Compare HDFC Bank vs Indian Overseas Bank Business Loan

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Bank	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi Neogrowth IDBI Bank Allahabad Bank Yes Bank PNB OBC Dhan Laxmi Bank DCB Bank Andhra Bank United Bank of India Corporation Bank Syndicate Bank Bank of Baroda	SBI ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi Neogrowth IDBI Bank Allahabad Bank Yes Bank PNB OBC Indian Overseas Bank Dhan Laxmi Bank DCB Bank Andhra Bank United Bank of India Corporation Bank Syndicate Bank Bank of Baroda
Interest Rate	Interest Rate 11.90% - 21.35%	11.00% - 15.00%
Processing Fees	Processing Fees ₹ 499	upto 3% of the loan amount
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 ₹ 2,628	₹ 2,174
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
Eligible Age	Eligible Age 21 to 65 Years	21 to 58 Years
Minimum Years in Business Required	Minimum Years in Business Required 36 Months	NA
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 Business Loan EMI of HDFC Bank and Indian Overseas Bank

Loan Amount	HDFC Bank	Indian Overseas Bank
₹ 1 Lakh	₹ 2,628	₹ 2,174
₹ 5 Lakh	₹ 13,142	₹ 10,871
₹ 10 Lakh	₹ 26,285	₹ 21,742
₹ 15 Lakh	₹ 39,427	₹ 32,614

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

Indian Overseas Bank offers lower Business Loan EMI at Rs. 2174 for 60 Months compared to HDFC Bank with a minimum EMI of Rs. 2628 for 48 Months. In addition, average customer ratings for Indian Overseas Bank is currently at 4.5/5.0, making 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 Loan is 11.00%, which is lower than the lowest interest rate of HDFC Bank at 11.90%. Hence, Indian Overseas 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 Indian Overseas Bank charges a processing fee of Upto upto 3% of the loan amount.
HDFC Bank offers Business Loan upto an amount of ₹ 50 Lakh, while Indian Overseas Bank offers Loan upto an amount of ₹ 10 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. 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.
HDFC Bank can be a better option if you are looking for fund requirements after 36 months. Indian Overseas Bank offers a business loan once if business is NA months old. Hence, HDFC Bank should be a preferred choice for relatively new enterprises.
HDFC Bank with an average customer rating 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 a 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 11.00% on loans compared to HDFC Bank, which offers a Business Loan at 11.90%.

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Business Loan News - May 2022

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The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
2022-05-03 : HDFC Profit Rises by 16% for Q4 of FY 2022
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2022-04-29 : ICICI Bank Launches Digital Ecosystem for MSMEs
The new digital ecosystem comprises three pillars, including enhanced banking services for existing customers, MSMEs who are customers of other banks, and other value-added services for all.
2022-04-28 : Union Bank Rolls out Automated Solution for Recovery of Bad Loans
Union Bank of India will be using a first-of-its-kind stressed asset recovery automated solution (SARAS) to help the bank enforce securities, track recoveries, and enhance monitoring of stressed assets.

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