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Compare Business Loan - HDFC vs Allahabad Bank

Bank
Parameters
Interest Rate
Interest Rate
15.65% - 21.35%
14.50% - 18.60%
Processing Fees
Processing Fees
Starting from 0.99%, Max 2.50%
Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928
Loan Amount
Loan Amount
₹ 50,000 to ₹ 50 Lakh
₹ 1 Lakh to ₹ 20 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 84 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,816
₹ 1,902
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at 2.25%
Foreclosure Charges
Foreclosure Charges
Allowed after 12 months at 2 - 4%
Allowed after 0 months at 2.25%
Borrower’s Age
Borrower’s Age
21 to 65 Years
25 to 65 Years
Minimum Years in Business Required
Minimum Years in Business Required
36 Months
36 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 1 Cr
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.5/5.0
4.5/5.0
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Compare EMI of HDFC and Allahabad Bank Business Loan

Loan Amount HDFC Bank Allahabad Bank
₹ 1 Lakh ₹ 8,720 ₹ 11,199
₹ 5 Lakh ₹ 43,600 ₹ 55,993
₹ 10 Lakh ₹ 87,201 ₹ 1,11,985
₹ 15 Lakh ₹ 1,30,801 ₹ 1,67,978

Which is a better bank for Business Loan – Allahabad Bank or HDFC Bank?

Allahabad Bank offers lower Business Loan EMI at 1902 on a Business Loan for 84 Months as compared to HDFC Bank with a minimum EMI of 2816 for 48 Months. Average customer ratings for Allahabad Bank is currently at 4.5/5.0 which makes it a good choice for taking a Business Loan.

How does Allahabad Bank Business Loan compare with HDFC Bank Business Loan?

A detailed comparison of Allahabad 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 Allahabad Bank Business Loan is 14.50%, which is lower than the lowest interest rate of HDFC Bank at 15.65%. Hence, Allahabad Bank is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, HDFC Bank charges a processing fees of Starting from 0.99%, Max 2.50% while Allahabad Bank charges a processing fees of Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928.
  • HDFC Bank offers Business Loan upto an amount of ₹ 50 Lakh while Allahabad Bank offer Business Loan upto an amount of ₹ 20 Lakh. 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. Allahabad Bank gives the option to close the loan after Zero months at 2.25% and HDFC Bank gives the option to close the loan after 12 months at 2 - 4%. This makes Allahabad Bank a better option for Business Loan.
  • Allahabad Bank allows part payment on Business Loan after Zero months at 2.25%, while HDFC Bank does not offer part payment facility on Business Loan. This makes Allahabad Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Allahabad 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 Allahabad Bank.
  • Allahabad Bank and HDFC Bank offer a business loan if your business has completed 36 months. Hence, Allahabad Bank and HDFC Bank both can be a preferred choice for relatively new enterprises.
  • Allahabad Bank with an average customer ratings of 4.5 is equally comparable to HDFC Bank with an average customer rating of 4.5. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Business Loan – Allahabad Bank or HDFC Bank?

As per the current rates, Allahabad Bank offers a lower interest rate of 14.50% on Business Loan when compared to HDFC Bank which offers a Business Loan at 15.65%.

How can I transfer my Business Loan from HDFC Bank to Allahabad Bank?

You can transfer your Business Loan from HDFC Bank to Allahabad 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, Allahabad Bank offers the cheapest Business Loan at 14.50%.

How do I check my eligibility for HDFC Bank and Allahabad Bank Business Loan?

You can check your eligibility for HDFC Bank and Allahabad 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 HDFC Bank Business Loan

Know more about Allahabad Bank Business Loan

Compare HDFC Bank Business Loan With Other Banks

Compare Allahabad Bank Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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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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