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 - Oct 2021

2021-10-22 : South Indian Bank Ltd Posts Loss in Q2 FY2021-22
For the quarter ended September 30, 2021, the total income of the bank was ₹ 1746.03 crores as against ₹2115.71 crores in the corresponding quarter of the previous year and ₹2081.73 crores in the previous quarter. As a result, the bank has reported a loss of Rs. 187.06 crore for Q2 of FY 2021-22.
2021-10-18 : HDFC Bank Posts 17.2 Percent Profits In Q2
Private sector bank, HDFC Bank has posted a 17.6 percent rise in net profit at Rs 8,834.3 crore in the second quarter ended September 30, 2021. The lender had posted a net profit of Rs 7,513.1 crore in Q2 of 2020.
2021-10-11 : IIFL Finance Launches Instant Business Loan
IIFL Finance has launched instant business loans on WhatsApp to avail of loan amount upto Rs. 10 Lakhs with benefits such as minimum documentation and quick approval.
2021-10-05 : IndusInd Bank Advances Grow by 10% Y-O-Y
IndusInd Bank has posted a growth in advances by 10% on a Y-O-Y basis. Retail Deposits and Deposits from Small Business Customers amounted to Rs 1,11,749 crore as of 30 September 2021 as compared to Rs 1,05,737 crore as of 30 June 2021.
2021-10-05 : HDFC Bank Reports Growth in Advances in Q2
HDFC Bank has reported a growth in advances by 15.4% in quarter 2. As a result, the advances have grown to ₹ 11.98 lakh crore as of September 30, 2021, from ₹ 10.38 lakh crore a year ago.

*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More

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