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Compare ICICI Bank vs Bajaj Finserv Business Loan

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Bank
Interest Rate
Interest Rate
16.50% - 20.00%
18.00% - 22.00%
Processing Fees
Processing Fees
Starting from 0.99%, Up to 2%
Upto 2% of loan amount
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 40 Lakh
₹ 5 Lakh to ₹ 30 Lakh
Loan Tenure
Loan Tenure
12 to 36 Months
12 to 48 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,540
₹ 2,937
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 1 month at 2%
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 5%
Allowed after 1 month at 4%
Eligible Age
Eligible Age
25 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
₹ 60 Lakh
₹ 12 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.5/5.0
4/5.0
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Compare Business Loan EMI of ICICI Bank and Bajaj Finserv

Loan Amount ICICI Bank Bajaj Finserv
₹ 1 Lakh ₹ 3,540 ₹ 2,938
₹ 5 Lakh ₹ 17,702 ₹ 14,688
₹ 10 Lakh ₹ 35,404 ₹ 29,375
₹ 15 Lakh ₹ 53,107 ₹ 44,062

Which is a better bank for Business Loan – ICICI Bank or Bajaj Finserv?

Bajaj Finserv offers lower Business Loan EMI at Rs. 2937 for 48 Months compared to ICICI Bank with a minimum EMI of Rs. 3540 for 36 Months. In addition, average customer ratings for Bajaj Finserv is currently at 4/5.0, making it a good choice for taking a Business Loan.

How does ICICI Bank Business Loan compare with Bajaj Finserv Business Loan?

A detailed comparison of ICICI Bank and Bajaj Finserv 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 ICICI Bank Loan is 16.50%, which is lower than the lowest interest rate of Bajaj Finserv at 18.00%. Hence, ICICI Bank is offering a cheaper loan option.
  • Compared to other Business Loan charges such as processing fees, ICICI Bank charges a processing fee of Starting from 0.99%, Up to 2%, while Bajaj Finserv charges a processing fee of Upto Upto 2% of loan amount.
  • ICICI Bank offers Business Loan upto an amount of ₹ 40 Lakh, while Bajaj Finserv offers Loan upto an amount of ₹ 30 Lakh. Therefore, ICICI 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. Bajaj Finserv gives the option to close the loan after 1 months at 4% and ICICI Bank gives the option to close the loan after 6 months at 5%. This makes Bajaj Finserv a better option for Business Loan.
  • Bajaj Finserv allows part payment on Business Loan after 1 months at 2%, while ICICI Bank does not offer a part payment facility. This makes Bajaj Finserv a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Bajaj Finserv gives business loan at a minimum turnover of ₹ 12 Lakh. However, the turnover requirement for a business loan from ICICI Bank is ₹ 60 Lakh. Hence, small businesses may find is easier to get a loan from Bajaj Finserv.
  • Bajaj Finserv and ICICI Bank offer a business loan if your business has completed 36 months. Hence, Bajaj Finserv and ICICI Bank both can be a preferred choice for relatively new enterprises.
  • Bajaj Finserv has an average customer rating of 4. In contrast, ICICI Bank has an average customer rating of 3.5, based on which it is clear that Bajaj Finserv has a high customer service focus, an easy process and a quick turnaround.

Which bank offers a lower interest rate on Business Loan – ICICI Bank or Bajaj Finserv?

As per the current rates, ICICI Bank offers a lower interest rate of 16.50% on loans compared to Bajaj Finserv, which offers a Business Loan at 18.00%.

Know all about Business Loan

Know more about ICICI Bank Business Loan

Know more about Bajaj Finserv Business Loan

Compare ICICI Bank Business Loan With Other Banks

Compare Bajaj Finserv Business Loan With Other Banks

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  • 2022-04-29 : ICICI Bank Launches Digital Ecosystem for MSMEs
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*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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