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Compare Business Loan - HDFC vs IOB

Bank
Parameters
Interest Rate
Interest Rate
15.65% - 21.35%
14.90% - 15.25%
Processing Fees
Processing Fees
Starting from 0.99%, Max 2.50%
Rs. 204 per lakh
Loan Amount
Loan Amount
₹ 50,000 to ₹ 50 Lakh
₹ 50,000 to ₹ 10 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,816
₹ 2,374
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 12 months at 2 - 4%
Allowed after 1 month at Nil prepayment charges
Borrower’s Age
Borrower’s Age
21 to 65 Years
21 to 58 Years
Minimum Years in Business Required
Minimum Years in Business Required
36 Months
0 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 IOB Business Loan

Loan Amount HDFC Bank Indian Overseas Bank
₹ 1 Lakh ₹ 8,720 ₹ 9,678
₹ 5 Lakh ₹ 43,600 ₹ 48,390
₹ 10 Lakh ₹ 87,201 ₹ 96,781
₹ 15 Lakh ₹ 1,30,801 ₹ 1,45,172

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

Indian Overseas Bank offers lower Business Loan EMI at 2374 on a Business Loan for 60 Months as compared to HDFC Bank with a minimum EMI of 2816 for 48 Months. Average customer ratings for Indian Overseas Bank is currently at 4.5/5.0 which makes it a good choice for taking a Business Loan.

How does Indian Overseas Bank Business Loan compare with HDFC Bank Business Loan?

A detailed comparison of Indian Overseas 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 Indian Overseas Bank Business Loan is 14.90%, which is lower than the lowest interest rate of HDFC Bank at 15.65%. Hence, Indian Overseas 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 Indian Overseas Bank charges a processing fees of Rs. 204 per lakh.
  • HDFC Bank offers Business Loan upto an amount of ₹ 50 Lakh while Indian Overseas Bank offer Business Loan upto an amount of ₹ 10 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. Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges and HDFC Bank gives the option to close the loan after 12 months at 2 - 4%. This makes Indian Overseas Bank a better option for Business Loan.
  • Indian Overseas 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 Indian Overseas Bank.
  • Indian Overseas Bank can be a better option if you are looking for fund requirements after 0 months. HDFC Bank offers a business loan once if business is 36 months old. Hence, Indian Overseas Bank should be a preferred choice for relatively new enterprises.
  • HDFC Bank with an average customer ratings of 4.5 is equally comparable to Indian Overseas 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 – Indian Overseas Bank or HDFC Bank?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 14.90% 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 Indian Overseas Bank?

You can transfer your Business Loan from HDFC Bank to Indian Overseas 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, Indian Overseas Bank offers the cheapest Business Loan at 14.90%.

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

You can check your eligibility for HDFC Bank and Indian Overseas 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 Indian Overseas Bank Business Loan

Compare HDFC Bank Business Loan With Other Banks

Compare Indian Overseas Bank Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jan 2021
  • 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.
  • 2021-01-27 : Sundaram Home Finance Q3 net rose by 36%
    Sundaram Home Finance posted a 36% growth in its net profit for Q3 to Rs 56.24cror. Disbursements for Q3 stood at Rs 4,16.57 crore backed by home, personal, car, two wheeler and gold loans along with business and mudra loans.
  • 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
    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.
*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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