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Compare Business Loan - IIFL vs Allahabad Bank

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%
Borrower’s Age
Borrower’s 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)
Add Bank

Compare EMI of IIFL and Allahabad Bank Business Loan

Loan Amount IIFL Allahabad Bank
₹ 1 Lakh ₹ 9,227 ₹ 11,199
₹ 5 Lakh ₹ 46,135 ₹ 55,993
₹ 10 Lakh ₹ 92,270 ₹ 1,11,985
₹ 15 Lakh ₹ 1,38,405 ₹ 1,67,978

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%.

How can I transfer my Business Loan from IIFL to Allahabad Bank?

You can transfer your Business Loan from IIFL to Allahabad 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, Allahabad Bank offers the cheapest Business Loan at 14.50%.

How do I check my eligibility for IIFL and Allahabad Bank Business Loan?

You can check your eligibility for IIFL and Allahabad 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 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 - Jan 2021
  • 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
    Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020.
  • 2021-01-25 : South India Bank reported 3FY21 loss at Rs. 91.62 crore
    South Indian Bank reported a total income of Rs.2082.08 crores backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted a net loss of Rs.91.6 crores for the period ended December 31, 2020.
  • 2021-01-25 : Bajaj Finserv Q3 results net profit rises 15% to Rs 1,290 crore
    Bajaj Finserv posted a 15% year-on-year rise in its net profit to Rs 1,290 crore in the quarter ended December, backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans Further, the bank’s revenues climbed 10% year-on-year to Rs 15,960.7 crore.
  • 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.
*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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