Compare Business Loan - ICICI vs Bank Maharashtra

Compare EMI of ICICI and Bank Maharashtra Business Loan

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

Bank of Maharashtra offers lower Business Loan EMI at 3442 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 Maharashtra is currently at 3.5/5.0 which makes it a good choice for taking a Business Loan.

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

A detailed comparison of Bank of Maharashtra 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 Maharashtra Business Loan is 14.50%, which is lower than the lowest interest rate of ICICI Bank at 16.49%. Hence, Bank of Maharashtra 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 Maharashtra charges a processing fees of .
• ICICI Bank offers Business Loan upto an amount of ₹ 40 Lakh while Bank of Maharashtra offer Business Loan upto an amount of ₹ 1.50 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 Maharashtra gives the option to close the loan after Zero months at , while ICICI Bank does not offer foreclosure facility on Business Loan. This makes Bank of Maharashtra a better option for Business Loan.
• Bank of Maharashtra 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 Maharashtra.
• Bank of Maharashtra 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 Maharashtra should be a preferred choice for relatively new enterprises.
• Bank of Maharashtra with an average customer ratings of 3.5 is equally comparable to ICICI Bank with an average customer rating of 3.5. Hence, the customer can expect the same kind of service levels from these banks.

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

As per the current rates, Bank of Maharashtra offers a lower interest rate of 14.50% 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 Maharashtra?

You can transfer your Business Loan from ICICI Bank to Bank of Maharashtra 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 Maharashtra offers the cheapest Business Loan at 14.50%.

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

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

Compare ICICI Bank Business Loan With Other Banks

Compare Bank of Maharashtra Business Loan With Other Banks

Know About MSMEs and Mudra Loan