Compare IIFL vs HDFC Bank Business Loan

Download Comparison

Bank	SBI ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi Neogrowth IDBI Bank Allahabad Bank Yes Bank PNB OBC Indian Overseas Bank Dhan Laxmi Bank DCB Bank Andhra Bank United Bank of India Corporation Bank Syndicate Bank Bank of Baroda	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi Neogrowth IDBI Bank Allahabad Bank Yes Bank PNB OBC Indian Overseas Bank Dhan Laxmi Bank DCB Bank Andhra Bank United Bank of India Corporation Bank Syndicate Bank Bank of Baroda
Interest Rate	Interest Rate 16.00% - 30.00%	11.90% - 21.35%
Processing Fees	Processing Fees Up to 2%	₹ 499
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 35 Lakh	₹ 50,000 to ₹ 50 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 48 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,432	₹ 2,628
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	Allowed after 12 months at 2 - 4%
Eligible Age	Eligible Age 30 to 60 Years	21 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	₹ 1 Cr
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	4.5/5.0

Add Bank

Compare Business Loan EMI of IIFL and HDFC Bank

Loan Amount	IIFL	HDFC Bank
₹ 1 Lakh	₹ 2,432	₹ 2,628
₹ 5 Lakh	₹ 12,159	₹ 13,142
₹ 10 Lakh	₹ 24,318	₹ 26,285
₹ 15 Lakh	₹ 36,477	₹ 39,427

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

IIFL offers lower Business Loan EMI at Rs. 2432 for 60 Months compared to HDFC Bank with a minimum EMI of Rs. 2628 for 48 Months. In addition, average customer ratings for IIFL is currently at /5.0, making it a good choice for taking a Business Loan.

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

A detailed comparison of HDFC 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 HDFC Bank Loan is 11.90%, which is lower than the lowest interest rate of IIFL at 16.00%. Hence, HDFC Bank is offering a cheaper loan option.
Compared to other Business Loan charges such as processing fees, IIFL charges a processing fee of Up to 2%, while HDFC Bank charges a processing fee of Upto ₹ 499.
HDFC Bank offers Business Loan upto an amount of ₹ 50 Lakh, while IIFL offers Loan upto an amount of ₹ 35 Lakh. Therefore, HDFC Bank can be a better option if you are looking for a high value amount.
One feature that makes Business Loan a better option is the 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 HDFC Bank gives the option to close the loan after 12 months at 2 - 4%. This makes IIFL a better option for Business Loan.
IIFL gives business loan at a minimum turnover of ₹ 20 Lakh. However, the turnover requirement for a business loan from HDFC Bank is ₹ 1 Cr. Hence, small businesses may find is easier to get a loan from IIFL.
HDFC Bank and IIFL offer a business loan if your business has completed 36 months. Hence, HDFC Bank and IIFL both can be a preferred choice for relatively new enterprises.
HDFC Bank has an average customer rating of 4.5. In contrast, has an average customer rating of , based on which it is clear that HDFC Bank has a high customer service focus, an easy process and a quick turnaround.

Which bank offers a lower interest rate on Business Loan – HDFC Bank or IIFL?

As per the current rates, HDFC Bank offers a lower interest rate of 11.90% on loans 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 HDFC Bank Business Loan

Compare IIFL Business Loan With Other Banks

Compare HDFC Bank Business Loan With Other Banks

Know About MSMEs and Mudra Loan

Notification ×

Home Loan
Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000
Apply Now
Personal Loan
Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.
Check Offers
Gold Loan
Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500
Apply Now
Loan Against Property
Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.
Apply Now
Business Loan
Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.
Apply Now
Fixed Deposit
AAA rated FDs with returns as high as 7.05%.
Invest Now

Business Loan News - May 2022

2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
2022-05-03 : HDFC Profit Rises by 16% for Q4 of FY 2022
Housing Development Finance Corporation has reported a 16% year-on-year rise in its standalone net profit for the March quarter to Rs 3,700 crore on the back of strong growth in loans and net interest income (NII).
2022-04-29 : Axis Bank Net Profit Jumps to Rs 4,118 crore in March Quarter
The bank has reported a 54 percent jump in its standalone net profit to Rs 4,117.77 crore from a net profit of Rs 2,677.06 crore in the year-ago period for the quarter ended March 2022.
2022-04-29 : ICICI Bank Launches Digital Ecosystem for MSMEs
The new digital ecosystem comprises three pillars, including enhanced banking services for existing customers, MSMEs who are customers of other banks, and other value-added services for all.
2022-04-28 : Union Bank Rolls out Automated Solution for Recovery of Bad Loans
Union Bank of India will be using a first-of-its-kind stressed asset recovery automated solution (SARAS) to help the bank enforce securities, track recoveries, and enhance monitoring of stressed assets.

*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

Calculate Your Income Tax ☺

Please wait while your information is being processed...