Compare Business Loan - IIFL vs Neogrowth

Bank	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India IDBI Bank Ftcash Indifi 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
Parameters
Interest Rate	Interest Rate 16.00% - 30.00%	19.50% - 23.00%
Processing Fees	Processing Fees Up to 2%	2.5% of loan amount
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 35 Lakh	₹ 1 Lakh to ₹ 8 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	9 to 24 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,432	₹ 5,065
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 charges
Borrower’s Age	Borrower’s Age 30 to 60 Years	23 to 65 Years
Minimum Years in Business Required	Minimum Years in Business Required 36 Months	12 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 20 Lakh	₹ 24 Lakh
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)

Add Bank

Compare EMI of IIFL and Neogrowth Business Loan

Loan Amount	IIFL	Neogrowth
₹ 1 Lakh	₹ 2,432	₹ 5,065
₹ 5 Lakh	₹ 12,159	₹ 25,326
₹ 10 Lakh	₹ 24,318	₹ 50,652
₹ 15 Lakh	₹ 36,477	₹ 75,978

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

IIFL offers lower Business Loan EMI at 2432 on a Business Loan for 60 Months as compared to Neogrowth with a minimum EMI of 5065 for 24 Months. Average customer ratings for IIFL is currently at /5.0 which makes it a good choice for taking a Business Loan.

How does IIFL Business Loan compare with Neogrowth Business Loan?

A detailed comparison of IIFL and Neogrowth 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 IIFL Business Loan is 16.00%, which is lower than the lowest interest rate of Neogrowth at 19.50%. Hence, IIFL 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 Neogrowth charges a processing fees of 2.5% of loan amount.
IIFL offers Business Loan upto an amount of ₹ 35 Lakh while Neogrowth offer Business Loan upto an amount of ₹ 8 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. Neogrowth gives the option to close the loan after 1 months at Nil 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 Neogrowth 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 Neogrowth is ₹ 24 Lakh. Hence, small businesses may find is easier to get a loan from IIFL.
Neogrowth can be a better option if you are looking for fund requirements after 12 months. IIFL offers a business loan once if business is 36 months old. Hence, Neogrowth 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 – IIFL or Neogrowth?

As per the current rates, IIFL offers a lower interest rate of 16.00% on Business Loan when compared to Neogrowth which offers a Business Loan at 19.50%.

Know all about Business Loan

Know more about IIFL Business Loan

Know more about Neogrowth Business Loan

Compare IIFL Business Loan With Other Banks

Compare Neogrowth 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.

*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

Calculate Your Income Tax ☺

Please wait while your information is being processed...