Compare Business Loan - ICICI vs Yes Bank
| 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
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
|
|---|---|---|
| Parameters | ||
| Interest Rate | Interest Rate 16.49% - 18.99% |
16.25% - 19.99% |
| Processing Fees | Processing Fees Starting from 0.99%, Up to 2% |
Up to 2% |
| Loan Amount | Loan Amount ₹ 1 Lakh to ₹ 40 Lakh |
₹ 5 Lakh to ₹ 50 Lakh |
| Loan Tenure | Loan Tenure 12 to 36 Months |
12 to 36 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 3,540 |
₹ 3,528 |
| Part Payment Charges | Part Payment Charges Not Allowed |
Allowed after 12 months at 2% charges |
| Foreclosure Charges | Foreclosure Charges Allowed after 6 months at 5% |
Allowed after 12 months at Up to 4% |
| Borrower’s Age | Borrower’s 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 |
₹ 1 Cr |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) 3.5/5.0 |
5/5.0 |
Compare EMI of ICICI and Yes Bank Business Loan
| Loan Amount | ICICI Bank | Yes Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 7,776 | ₹ 7,865 |
| ₹ 5 Lakh | ₹ 38,881 | ₹ 39,327 |
| ₹ 10 Lakh | ₹ 77,762 | ₹ 78,653 |
| ₹ 15 Lakh | ₹ 1,16,643 | ₹ 1,17,980 |
Which is a better bank for Business Loan – Yes Bank or ICICI Bank?
Yes Bank offers lower Business Loan EMI at 3528 on a Business Loan for 36 Months as compared to ICICI Bank with a minimum EMI of 3540 for 36 Months. Average customer ratings for Yes Bank is currently at 5/5.0 which makes it a good choice for taking a Business Loan.
How does Yes Bank Business Loan compare with ICICI Bank Business Loan?
A detailed comparison of Yes 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 Yes Bank Business Loan is 16.25%, which is lower than the lowest interest rate of ICICI Bank at 16.49%. Hence, Yes 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 Yes Bank charges a processing fees of Up to 2%.
- Yes Bank offers Business Loan upto an amount of ₹ 50 Lakh while ICICI Bank offer Business Loan upto an amount of ₹ 40 Lakh. Yes 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 gives the option to close the loan after 6 months at 5% and Yes Bank gives the option to close the loan after 12 months at Up to 4%. This makes ICICI Bank a better option for Business Loan.
- Yes Bank allows part payment on Business Loan after 12 months at 2% charges, while ICICI Bank does not offer part payment facility on Business Loan. This makes Yes Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
- ICICI Bank gives business loan at a minimum turnover of ₹ 60 Lakh. However, the turnover requirement for a business loan from Yes Bank is ₹ 1 Cr. Hence, small businesses may find is easier to get a loan from ICICI Bank.
- ICICI Bank and Yes Bank offer a business loan if your business has completed 36 months. Hence, ICICI Bank and Yes Bank both can be a preferred choice for relatively new enterprises.
- Yes Bank has an average customer ratings of 5, while ICICI Bank has an average customer rating of 3.5, based on which it is clear that Yes Bank has a high customer service focus, an easy Business Loan process and a quick turnaround.
Which bank offers lower interest rate on Business Loan – Yes Bank or ICICI Bank?
As per the current rates, Yes Bank offers a lower interest rate of 16.25% on Business Loan when compared to ICICI Bank which offers a Business Loan at 16.49%.
How can I transfer my Business Loan from ICICI Bank to Yes Bank?
You can transfer your Business Loan from ICICI Bank to Yes 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, Yes Bank offers the cheapest Business Loan at 16.25%.
How do I check my eligibility for ICICI Bank and Yes Bank Business Loan?
You can check your eligibility for ICICI Bank and Yes 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 Yes Bank Business Loan
Compare ICICI Bank Business Loan With Other Banks
Compare Yes Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 2021-01-28 : Axis Bank Q3 net profit down 36%
Axis Bank reported a 36% drop in its net profit in the December quarter. Profit declined to Rs 1,116 crore from Rs 1,757 crore in the same period last year. Provisions in the quarter increased 33% to Rs 4,604 crore against Rs 3,470 crore in the year-ago period . Net interest income (NII), the difference between the interest earned and that paid on deposits which includes FD and RDs rose 14% to Rs 7,372.7 crore - 2021-01-28 : RBL Bank posted a Q3 net profit of ₹147 crore
RBL Bank reported a 110% rise in its net profit year-on-year at ₹147 crore in the quarter ended December 31, 2020. In the corresponding quarter, the bank posted a net profit of ₹6,995 crore. The bank’s total revenue backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans grew by 6% year-on-year to ₹1,488 crore . - 2021-01-28 : Bank of Baroda reported Q3 net profit of ₹1,061 crore
Bank of Baroda posted a net profit of ₹1,061 crore backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans for the third quarter ended December 31, 2020 as compared to a net loss of ₹1,407 crore due to a sharp reduction in provisioning for bad loans. Total income was lower at ₹20,664 crore as compared to ₹21,809 crore in the year earlier. - 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans. - 2021-01-27 : DCB Bank reported Q3 profit at ₹96.21 crore
DCB Bank posted a net profit of ₹96.21 crore for the third quarter ended December 2020. Further, it reported a total income of ₹1,023.86 crore backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
