Provisions in the quarter increased 33% to Rs 4,604 crore against Rs 3,470 crore in the year-ago period . Net interest income (NII), the difference between the interest earned and that paid on deposits which includes FD and RDs rose 14% to Rs 7,372.7 crore
  • 2021-01-28 : RBL Bank posted a Q3 net profit of ₹147 crore
    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
    Bank of Baroda posted a net profit of ₹1,061 crore backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans for the third quarter ended December 31, 2020 as compared to a net loss of ₹1,407 crore due to a sharp reduction in provisioning for bad loans. Total income was lower at ₹20,664 crore as compared to ₹21,809 crore in the year earlier.
  • 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
    Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
  • 2021-01-27 : DCB Bank reported Q3 profit at ₹96.21 crore
    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.
*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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