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Compare ICICI Bank vs Neogrowth Business Loan

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Interest Rate
Interest Rate
16.50% - 20.00%
24.00% - 0.00%
Processing Fees
Processing Fees
Starting from 0.99%, Up to 2%
Upto 3% of loan amount
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 40 Lakh
₹ 1 Lakh to ₹ 8 Lakh
Loan Tenure
Loan Tenure
12 to 36 Months
9 to 24 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,540
₹ 5,287
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 5%
Allowed after 1 month at Nil charges
Eligible Age
Eligible Age
25 to 65 Years
23 to 65 Years
Minimum Years in Business Required
Minimum Years in Business Required
36 Months
12 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 60 Lakh
₹ 24 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Business Loan EMI of ICICI Bank and Neogrowth

Loan Amount ICICI Bank Neogrowth
₹ 1 Lakh ₹ 3,540 ₹ 5,287
₹ 5 Lakh ₹ 17,702 ₹ 26,436
₹ 10 Lakh ₹ 35,404 ₹ 52,871
₹ 15 Lakh ₹ 53,107 ₹ 79,307

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

ICICI Bank offers lower Business Loan EMI at Rs. 3540 for 36 Months compared to Neogrowth with a minimum EMI of Rs. 5287 for 24 Months. In addition, average customer ratings for ICICI 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 Neogrowth Business Loan?

A detailed comparison of ICICI Bank and Neogrowth 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 Neogrowth at 24.00%. 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 Neogrowth charges a processing fee of Upto Upto 3% of loan amount.
  • ICICI Bank offers Business Loan upto an amount of ₹ 40 Lakh, while Neogrowth offers Loan upto an amount of ₹ 8 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. Neogrowth gives the option to close the loan after 1 months at Nil charges and ICICI Bank gives the option to close the loan after 6 months at 5%. This makes Neogrowth a better option for Business Loan.
  • Neogrowth gives business loan at a minimum turnover of ₹ 24 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 Neogrowth.
  • Neogrowth can be a better option if you are looking for fund requirements after 12 months. ICICI Bank offers a business loan once if business is 36 months old. Hence, Neogrowth should be a preferred choice for relatively new enterprises.
  • ICICI Bank with an average customer rating of 3.5 is equally comparable to Neogrowth 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 Neogrowth?

As per the current rates, ICICI Bank offers a lower interest rate of 16.50% on loans compared to Neogrowth, which offers a Business Loan at 24.00%.

Know all about Business Loan

Know more about ICICI Bank Business Loan

Know more about Neogrowth Business Loan

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Business Loan News - Oct 2021
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    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.
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    Yes Bank has posted growth of 3.6% (year-on-year) in advances at Rs 1,72,945 crore for the quarter ended September 2021 (Q2FY22). Its advances stood at Rs 1,66,923 crore at end of September 2020 (Q2FY21).
*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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