Compare IIFL vs RBL Bank Business Loan

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Bank	SBI HDFC Bank ICICI 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%	18.50% - 21.00%
Processing Fees	Processing Fees Up to 2%	2.50-3.00% of loan amount
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 35 Lakh	₹ 1 Lakh to ₹ 10 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 36 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,432	₹ 3,640
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 NIL foreclosure charges
Eligible Age	Eligible Age 30 to 60 Years	27 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)

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Compare Business Loan EMI of IIFL and RBL Bank

Loan Amount	IIFL	RBL Bank
₹ 1 Lakh	₹ 2,432	₹ 3,640
₹ 5 Lakh	₹ 12,159	₹ 18,202
₹ 10 Lakh	₹ 24,318	₹ 36,404
₹ 15 Lakh	₹ 36,477	₹ 54,606

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

IIFL offers lower Business Loan EMI at Rs. 2432 for 60 Months compared to RBL Bank with a minimum EMI of Rs. 3640 for 36 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 RBL Bank Business Loan?

A detailed comparison of IIFL and RBL Bank 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 RBL Bank at 18.50%. 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 RBL Bank charges a processing fee of Upto 2.50-3.00% of loan amount.
IIFL offers Business Loan upto an amount of ₹ 35 Lakh, while RBL Bank offers Loan upto an amount of ₹ 10 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. IIFL gives the option to close the loan after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges and RBL Bank gives the option to close the loan after 12 months at NIL foreclosure charges . 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 RBL Bank is ₹ 1 Cr. Hence, small businesses may find is easier to get a loan from IIFL.
IIFL and RBL Bank offer a business loan if your business has completed 36 months. Hence, IIFL and RBL Bank both can 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 RBL Bank?

As per the current rates, IIFL offers a lower interest rate of 16.00% on loans compared to RBL Bank, which offers a Business Loan at 18.50%.

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Business Loan News - May 2022

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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
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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.

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