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Compare Business Loan - IIFL vs Bank of Maharashtra

Interest Rate
Interest Rate
16.00% - 30.00%
14.50% - 15.50%
Processing Fees
Processing Fees
Up to 2%
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 35 Lakh
₹ 50,000 to ₹ 1.50 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,432
₹ 3,442
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges
Not Allowed
Borrower’s Age
Borrower’s Age
30 to 60 Years
21 to 60 Years
Minimum Years in Business Required
Minimum Years in Business Required
36 Months
0 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 Bank of Maharashtra Business Loan

Loan Amount IIFL Bank of Maharashtra
₹ 1 Lakh ₹ 2,432 ₹ 3,442
₹ 5 Lakh ₹ 12,159 ₹ 17,210
₹ 10 Lakh ₹ 24,318 ₹ 34,421
₹ 15 Lakh ₹ 36,477 ₹ 51,631

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

IIFL offers lower Business Loan EMI at 2432 on a Business Loan for 60 Months as compared to Bank of Maharashtra with a minimum EMI of 3442 for 36 Months. Average customer ratings for IIFL is currently at /5.0 which makes it a good choice for taking a Business Loan.

How does Bank of Maharashtra Business Loan compare with IIFL Business Loan?

A detailed comparison of Bank of Maharashtra 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 Bank of Maharashtra Business Loan is 14.50%, which is lower than the lowest interest rate of IIFL at 16.00%. Hence, Bank of Maharashtra 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 Bank of Maharashtra charges a processing fees of .
  • IIFL offers Business Loan upto an amount of ₹ 35 Lakh while Bank of Maharashtra offer Business Loan upto an amount of ₹ 1.50 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. Bank of Maharashtra gives the option to close the loan after Zero months at , while IIFL does not offer foreclosure facility on Business Loan. This makes Bank of Maharashtra a better option for Business Loan.
  • Bank of Maharashtra 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 Bank of Maharashtra.
  • Bank of Maharashtra can be a better option if you are looking for fund requirements after 0 months. IIFL offers a business loan once if business is 36 months old. Hence, Bank of Maharashtra 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 – Bank of Maharashtra or IIFL?

As per the current rates, Bank of Maharashtra 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 Bank of Maharashtra Business Loan

Compare IIFL Business Loan With Other Banks

Compare Bank of Maharashtra Business Loan With Other Banks

Know About MSMEs and Mudra Loan

Business Loan News - Apr 2021
  • 2021-04-13 : Bandhan Bank’s collection efficiency ratio at 96% in Q4
    Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
  • 2021-04-12 : Rs. 15 lakh crores sanctioned under the Mudra Yojna in last 6 years
    The finance ministry reported that banks and financial institutions have sanctioned Rs. 15 lakh crores to over 28.68 crores beneficiaries in the last 6 years. Prime Minister Mudra Yojna or PMMY was launched in April 2015 with an aim to promote entrepreneurship.
  • 2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
    IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
  • 2021-04-05 : Yes Bank Jan-March deposits up 54% to 162, 947
    Yes Bank reported that the bank’s loan and advances which include home, personal, LAP, gold, two-wheeler, car and doctor loans along with business and mudra loans increased by 0.8% in year-on-year (YoY) terms to Rs. 172,850 crores. In addition to this, the bank deposit which includes fixed and recurring deposits grew 54.7% to Rs. 162,947 crores as compared to ₹105,364 crores on a yearly basis. The CASA(current and savings account) was up 51.8% to Rs. 42,587 crores against Rs. 28,063 crores YoY.
  • 2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
    Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
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