Compare IDBI Bank vs Fullerton India 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 IDBI Bank Ftcash Indifi Neogrowth 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	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 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 12.25% - 13.50%	17.00% - 21.00%
Processing Fees	Processing Fees 1.00%	2%
Loan Amount	Loan Amount ₹ 50,000 to ₹ 5 Lakh	₹ 1.50 Lakh to ₹ 20 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 48 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,237	₹ 2,886
Part Payment Charges	Part Payment Charges Not Allowed	Allowed after 6 months at 3 - 7%
Foreclosure Charges	Foreclosure Charges Allowed after 1 month at Before 6 months - 2%, After that Nil prepayment charges	Allowed after 6 months at 3 - 7%
Eligible Age	Eligible Age 22 to 58 Years	27 to 65 Years
Minimum Years in Business Required	Minimum Years in Business Required 36 Months	36 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 30 Lakh	₹ 20 Lakh
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	3.5/5.0

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Compare Business Loan EMI of IDBI Bank and Fullerton India

Loan Amount	IDBI Bank	Fullerton India
₹ 1 Lakh	₹ 2,237	₹ 2,886
₹ 5 Lakh	₹ 11,185	₹ 14,428
₹ 10 Lakh	₹ 22,371	₹ 28,855
₹ 15 Lakh	₹ 33,556	₹ 43,283

Which is a better bank for Business Loan – IDBI Bank or Fullerton India?

IDBI Bank offers lower Business Loan EMI at Rs. 2237 for 60 Months compared to Fullerton India with a minimum EMI of Rs. 2886 for 48 Months. In addition, average customer ratings for IDBI Bank is currently at /5.0, making it a good choice for taking a Business Loan.

How does IDBI Bank Business Loan compare with Fullerton India Business Loan?

A detailed comparison of IDBI Bank and Fullerton India 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 Loan is 12.25%, which is lower than the lowest interest rate of Fullerton India at 17.00%. Hence, IDBI Bank is offering a cheaper loan option.
Compared to other Business Loan charges such as processing fees, IDBI Bank charges a processing fee of 1.00%, while Fullerton India charges a processing fee of Upto 2%.
Fullerton India offers Business Loan upto an amount of ₹ 20 Lakh, while IDBI Bank offers Loan upto an amount of ₹ 5 Lakh. Therefore, Fullerton India 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. IDBI Bank gives the option to close the loan after 1 months at Before 6 months - 2%, After that Nil prepayment charges and Fullerton India gives the option to close the loan after 6 months at 3 - 7%. This makes IDBI Bank a better option for Business Loan.
Fullerton India allows part payment on Business Loan after 6 months at 3 - 7%, while IDBI Bank does not offer a part payment facility. This makes Fullerton India a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
Fullerton India gives business loan at a minimum turnover of ₹ 20 Lakh. 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 Fullerton India.
Fullerton India and IDBI Bank offer a business loan if your business has completed 36 months. Hence, Fullerton India and IDBI Bank both can be a preferred choice for relatively new enterprises.
Fullerton India has an average customer rating of 3.5. In contrast, has an average customer rating of , based on which it is clear that Fullerton India has a high customer service focus, an easy process and a quick turnaround.

Which bank offers a lower interest rate on Business Loan – IDBI Bank or Fullerton India?

As per the current rates, IDBI Bank offers a lower interest rate of 12.25% on loans compared to Fullerton India, which offers a Business Loan at 17.00%.

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Business Loan News - Aug 2022

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2022-05-03 : HDFC Profit Rises by 16% for Q4 of FY 2022
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2022-04-29 : ICICI Bank Launches Digital Ecosystem for MSMEs
The new digital ecosystem comprises three pillars, including enhanced banking services for existing customers, MSMEs who are customers of other banks, and other value-added services for all.
2022-04-28 : Union Bank Rolls out Automated Solution for Recovery of Bad Loans
Union Bank of India will be using a first-of-its-kind stressed asset recovery automated solution (SARAS) to help the bank enforce securities, track recoveries, and enhance monitoring of stressed assets.

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