Compare Business Loan - ICICI vs Dhan Laxmi

Compare EMI of ICICI and Dhan Laxmi Business Loan

Which is a better bank for Business Loan – Dhan Laxmi Bank or ICICI Bank?

Dhan Laxmi Bank offers lower Business Loan EMI at 2270 on a Business Loan for 60 Months as compared to ICICI Bank with a minimum EMI of 3540 for 36 Months. Average customer ratings for Dhan Laxmi Bank is currently at 3.5/5.0 which makes it a good choice for taking a Business Loan.

How does Dhan Laxmi Bank Business Loan compare with ICICI Bank Business Loan?

A detailed comparison of Dhan Laxmi Bank 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 Dhan Laxmi Bank Business Loan is 12.90%, which is lower than the lowest interest rate of ICICI Bank at 16.49%. Hence, Dhan Laxmi Bank 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 Dhan Laxmi Bank charges a processing fees of .
• Dhan Laxmi Bank offers Business Loan upto an amount of ₹ 5 Cr while ICICI Bank offer Business Loan upto an amount of ₹ 40 Lakh. Dhan Laxmi 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. Dhan Laxmi Bank gives the option to close the loan after Zero months at 2 - 5% and ICICI Bank gives the option to close the loan after 6 months at 5%. This makes Dhan Laxmi Bank a better option for Business Loan.
• Dhan Laxmi Bank allows part payment on Business Loan after 6 months at 3%, while ICICI Bank does not offer part payment facility on Business Loan. This makes Dhan Laxmi Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
• Dhan Laxmi Bank 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 Dhan Laxmi Bank.
• ICICI Bank can be a better option if you are looking for fund requirements after 36 months. Dhan Laxmi Bank offers a business loan once if business is 48 months old. Hence, ICICI Bank should be a preferred choice for relatively new enterprises.
• Dhan Laxmi Bank 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 – Dhan Laxmi Bank or ICICI Bank?

As per the current rates, Dhan Laxmi Bank offers a lower interest rate of 12.90% 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 Dhan Laxmi Bank?

You can transfer your Business Loan from ICICI Bank to Dhan Laxmi Bank 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, Dhan Laxmi Bank offers the cheapest Business Loan at 12.90%.

How do I check my eligibility for ICICI Bank and Dhan Laxmi Bank Business Loan?

You can check your eligibility for ICICI Bank and Dhan Laxmi Bank 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.

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