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Compare Business Loan - IIFL vs IOB

Bank
Parameters
Interest Rate
Interest Rate
16.00% - 30.00%
14.90% - 15.25%
Processing Fees
Processing Fees
Up to 2%
Rs. 204 per lakh
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 35 Lakh
₹ 50,000 to ₹ 10 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,432
₹ 2,374
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 1 month at Nil prepayment charges
Borrower’s Age
Borrower’s Age
30 to 60 Years
21 to 58 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 IOB Business Loan

Loan Amount IIFL Indian Overseas Bank
₹ 1 Lakh ₹ 9,227 ₹ 9,678
₹ 5 Lakh ₹ 46,135 ₹ 48,390
₹ 10 Lakh ₹ 92,270 ₹ 96,781
₹ 15 Lakh ₹ 1,38,405 ₹ 1,45,172

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

Indian Overseas Bank offers lower Business Loan EMI at 2374 on a Business Loan for 60 Months as compared to IIFL with a minimum EMI of 2432 for 60 Months. Average customer ratings for Indian Overseas Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.

How does Indian Overseas Bank Business Loan compare with IIFL Business Loan?

A detailed comparison of Indian Overseas 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 Indian Overseas Bank Business Loan is 14.90%, which is lower than the lowest interest rate of IIFL at 16.00%. Hence, Indian Overseas 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 Indian Overseas Bank charges a processing fees of Rs. 204 per lakh.
  • IIFL offers Business Loan upto an amount of ₹ 35 Lakh while Indian Overseas Bank offer Business Loan upto an amount of ₹ 10 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. Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges 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 Indian Overseas Bank a better option for Business Loan.
  • Indian Overseas 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 Indian Overseas Bank.
  • Indian Overseas 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, Indian Overseas 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 – Indian Overseas Bank or IIFL?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 14.90% 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 Indian Overseas Bank?

You can transfer your Business Loan from IIFL to Indian Overseas 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, Indian Overseas Bank offers the cheapest Business Loan at 14.90%.

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

You can check your eligibility for IIFL and Indian Overseas 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 Indian Overseas Bank Business Loan

Compare IIFL Business Loan With Other Banks

Compare Indian Overseas Bank Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jan 2021
  • 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.
  • 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
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