Compare ICICI Bank vs Syndicate Bank Business Loan

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Bank	SBI HDFC Bank ICICI 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 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%	12.65% - 13.65%
Processing Fees	Processing Fees Starting from 0.99%, Up to 2%	0.5%, Min Rs. 500
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 40 Lakh	₹ 50,000 to ₹ 5 Lakh
Loan Tenure	Loan Tenure 12 to 36 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 3,540	₹ 2,257
Part Payment Charges	Part Payment Charges Not Allowed	Allowed after 0 months at Nil prepayment charges
Foreclosure Charges	Foreclosure Charges Allowed after 6 months at 5%	Allowed after 0 months at Nil prepayment charges
Eligible Age	Eligible Age 25 to 65 Years	21 to 58 Years
Minimum Years in Business Required	Minimum Years in Business Required 36 Months	NA
Minimum Turnover Required	Minimum Turnover Required ₹ 60 Lakh	₹ 0
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 Syndicate Bank

Loan Amount	ICICI Bank	Syndicate Bank
₹ 1 Lakh	₹ 3,540	₹ 2,257
₹ 5 Lakh	₹ 17,702	₹ 11,287
₹ 10 Lakh	₹ 35,404	₹ 22,574
₹ 15 Lakh	₹ 53,107	₹ 33,861

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

Syndicate Bank offers lower Business Loan EMI at Rs. 2257 for 60 Months compared to ICICI Bank with a minimum EMI of Rs. 3540 for 36 Months. In addition, average customer ratings for Syndicate Bank is currently at 3.5/5.0, making it a good choice for taking a Business Loan.

How does Syndicate Bank Business Loan compare with ICICI Bank Business Loan?

A detailed comparison of Syndicate 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 Syndicate Bank Loan is 12.65%, which is lower than the lowest interest rate of ICICI Bank at 16.50%. Hence, Syndicate 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 Syndicate Bank charges a processing fee of Upto 0.5%, Min Rs. 500.
ICICI Bank offers Business Loan upto an amount of ₹ 40 Lakh, while Syndicate Bank offers Loan upto an amount of ₹ 5 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. Syndicate Bank gives the option to close the loan after Zero months at Nil prepayment charges and ICICI Bank gives the option to close the loan after 6 months at 5%. This makes Syndicate Bank a better option for Business Loan.
Syndicate Bank allows part payment on Business Loan after Zero months at Nil charges, while ICICI Bank does not offer a part payment facility. This makes Syndicate Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
Syndicate 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 Syndicate Bank.
ICICI Bank can be a better option if you are looking for fund requirements after 36 months. Syndicate Bank offers a business loan once if business is NA months old. Hence, ICICI Bank should be a preferred choice for relatively new enterprises.
ICICI Bank with an average customer rating of 3.5 is equally comparable to Syndicate 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 – Syndicate Bank or ICICI Bank?

As per the current rates, Syndicate Bank offers a lower interest rate of 12.65% on loans compared to ICICI Bank, which offers a Business Loan at 16.50%.

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Business Loan News - May 2022

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