Compare Business Loan - Fullerton vs IndusInd Bank

Compare EMI of Fullerton and IndusInd Bank Business Loan

Which is a better bank for Business Loan – IndusInd Bank or Fullerton India?

IndusInd Bank offers lower Business Loan EMI at 2327 on a Business Loan for 60 Months as compared to Fullerton India with a minimum EMI of 3043 for 48 Months. Average customer ratings for IndusInd Bank is currently at 3.5/5.0 which makes it a good choice for taking a Business Loan.

How does IndusInd Bank Business Loan compare with Fullerton India Business Loan?

A detailed comparison of IndusInd Bank and Fullerton India 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 IndusInd Bank Business Loan is 14.00%, which is lower than the lowest interest rate of Fullerton India at 20.00%. Hence, IndusInd Bank is offering a cheaper loan option.
• When compared on other Business Loan charges such as processing fees, Fullerton India charges a processing fees of 2% while IndusInd Bank charges a processing fees of 2.50%.
• Fullerton India offers Business Loan upto an amount of ₹ 20 Lakh while IndusInd Bank offer Business Loan upto an amount of ₹ 15 Lakh. Fullerton India 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. Fullerton India gives the option to close the loan after 6 months at 3 - 7% and IndusInd Bank gives the option to close the loan after 12 months at 4%. This makes Fullerton India a better option for Business Loan.
• Fullerton India allows part payment on Business Loan after 6 months at 3 - 7%, while IndusInd Bank does not offer part payment facility on Business Loan. This makes Fullerton India a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
• IndusInd Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from Fullerton India is ₹ 20 Lakh. Hence, small businesses may find is easier to get a loan from IndusInd Bank.
• IndusInd Bank can be a better option if you are looking for fund requirements after 24 months. Fullerton India offers a business loan once if business is 36 months old. Hence, IndusInd Bank should be a preferred choice for relatively new enterprises.
• Fullerton India with an average customer ratings of 3.5 is equally comparable to IndusInd Bank with an average customer rating of 3.5. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Business Loan – IndusInd Bank or Fullerton India?

As per the current rates, IndusInd Bank offers a lower interest rate of 14.00% on Business Loan when compared to Fullerton India which offers a Business Loan at 20.00%.

How can I transfer my Business Loan from Fullerton India to IndusInd Bank?

You can transfer your Business Loan from Fullerton India to IndusInd 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, IndusInd Bank offers the cheapest Business Loan at 14.00%.

How do I check my eligibility for Fullerton India and IndusInd Bank Business Loan?

You can check your eligibility for Fullerton India and IndusInd 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.

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