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Compare Business Loan - IDBI vs OBC

Bank
Parameters
Interest Rate
Interest Rate
12.25% - 13.50%
12.65% - 15.65%
Processing Fees
Processing Fees
1.00%
0.50% of Loan Amount
Loan Amount
Loan Amount
₹ 50,000 to ₹ 5 Lakh
₹ 1 Lakh to ₹ 15 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 84 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,237
₹ 1,800
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil Prepayment Charges
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Before 6 months - 2%, After that Nil prepayment charges
Allowed after 0 months at Nil Prepayment Charges
Borrower’s Age
Borrower’s Age
22 to 58 Years
25 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)
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Compare EMI of IDBI and OBC Business Loan

Loan Amount IDBI Bank OBC
₹ 1 Lakh ₹ 11,113 ₹ 12,172
₹ 5 Lakh ₹ 55,566 ₹ 60,860
₹ 10 Lakh ₹ 1,11,132 ₹ 1,21,720
₹ 15 Lakh ₹ 1,66,699 ₹ 1,82,580

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

OBC offers lower Business Loan EMI at 1800 on a Business Loan for 84 Months as compared to IDBI Bank with a minimum EMI of 2237 for 60 Months. Average customer ratings for OBC is currently at /5.0 which makes it a good choice for taking a Business Loan.

How does IDBI Bank Business Loan compare with OBC Business Loan?

A detailed comparison of IDBI Bank and OBC 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 OBC at 12.65%. 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 OBC charges a processing fees of 0.50% of Loan Amount.
  • OBC offers Business Loan upto an amount of ₹ 15 Lakh while IDBI Bank offer Business Loan upto an amount of ₹ 5 Lakh. OBC 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. OBC gives the option to close the loan after Zero months at Nil Prepayment 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 OBC a better option for Business Loan.
  • OBC 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 OBC a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • OBC 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 OBC.
  • OBC 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, OBC 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 OBC?

As per the current rates, IDBI Bank offers a lower interest rate of 12.25% on Business Loan when compared to OBC which offers a Business Loan at 12.65%.

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

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

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

Compare IDBI Bank Business Loan With Other Banks

Compare OBC Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jan 2021
  • 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.
*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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