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Compare Business Loan - IDBI vs Neogrowth

Bank
Parameters
Interest Rate
Interest Rate
12.25% - 13.50%
19.50% - 23.00%
Processing Fees
Processing Fees
1.00%
2.5% of loan amount
Loan Amount
Loan Amount
₹ 50,000 to ₹ 5 Lakh
₹ 1 Lakh to ₹ 8 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
9 to 24 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,237
₹ 5,065
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 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
12 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 30 Lakh
₹ 24 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of IDBI and Neogrowth Business Loan

Loan Amount IDBI Bank Neogrowth
₹ 1 Lakh ₹ 11,113 ₹ 6,244
₹ 5 Lakh ₹ 55,566 ₹ 31,218
₹ 10 Lakh ₹ 1,11,132 ₹ 62,435
₹ 15 Lakh ₹ 1,66,699 ₹ 93,653

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

IDBI Bank offers lower Business Loan EMI at 2237 on a Business Loan for 60 Months as compared to Neogrowth with a minimum EMI of 5065 for 24 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 Neogrowth Business Loan?

A detailed comparison of IDBI Bank and Neogrowth 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 Neogrowth at 19.50%. 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 Neogrowth charges a processing fees of 2.5% of loan amount.
  • Neogrowth offers Business Loan upto an amount of ₹ 8 Lakh while IDBI Bank offer Business Loan upto an amount of ₹ 5 Lakh. Neogrowth 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. IDBI Bank and Neogrowth gives the option to close the loan after 1 months at Before 6 months - 2%, After that Nil prepayment charges and Nil charges. This makes IDBI Bank a better option for Business Loan.
  • Neogrowth gives business loan at a minimum turnover of ₹ 24 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 Neogrowth.
  • Neogrowth can be a better option if you are looking for fund requirements after 12 months. IDBI Bank offers a business loan once if business is 36 months old. Hence, Neogrowth should be a preferred choice for relatively new enterprises.
  • with an average customer ratings of is equally comparable to with an average customer rating of . Hence, the customer can expect the same kind of service levels from these banks.

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

As per the current rates, IDBI Bank offers a lower interest rate of 12.25% on Business Loan when compared to Neogrowth which offers a Business Loan at 19.50%.

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

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

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

Compare IDBI Bank Business Loan With Other Banks

Compare Neogrowth Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jan 2021
  • 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.
  • 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.
*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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