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 - IIFL vs DCB

Bank
Parameters
Interest Rate
Interest Rate
16.00% - 30.00%
13.70% - 18.00%
Processing Fees
Processing Fees
Up to 2%
2%
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 35 Lakh
₹ 0 to ₹ 0
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,432
₹ 2,311
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 6 months at 7-36 Months: 4%, >36 Months: 6%
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges
Allowed after 12 months at 4 - 6%
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
0 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 DCB Business Loan

Loan Amount IIFL DCB Bank
₹ 1 Lakh ₹ 9,227 ₹ 10,257
₹ 5 Lakh ₹ 46,135 ₹ 51,284
₹ 10 Lakh ₹ 92,270 ₹ 1,02,567
₹ 15 Lakh ₹ 1,38,405 ₹ 1,53,851

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

DCB Bank offers lower Business Loan EMI at 2311 on a Business Loan for 60 Months as compared to IIFL with a minimum EMI of 2432 for 60 Months. Average customer ratings for DCB Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.

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

A detailed comparison of DCB 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 DCB Bank Business Loan is 13.70%, which is lower than the lowest interest rate of IIFL at 16.00%. Hence, DCB 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 DCB Bank charges a processing fees of 2%.
  • IIFL offers Business Loan upto an amount of ₹ 35 Lakh while DCB Bank offer Business Loan upto an amount of ₹ 0 . 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. IIFL gives the option to close the loan after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges and DCB Bank gives the option to close the loan after 12 months at 4 - 6%. This makes IIFL a better option for Business Loan.
  • DCB Bank allows part payment on Business Loan after 6 months at 7-36 Months: 4%, >36 Months: 6%, while IIFL does not offer part payment facility on Business Loan. This makes DCB Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • DCB 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 DCB Bank.
  • DCB Bank 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, DCB Bank 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 – DCB Bank or IIFL?

As per the current rates, DCB Bank offers a lower interest rate of 13.70% 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 DCB Bank?

You can transfer your Business Loan from IIFL to DCB 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, DCB Bank offers the cheapest Business Loan at 13.70%.

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

You can check your eligibility for IIFL and DCB 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 DCB Bank Business Loan

Compare IIFL Business Loan With Other Banks

Compare DCB 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...