Compare IIFL vs Neogrowth Business Loan

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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
Interest Rate	Interest Rate 16.00% - 30.00%	24.00% - 0.00%
Processing Fees	Processing Fees Up to 2%	Upto 3% 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	₹ 5,287
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
Eligible Age	Eligible 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)

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Compare Business Loan EMI of IIFL and Neogrowth

Loan Amount	IIFL	Neogrowth
₹ 1 Lakh	₹ 2,432	₹ 5,287
₹ 5 Lakh	₹ 12,159	₹ 26,436
₹ 10 Lakh	₹ 24,318	₹ 52,871
₹ 15 Lakh	₹ 36,477	₹ 79,307

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

IIFL offers lower Business Loan EMI at Rs. 2432 for 60 Months compared to Neogrowth with a minimum EMI of Rs. 5287 for 24 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 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 Loan is 16.00%, which is lower than the lowest interest rate of Neogrowth at 24.00%. Hence, IIFL 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 Neogrowth charges a processing fee of Upto Upto 3% of loan amount.
IIFL offers Business Loan upto an amount of ₹ 35 Lakh, while Neogrowth offers Loan upto an amount of ₹ 8 Lakh. Therefore, 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 the 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 rating 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 a lower interest rate on Business Loan – IIFL or Neogrowth?

As per the current rates, IIFL offers a lower interest rate of 16.00% on loans compared to Neogrowth, which offers a Business Loan at 24.00%.

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Business Loan News - May 2022

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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.

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