Compare Business Loan - IIFL vs RBL Bank
| 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
|
|---|---|---|
| Parameters | ||
| Interest Rate | Interest Rate 16.00% - 30.00% |
16.25% - 21.00% |
| Processing Fees | Processing Fees Up to 2% |
1.80-2.20% 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 |
₹ 3,528 |
| 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 |
| Borrower’s Age | Borrower’s Age 30 to 60 Years |
25 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 |
₹ 25 Lakh |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
|
Compare EMI of IIFL and RBL Bank Business Loan
| Loan Amount | IIFL | RBL Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 9,227 | ₹ 7,865 |
| ₹ 5 Lakh | ₹ 46,135 | ₹ 39,327 |
| ₹ 10 Lakh | ₹ 92,270 | ₹ 78,653 |
| ₹ 15 Lakh | ₹ 1,38,405 | ₹ 1,17,980 |
Which is a better bank for Business Loan – IIFL or RBL Bank?
IIFL offers lower Business Loan EMI at 2432 on a Business Loan for 60 Months as compared to RBL Bank with a minimum EMI of 3528 for 36 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 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 Business Loan is 16.00%, which is lower than the lowest interest rate of RBL Bank at 16.25%. 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 RBL Bank charges a processing fees of 1.80-2.20% of loan amount.
- IIFL offers Business Loan upto an amount of ₹ 35 Lakh while RBL 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. 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 ₹ 25 Lakh. 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 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 RBL Bank?
As per the current rates, IIFL offers a lower interest rate of 16.00% on Business Loan when compared to RBL Bank which offers a Business Loan at 16.25%.
How can I transfer my Business Loan from IIFL to RBL Bank?
You can transfer your Business Loan from IIFL to RBL 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, IIFL offers the cheapest Business Loan at 16.00%.
How do I check my eligibility for IIFL and RBL Bank Business Loan?
You can check your eligibility for IIFL and RBL 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 RBL Bank Business Loan
Compare IIFL Business Loan With Other Banks
Compare RBL Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
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Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans. - 2021-01-27 : DCB Bank reported Q3 profit at ₹96.21 crore
DCB Bank posted a net profit of ₹96.21 crore for the third quarter ended December 2020. Further, it reported a total income of ₹1,023.86 crore backed by home, personal, car, two wheeler and gold loan along with business and mudra loans. - 2021-01-27 : Sundaram Home Finance Q3 net rose by 36%
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