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Compare Business Loan - IIFL vs Bank of Maharashtra

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Bank
Parameters
Interest Rate
Interest Rate
16.00% - 30.00%
14.50% - 15.50%
Processing Fees
Processing Fees
Up to 2%
Upto 3% of the loan amount
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
Eligible Age
Eligible 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 Upto 3% of the loan amount.
  • 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

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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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