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Compare HDFC Bank vs IIFL Business Loan

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Bank
Interest Rate
Interest Rate
11.90% - 21.35%
16.00% - 30.00%
Processing Fees
Processing Fees
₹ 499
Up to 2%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 50 Lakh
₹ 1 Lakh to ₹ 35 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,628
₹ 2,432
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 12 months at 2 - 4%
Allowed after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges
Eligible Age
Eligible Age
21 to 65 Years
30 to 60 Years
Minimum Years in Business Required
Minimum Years in Business Required
36 Months
36 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 1 Cr
₹ 20 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.5/5.0
4.5/5.0
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Compare Business Loan EMI of HDFC Bank and IIFL

Loan Amount HDFC Bank IIFL
₹ 1 Lakh ₹ 2,628 ₹ 2,432
₹ 5 Lakh ₹ 13,142 ₹ 12,159
₹ 10 Lakh ₹ 26,285 ₹ 24,318
₹ 15 Lakh ₹ 39,427 ₹ 36,477

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

IIFL offers lower Business Loan EMI at Rs. 2432 for 60 Months compared to HDFC Bank with a minimum EMI of Rs. 2628 for 48 Months. In addition, average customer ratings for IIFL is currently at 4.5/5.0, making it a good choice for taking a Business Loan.

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

A detailed comparison of HDFC Bank and IIFL 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 HDFC Bank Loan is 11.90%, which is lower than the lowest interest rate of IIFL at 16.00%. Hence, HDFC Bank is offering a cheaper loan option.
  • Compared to other Business Loan charges such as processing fees, HDFC Bank charges a processing fee of ₹ 499, while IIFL charges a processing fee of Upto Up to 2%.
  • HDFC Bank offers Business Loan upto an amount of ₹ 50 Lakh, while IIFL offers Loan upto an amount of ₹ 35 Lakh. Therefore, 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 the foreclosure facility. IIFL gives the option to close the loan after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges and HDFC Bank gives the option to close the loan after 12 months at 2 - 4%. This makes IIFL a better option for Business Loan.
  • IIFL gives business loan at a minimum turnover of ₹ 20 Lakh. 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 IIFL.
  • HDFC Bank and IIFL offer a business loan if your business has completed 36 months. Hence, HDFC Bank and IIFL both can be a preferred choice for relatively new enterprises.
  • HDFC Bank with an average customer rating of 4.5 is equally comparable to IIFL 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 a lower interest rate on Business Loan – HDFC Bank or IIFL?

As per the current rates, HDFC Bank offers a lower interest rate of 11.90% on loans compared to IIFL, which offers a Business Loan at 16.00%.

Know all about Business Loan

Know more about HDFC Bank Business Loan

Know more about IIFL Business Loan

Compare HDFC Bank Business Loan With Other Banks

Compare IIFL Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Oct 2021
  • 2021-10-11 : IIFL Finance Launches Instant Business Loan
    IIFL Finance has launched instant business loans on WhatsApp to avail of loan amount upto Rs. 10 Lakhs with benefits such as minimum documentation and quick approval.
  • 2021-10-05 : IndusInd Bank Advances Grow by 10% Y-O-Y
    IndusInd Bank has posted a growth in advances by 10% on a Y-O-Y basis. Retail Deposits and Deposits from Small Business Customers amounted to Rs 1,11,749 crore as of 30 September 2021 as compared to Rs 1,05,737 crore as of 30 June 2021.
  • 2021-10-05 : HDFC Bank Reports Growth in Advances in Q2
    HDFC Bank has reported a growth in advances by 15.4% in quarter 2. As a result, the advances have grown to ₹ 11.98 lakh crore as of September 30, 2021, from ₹ 10.38 lakh crore a year ago.
  • 2021-10-04 : Yes Bank Posts Growth in Loans and Deposits
    Yes Bank has posted growth of 3.6% (year-on-year) in advances at Rs 1,72,945 crore for the quarter ended September 2021 (Q2FY22). Its advances stood at Rs 1,66,923 crore at end of September 2020 (Q2FY21).
  • 2021-09-30 : Govt Extends Emergency Credit Scheme for Micro, Small and Medium Enterprises
    The government has extended the emergency credit scheme for MSMEs till 31st March 2022. The new deadline for disbursement of loans under this scheme is 30th June 2021.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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