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Compare Business Loan - IDBI vs Bank of Baroda

Bank
Parameters
Interest Rate
Interest Rate
12.25% - 13.50%
14.10% - 14.10%
Processing Fees
Processing Fees
1.00%
Upto 1.00%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 5 Lakh
₹ 1 Lakh to ₹ 2 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,237
₹ 3,423
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Before 6 months - 2%, After that Nil prepayment charges
Allowed after 1 month at Nil prepayment charges
Borrower’s Age
Borrower’s Age
22 to 58 Years
21 to 60 Years
Minimum Years in Business Required
Minimum Years in Business Required
36 Months
0 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 30 Lakh
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
5/5.0
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Compare EMI of IDBI and Bank of Baroda Business Loan

Loan Amount IDBI Bank Bank of Baroda
₹ 1 Lakh ₹ 11,113 ₹ 8,802
₹ 5 Lakh ₹ 55,566 ₹ 44,010
₹ 10 Lakh ₹ 1,11,132 ₹ 88,020
₹ 15 Lakh ₹ 1,66,699 ₹ 1,32,029

Which is a better bank for Business Loan – IDBI Bank or Bank of Baroda?

IDBI Bank offers lower Business Loan EMI at 2237 on a Business Loan for 60 Months as compared to Bank of Baroda with a minimum EMI of 3423 for 36 Months. Average customer ratings for IDBI Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.

How does IDBI Bank Business Loan compare with Bank of Baroda Business Loan?

A detailed comparison of IDBI Bank and Bank of Baroda 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 IDBI Bank Business Loan is 12.25%, which is lower than the lowest interest rate of Bank of Baroda at 14.10%. Hence, IDBI Bank is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, IDBI Bank charges a processing fees of 1.00% while Bank of Baroda charges a processing fees of Upto 1.00%.
  • IDBI Bank offers Business Loan upto an amount of ₹ 5 Lakh while Bank of Baroda offer Business Loan upto an amount of ₹ 2 Lakh. IDBI 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. Bank of Baroda and IDBI Bank gives the option to close the loan after 1 months at Nil prepayment charges and Before 6 months - 2%, After that Nil prepayment charges. This makes Bank of Baroda a better option for Business Loan.
  • Bank of Baroda gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from IDBI Bank is ₹ 30 Lakh. Hence, small businesses may find is easier to get a loan from Bank of Baroda.
  • Bank of Baroda can be a better option if you are looking for fund requirements after 0 months. IDBI Bank offers a business loan once if business is 36 months old. Hence, Bank of Baroda should be a preferred choice for relatively new enterprises.
  • Bank of Baroda has an average customer ratings of 5, while has an average customer rating of , based on which it is clear that Bank of Baroda has a high customer service focus, an easy Business Loan process and a quick turnaround.

Which bank offers lower interest rate on Business Loan – IDBI Bank or Bank of Baroda?

As per the current rates, IDBI Bank offers a lower interest rate of 12.25% on Business Loan when compared to Bank of Baroda which offers a Business Loan at 14.10%.

How can I transfer my Business Loan from IDBI Bank to Bank of Baroda?

You can transfer your Business Loan from IDBI Bank to Bank of Baroda 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, IDBI Bank offers the cheapest Business Loan at 12.25%.

How do I check my eligibility for IDBI Bank and Bank of Baroda Business Loan?

You can check your eligibility for IDBI Bank and Bank of Baroda 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 IDBI Bank Business Loan

Know more about Bank of Baroda Business Loan

Compare IDBI Bank Business Loan With Other Banks

Compare Bank of Baroda Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jan 2021
  • 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
    Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020.
  • 2021-01-25 : South India Bank reported 3FY21 loss at Rs. 91.62 crore
    South Indian Bank reported a total income of Rs.2082.08 crores backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted a net loss of Rs.91.6 crores for the period ended December 31, 2020.
  • 2021-01-25 : Bajaj Finserv Q3 results net profit rises 15% to Rs 1,290 crore
    Bajaj Finserv posted a 15% year-on-year rise in its net profit to Rs 1,290 crore in the quarter ended December, backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans Further, the bank’s revenues climbed 10% year-on-year to Rs 15,960.7 crore.
  • 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2021-01-18 : Karnataka Bank Q3 net profit rises to ₹135 cr
    Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20.
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