Compare ICICI Bank vs IDFC First Bank Business Loan

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Bank	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi Neogrowth IDBI Bank 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%	19.00% - 0.00%
Processing Fees	Processing Fees Starting from 0.99%, Up to 2%	2.00%
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 40 Lakh	₹ 1 Lakh to ₹ 9 Lakh
Loan Tenure	Loan Tenure 12 to 36 Months	12 to 48 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 3,540	₹ 2,990
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%
Eligible Age	Eligible Age 25 to 65 Years	25 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

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Compare Business Loan EMI of ICICI Bank and IDFC First Bank

Loan Amount	ICICI Bank	IDFC First Bank
₹ 1 Lakh	₹ 3,540	₹ 2,990
₹ 5 Lakh	₹ 17,702	₹ 14,950
₹ 10 Lakh	₹ 35,404	₹ 29,900
₹ 15 Lakh	₹ 53,107	₹ 44,850

Which is a better bank for Business Loan – ICICI Bank or IDFC First Bank?

IDFC First Bank offers lower Business Loan EMI at Rs. 2990 for 48 Months compared to ICICI Bank with a minimum EMI of Rs. 3540 for 36 Months. In addition, average customer ratings for IDFC First Bank is currently at 3.5/5.0, making 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 Loan is 16.50%, which is lower than the lowest interest rate of IDFC First Bank at 19.00%. Hence, ICICI Bank 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 IDFC First Bank charges a processing fee of Upto 2.00%.
ICICI Bank offers Business Loan upto an amount of ₹ 40 Lakh, while IDFC First Bank offers Loan upto an amount of ₹ 9 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. 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 rating 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 a 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 16.50% on loans compared to IDFC First Bank, which offers a Business Loan at 19.00%.

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Business Loan News - May 2022

2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
2022-05-03 : HDFC Profit Rises by 16% for Q4 of FY 2022
Housing Development Finance Corporation has reported a 16% year-on-year rise in its standalone net profit for the March quarter to Rs 3,700 crore on the back of strong growth in loans and net interest income (NII).
2022-04-29 : Axis Bank Net Profit Jumps to Rs 4,118 crore in March Quarter
The bank has reported a 54 percent jump in its standalone net profit to Rs 4,117.77 crore from a net profit of Rs 2,677.06 crore in the year-ago period for the quarter ended March 2022.
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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