MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹1,000* on Business Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Compare Business Loan - IDFC First vs Yes Bank

Bank
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
Add Bank

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

Notification ×
  • Home Loan

    Home Loan starting at 6.75%. Cashback of up to ₹ 1,000 plus Free COVID Insurance of ₹ 1 lakh.

    Apply Now
  • Personal Loan

    Instant Personal Loan with Cashback of up to ₹ 1,000 or Free Corona Insurance Cover of up to ₹ 5 Lakhs.

    Check Offers
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
  • Demat Account

    Open Instant Demat Account and Get Cashback of ₹ 500*. *T&C Apply

    Apply Now
  • DBS Savings Account

    Open Account Online and Cashback of up to ₹ 4,800.

    Open Account
  • Gold Loan

    Instant Gold Loan starting at 9.90% with Cashback of up to ₹ 500 or Free Corona Health Cover of upto ₹ 1 Lakh.

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.50%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Credit Card

    Get amazing offers, discounts and welcome gift vouchers on SBI Credit Cards.

    Apply Now
Business Loan News - Jan 2021
  • 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.
*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
Loader
Please wait while your information is being processed...