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Compare Business Loan - IIFL vs Allahabad Bank

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Bank
Parameters
Interest Rate
Interest Rate
16.00% - 30.00%
14.50% - 18.60%
Processing Fees
Processing Fees
Up to 2%
Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 35 Lakh
₹ 1 Lakh to ₹ 20 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 84 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,432
₹ 1,902
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at 2.25%
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges
Allowed after 0 months at 2.25%
Eligible Age
Eligible Age
30 to 60 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
₹ 20 Lakh
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of IIFL and Allahabad Bank Business Loan

Loan Amount IIFL Allahabad Bank
₹ 1 Lakh ₹ 2,432 ₹ 1,902
₹ 5 Lakh ₹ 12,159 ₹ 9,509
₹ 10 Lakh ₹ 24,318 ₹ 19,017
₹ 15 Lakh ₹ 36,477 ₹ 28,526

Which is a better bank for Business Loan – Allahabad Bank or IIFL?

Allahabad Bank offers lower Business Loan EMI at 1902 on a Business Loan for 84 Months as compared to IIFL with a minimum EMI of 2432 for 60 Months. Average customer ratings for Allahabad Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.

How does Allahabad Bank Business Loan compare with IIFL Business Loan?

A detailed comparison of Allahabad Bank and IIFL 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 Allahabad Bank Business Loan is 14.50%, which is lower than the lowest interest rate of IIFL at 16.00%. Hence, Allahabad Bank is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, IIFL charges a processing fees of Up to 2% while Allahabad Bank charges a processing fees of Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928.
  • IIFL offers Business Loan upto an amount of ₹ 35 Lakh while Allahabad Bank offer Business Loan upto an amount of ₹ 20 Lakh. IIFL 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. Allahabad Bank gives the option to close the loan after Zero months at 2.25% and IIFL gives the option to close the loan after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges. This makes Allahabad Bank a better option for Business Loan.
  • Allahabad Bank allows part payment on Business Loan after Zero months at 2.25%, while IIFL does not offer part payment facility on Business Loan. This makes Allahabad Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Allahabad Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from IIFL is ₹ 20 Lakh. Hence, small businesses may find is easier to get a loan from Allahabad Bank.
  • Allahabad Bank and IIFL offer a business loan if your business has completed 36 months. Hence, Allahabad Bank and IIFL both can 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 – Allahabad Bank or IIFL?

As per the current rates, Allahabad Bank offers a lower interest rate of 14.50% on Business Loan when compared to IIFL which offers a Business Loan at 16.00%.

Know all about Business Loan

Know more about IIFL Business Loan

Know more about Allahabad Bank Business Loan

Compare IIFL Business Loan With Other Banks

Compare Allahabad Bank Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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