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Compare Business Loan - IDBI vs Indifi

Bank
Parameters
Interest Rate
Interest Rate
12.25% - 13.50%
24.00% - 32.00%
Processing Fees
Processing Fees
1.00%
2 to 3%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 5 Lakh
₹ 1 Lakh to ₹ 50 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,237
₹ 2,877
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil charges
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Before 6 months - 2%, After that Nil prepayment charges
Allowed after 0 months at 4% charges
Borrower’s Age
Borrower’s Age
22 to 58 Years
23 to 65 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 Indifi Business Loan

Loan Amount IDBI Bank Indifi
₹ 1 Lakh ₹ 11,113 ₹ 7,247
₹ 5 Lakh ₹ 55,566 ₹ 36,235
₹ 10 Lakh ₹ 1,11,132 ₹ 72,471
₹ 15 Lakh ₹ 1,66,699 ₹ 1,08,706

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

IDBI Bank offers lower Business Loan EMI at 2237 on a Business Loan for 60 Months as compared to Indifi with a minimum EMI of 2877 for 60 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 Indifi Business Loan?

A detailed comparison of IDBI Bank and Indifi 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 Indifi at 24.00%. 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 Indifi charges a processing fees of 2 to 3%.
  • Indifi offers Business Loan upto an amount of ₹ 50 Lakh while IDBI Bank offer Business Loan upto an amount of ₹ 5 Lakh. Indifi 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. Indifi gives the option to close the loan after Zero months at 4% charges and IDBI Bank gives the option to close the loan after 1 months at Before 6 months - 2%, After that Nil prepayment charges. This makes Indifi a better option for Business Loan.
  • Indifi allows part payment on Business Loan after Zero months at Nil charges, while IDBI Bank does not offer part payment facility on Business Loan. This makes Indifi a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Indifi 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 Indifi.
  • Indifi 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, Indifi should be a preferred choice for relatively new enterprises.
  • Indifi has an average customer ratings of 5, while has an average customer rating of , based on which it is clear that Indifi 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 Indifi?

As per the current rates, IDBI Bank offers a lower interest rate of 12.25% on Business Loan when compared to Indifi which offers a Business Loan at 24.00%.

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

You can transfer your Business Loan from IDBI Bank to Indifi 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 Indifi Business Loan?

You can check your eligibility for IDBI Bank and Indifi 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 Indifi Business Loan

Compare IDBI Bank Business Loan With Other Banks

Compare Indifi Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jan 2021
  • 2021-01-08 : IndusInd Bank reported 11% growth in Q3 deposits
    IndusInd Bank posted a 3.2% quarter-on-quarter growth in the net advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans in the December quarter. Further, the bank also posted a 5% quarterly growth in deposits which includes fixed and recurring deposits.
  • 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
    HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020.
  • 2021-01-06 : Yes Bank reported 1.3% quarterly growth in loans and advances
    Yes Bank registered 1.3% quarter-on-quarter growth in loans and advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans to Rs 1.69 lakh crore during the December quarter. Deposits which include fixed and recurring deposits grew 7.7% to Rs 1.46 lakh crore. Further, the current account and savings account deposits grew 12.6% to Rs 37,973 crore.
  • 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
    Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020.
  • 2020-12-31 : ICICI Lombard introduced an online platform for SMEs
    ICICI Lombard launched an online business insurance platform for small and medium enterprises. The new platform will be convenient for the SME owners to purchase or renew insurance products, endorse their policies, and register claims. In addition to this, the business owners will opt for different insurance options such as marine insurance, workmen compensation.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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