Compare Business Loan - ICICI Bank vs Bank of Maharashtra

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
Parameters
Interest Rate	Interest Rate 16.49% - 18.99%	14.50% - 15.50%
Processing Fees	Processing Fees Starting from 0.99%, Up to 2%
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
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	3.5/5.0

Add Bank

Compare EMI of ICICI Bank and Bank of Maharashtra Business Loan

Loan Amount	ICICI Bank	Bank of Maharashtra
₹ 1 Lakh	₹ 3,540	₹ 3,442
₹ 5 Lakh	₹ 17,700	₹ 17,210
₹ 10 Lakh	₹ 35,399	₹ 34,421
₹ 15 Lakh	₹ 53,099	₹ 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 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%.

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

Business Loan News - Apr 2021

2021-04-12 : Rs. 15 lakh crores sanctioned under the Mudra Yojna in last 6 years
The finance ministry reported that banks and financial institutions have sanctioned Rs. 15 lakh crores to over 28.68 crores beneficiaries in the last 6 years. Prime Minister Mudra Yojna or PMMY was launched in April 2015 with an aim to promote entrepreneurship.
2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
2021-04-05 : Yes Bank Jan-March deposits up 54% to 162, 947
Yes Bank reported that the bank’s loan and advances which include home, personal, LAP, gold, two-wheeler, car and doctor loans along with business and mudra loans increased by 0.8% in year-on-year (YoY) terms to Rs. 172,850 crores. In addition to this, the bank deposit which includes fixed and recurring deposits grew 54.7% to Rs. 162,947 crores as compared to ₹105,364 crores on a yearly basis. The CASA(current and savings account) was up 51.8% to Rs. 42,587 crores against Rs. 28,063 crores YoY.
2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
2021-03-26 : Digital Banking likely to play a major role in the banking sector
RBI Governor emphasised that digital lending is going to play a major role in the coming years and the market will be more technology-dependent. Further, he suggested that banks need to adapt to new technologies and adapt to the changes and transformations which are happening in the world of digital lending to remain in sync with time.

*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

Calculate Your Income Tax ☺

Please wait while your information is being processed...