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Compare Business Loan - ICICI vs Bank of Baroda

Bank
Parameters
Interest Rate
Interest Rate
16.49% - 18.99%
14.10% - 14.10%
Processing Fees
Processing Fees
Starting from 0.99%, Up to 2%
Upto 1.00%
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 40 Lakh
₹ 1 Lakh to ₹ 2 Lakh
Loan Tenure
Loan Tenure
12 to 36 Months
12 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,540
₹ 3,423
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 5%
Allowed after 1 month at Nil prepayment charges
Borrower’s Age
Borrower’s Age
25 to 65 Years
21 to 60 Years
Minimum Years in Business Required
Minimum Years in Business Required
36 Months
0 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 60 Lakh
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.5/5.0
5/5.0
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Compare EMI of ICICI and Bank of Baroda Business Loan

Loan Amount ICICI Bank Bank of Baroda
₹ 1 Lakh ₹ 7,776 ₹ 8,802
₹ 5 Lakh ₹ 38,881 ₹ 44,010
₹ 10 Lakh ₹ 77,762 ₹ 88,020
₹ 15 Lakh ₹ 1,16,643 ₹ 1,32,029

Which is a better bank for Business Loan – Bank of Baroda or ICICI Bank?

Bank of Baroda offers lower Business Loan EMI at 3423 on a Business Loan for 36 Months as compared to ICICI Bank with a minimum EMI of 3540 for 36 Months. Average customer ratings for Bank of Baroda is currently at 5/5.0 which makes it a good choice for taking a Business Loan.

How does Bank of Baroda Business Loan compare with ICICI Bank Business Loan?

A detailed comparison of Bank of Baroda and ICICI 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 Bank of Baroda Business Loan is 14.10%, which is lower than the lowest interest rate of ICICI Bank at 16.49%. Hence, Bank of Baroda is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, ICICI Bank charges a processing fees of Starting from 0.99%, Up to 2% while Bank of Baroda charges a processing fees of Upto 1.00%.
  • ICICI Bank offers Business Loan upto an amount of ₹ 40 Lakh while Bank of Baroda offer Business Loan upto an amount of ₹ 2 Lakh. 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 foreclosure facility. Bank of Baroda gives the option to close the loan after 1 months at Nil prepayment charges and ICICI Bank gives the option to close the loan after 6 months at 5%. This makes Bank of Baroda a better option for Business Loan.
  • Bank of Baroda gives business loan at a minimum turnover of ₹ 0 . 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 Bank of Baroda.
  • Bank of Baroda can be a better option if you are looking for fund requirements after 0 months. ICICI Bank offers a business loan once if business is 36 months old. Hence, Bank of Baroda should be a preferred choice for relatively new enterprises.
  • Bank of Baroda has an average customer ratings of 5, while ICICI Bank has an average customer rating of 3.5, based on which it is clear that Bank of Baroda has a high customer service focus, an easy Business Loan process and a quick turnaround.

Which bank offers lower interest rate on Business Loan – Bank of Baroda or ICICI Bank?

As per the current rates, Bank of Baroda offers a lower interest rate of 14.10% on Business Loan when compared to ICICI Bank which offers a Business Loan at 16.49%.

How can I transfer my Business Loan from ICICI Bank to Bank of Baroda?

You can transfer your Business Loan from ICICI Bank to Bank of Baroda 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, Bank of Baroda offers the cheapest Business Loan at 14.10%.

How do I check my eligibility for ICICI Bank and Bank of Baroda Business Loan?

You can check your eligibility for ICICI Bank and Bank of Baroda 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 ICICI Bank Business Loan

Know more about Bank of Baroda Business Loan

Compare ICICI Bank Business Loan With Other Banks

Compare Bank of Baroda 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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