Compare ICICI Bank vs Bank of Maharashtra Business Loan

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Bank	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank IIFL IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi IDBI Bank Neogrowth Yes Bank Allahabad Bank PNB OBC Indian Overseas Bank Dhan Laxmi Bank DCB Bank Andhra Bank United Bank of India Corporation Bank Syndicate Bank Bank of Baroda	SBI HDFC 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 16.50% - 20.00%	14.50% - 15.50%
Processing Fees	Processing Fees Starting from 0.99%, Up to 2%	Upto 3% of the loan amount
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 40 Lakh	₹ 50,000 to ₹ 1.50 Lakh
Loan Tenure	Loan Tenure 12 to 36 Months	12 to 36 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 3,540	₹ 3,442
Part Payment Charges	Part Payment Charges Not Allowed	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 6 months at 5%	Not Allowed
Eligible Age	Eligible Age 25 to 65 Years	21 to 60 Years
Minimum Years in Business Required	Minimum Years in Business Required 36 Months	NA
Minimum Turnover Required	Minimum Turnover Required ₹ 60 Lakh	₹ 0
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 3.5/5.0	3.5/5.0

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Compare Business Loan EMI of ICICI Bank and Bank of Maharashtra

Loan Amount	ICICI Bank	Bank of Maharashtra
₹ 1 Lakh	₹ 3,540	₹ 3,442
₹ 5 Lakh	₹ 17,702	₹ 17,210
₹ 10 Lakh	₹ 35,404	₹ 34,421
₹ 15 Lakh	₹ 53,107	₹ 51,631

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

Bank of Maharashtra offers lower Business Loan EMI at Rs. 3442 for 36 Months compared to ICICI Bank with a minimum EMI of Rs. 3540 for 36 Months. In addition, average customer ratings for Bank of Maharashtra is currently at 3.5/5.0, making 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 Loan is 14.50%, which is lower than the lowest interest rate of ICICI Bank at 16.50%. Hence, Bank of Maharashtra 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 Bank of Maharashtra charges a processing fee of Upto Upto 3% of the loan amount.
ICICI Bank offers Business Loan upto an amount of ₹ 40 Lakh, while Bank of Maharashtra offers Loan upto an amount of ₹ 1.50 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. 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.
ICICI Bank can be a better option if you are looking for fund requirements after 36 months. Bank of Maharashtra offers a business loan once if business is NA months old. Hence, ICICI Bank should be a preferred choice for relatively new enterprises.
Bank of Maharashtra with an average customer rating 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 a 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 loans compared to ICICI Bank, which offers a Business Loan at 16.50%.

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Business Loan News - May 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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