Compare Business Loan - IDFC First vs Yes Bank
| Bank |
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
IDBI Bank
Neogrowth
Indifi
Allahabad 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
IIFL
Bank of Maharashtra
IndusInd Bank
Kotak Bank
Fullerton India
Indifi
Neogrowth
IDBI Bank
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
|
|---|---|---|
| Parameters | ||
| Interest Rate | Interest Rate 22.00% - 24.00% |
16.25% - 19.99% |
| Processing Fees | Processing Fees 2.00% |
Up to 2% |
| Loan Amount | Loan Amount ₹ 3 Lakh to ₹ 75 Lakh |
₹ 5 Lakh to ₹ 50 Lakh |
| Loan Tenure | Loan Tenure 6 to 36 Months |
12 to 36 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 3,819 |
₹ 3,528 |
| Part Payment Charges | Part Payment Charges Not Allowed |
Allowed after 12 months at 2% charges |
| Foreclosure Charges | Foreclosure Charges Allowed after 6 months at 4 - 5% |
Allowed after 12 months at Up to 4% |
| Borrower’s Age | Borrower’s Age 23 to 65 Years |
25 to 65 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 36 Months |
36 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 12 Lakh |
₹ 1 Cr |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
5/5.0 |
Compare EMI of IDFC First and Yes Bank Business Loan
| Loan Amount | IDFC First Bank | Yes Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 6,275 | ₹ 7,865 |
| ₹ 5 Lakh | ₹ 31,374 | ₹ 39,327 |
| ₹ 10 Lakh | ₹ 62,747 | ₹ 78,653 |
| ₹ 15 Lakh | ₹ 94,121 | ₹ 1,17,980 |
Which is a better bank for Business Loan – Yes Bank or IDFC First Bank?
Yes Bank offers lower Business Loan EMI at 3528 on a Business Loan for 36 Months as compared to IDFC First Bank with a minimum EMI of 3819 for 36 Months. Average customer ratings for Yes Bank is currently at 5/5.0 which makes it a good choice for taking a Business Loan.
How does Yes Bank Business Loan compare with IDFC First Bank Business Loan?
A detailed comparison of Yes Bank and IDFC First Bank 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 Yes Bank Business Loan is 16.25%, which is lower than the lowest interest rate of IDFC First Bank at 22.00%. Hence, Yes Bank is offering a cheaper loan option.
- When compared on other Business Loan charges such as processing fees, IDFC First Bank charges a processing fees of 2.00% while Yes Bank charges a processing fees of Up to 2%.
- IDFC First Bank offers Business Loan upto an amount of ₹ 75 Lakh while Yes Bank offer Business Loan upto an amount of ₹ 50 Lakh. IDFC First 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. IDFC First Bank gives the option to close the loan after 6 months at 4 - 5% and Yes Bank gives the option to close the loan after 12 months at Up to 4%. This makes IDFC First Bank a better option for Business Loan.
- Yes Bank allows part payment on Business Loan after 12 months at 2% charges, while IDFC First Bank does not offer part payment facility on Business Loan. This makes Yes Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
- IDFC First Bank gives business loan at a minimum turnover of ₹ 12 Lakh. However, the turnover requirement for a business loan from Yes Bank is ₹ 1 Cr. Hence, small businesses may find is easier to get a loan from IDFC First Bank.
- IDFC First Bank and Yes Bank offer a business loan if your business has completed 36 months. Hence, IDFC First Bank and Yes Bank both can be a preferred choice for relatively new enterprises.
- Yes Bank has an average customer ratings of 5, while has an average customer rating of , based on which it is clear that Yes Bank has a high customer service focus, an easy Business Loan process and a quick turnaround.
Which bank offers lower interest rate on Business Loan – Yes Bank or IDFC First Bank?
As per the current rates, Yes Bank offers a lower interest rate of 16.25% on Business Loan when compared to IDFC First Bank which offers a Business Loan at 22.00%.
How can I transfer my Business Loan from IDFC First Bank to Yes Bank?
You can transfer your Business Loan from IDFC First Bank to Yes Bank 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, Yes Bank offers the cheapest Business Loan at 16.25%.
How do I check my eligibility for IDFC First Bank and Yes Bank Business Loan?
You can check your eligibility for IDFC First Bank and Yes Bank 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 IDFC First Bank Business Loan
Know more about Yes Bank Business Loan
Compare IDFC First Bank Business Loan With Other Banks
Compare Yes Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 2021-01-19 : ank 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.
