Compare Business Loan - ICICI vs IDFC First
| Bank |
SBI
HDFC Bank
ICICI Bank
RBL Bank
Tata Capital
Lendingkart
Bajaj Finserv
IIFL
Bank of Maharashtra
IndusInd Bank
Kotak Bank
Fullerton India
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
|
SBI
HDFC Bank
RBL Bank
Tata Capital
Lendingkart
Bajaj Finserv
IDFC First Bank
IIFL
Bank of Maharashtra
IndusInd Bank
Kotak Bank
Fullerton India
IDBI Bank
Neogrowth
Indifi
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% |
22.00% - 24.00% |
| Processing Fees | Processing Fees Starting from 0.99%, Up to 2% |
2.00% |
| Loan Amount | Loan Amount ₹ 1 Lakh to ₹ 40 Lakh |
₹ 3 Lakh to ₹ 75 Lakh |
| Loan Tenure | Loan Tenure 12 to 36 Months |
6 to 36 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 3,540 |
₹ 3,819 |
| Part Payment Charges | Part Payment Charges Not Allowed |
Not Allowed |
| Foreclosure Charges | Foreclosure Charges Allowed after 6 months at 5% |
Allowed after 6 months at 4 - 5% |
| Borrower’s Age | Borrower’s Age 25 to 65 Years |
23 to 65 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 36 Months |
36 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 60 Lakh |
₹ 12 Lakh |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) 3.5/5.0 |
3.5/5.0 |
Compare EMI of ICICI and IDFC First Business Loan
| Loan Amount | ICICI Bank | IDFC First Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 7,776 | ₹ 6,275 |
| ₹ 5 Lakh | ₹ 38,881 | ₹ 31,374 |
| ₹ 10 Lakh | ₹ 77,762 | ₹ 62,747 |
| ₹ 15 Lakh | ₹ 1,16,643 | ₹ 94,121 |
Which is a better bank for Business Loan – ICICI Bank or IDFC First Bank?
ICICI Bank offers lower Business Loan EMI at 3540 on a Business Loan for 36 Months as compared to IDFC First Bank with a minimum EMI of 3819 for 36 Months. Average customer ratings for ICICI Bank is currently at 3.5/5.0 which makes it a good choice for taking a Business Loan.
How does ICICI Bank Business Loan compare with IDFC First Bank Business Loan?
A detailed comparison of ICICI Bank and IDFC First 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 ICICI Bank Business Loan is 16.49%, which is lower than the lowest interest rate of IDFC First Bank at 22.00%. Hence, ICICI 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 IDFC First Bank charges a processing fees of 2.00%.
- IDFC First Bank offers Business Loan upto an amount of ₹ 75 Lakh while ICICI Bank offer Business Loan upto an amount of ₹ 40 Lakh. IDFC First 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. ICICI Bank and IDFC First Bank gives the option to close the loan after 6 months at 5% and 4 - 5%. This makes ICICI Bank a better option for Business Loan.
- IDFC First Bank gives business loan at a minimum turnover of ₹ 12 Lakh. 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 IDFC First Bank.
- ICICI Bank and IDFC First Bank offer a business loan if your business has completed 36 months. Hence, ICICI Bank and IDFC First Bank both can be a preferred choice for relatively new enterprises.
- ICICI Bank with an average customer ratings of 3.5 is equally comparable to IDFC First 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 – ICICI Bank or IDFC First Bank?
As per the current rates, ICICI Bank offers a lower interest rate of 16.49% on Business Loan when compared to IDFC First Bank which offers a Business Loan at 22.00%.
How can I transfer my Business Loan from ICICI Bank to IDFC First Bank?
You can transfer your Business Loan from ICICI Bank to IDFC First 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, ICICI Bank offers the cheapest Business Loan at 16.49%.
How do I check my eligibility for ICICI Bank and IDFC First Bank Business Loan?
You can check your eligibility for ICICI Bank and IDFC First 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.
Know all about Business Loan
Know more about ICICI Bank Business Loan
Know more about IDFC First Bank Business Loan
Compare ICICI Bank Business Loan With Other Banks
Compare IDFC First Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter. - 2021-01-18 : Karnataka Bank Q3 net profit rises to ₹135 cr
Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20. - 2021-01-08 : IndusInd Bank reported 11% growth in Q3 deposits
IndusInd Bank posted a 3.2% quarter-on-quarter growth in the net advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans in the December quarter. Further, the bank also posted a 5% quarterly growth in deposits which includes fixed and recurring deposits. - 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020. - 2021-01-06 : Yes Bank reported 1.3% quarterly growth in loans and advances
Yes Bank registered 1.3% quarter-on-quarter growth in loans and advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans to Rs 1.69 lakh crore during the December quarter. Deposits which include fixed and recurring deposits grew 7.7% to Rs 1.46 lakh crore. Further, the current account and savings account deposits grew 12.6% to Rs 37,973 crore.
