Compare IIFL vs United Bank of India 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 Neogrowth Allahabad Bank Yes Bank PNB OBC Indian Overseas Bank Dhan Laxmi Bank DCB Bank Andhra Bank 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%	13.00% - 13.00%
Processing Fees	Processing Fees Up to 2%	1.15%
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 35 Lakh	₹ 5 Lakh to ₹ 15 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,432	₹ 2,275
Part Payment Charges	Part Payment Charges Not Allowed	Allowed after 0 months at 2% of Outstanding Balance
Foreclosure Charges	Foreclosure Charges Allowed after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges	Allowed after 0 months at 2% of Outstanding Balance
Eligible Age	Eligible Age 30 to 60 Years	25 to 65 Years
Minimum Years in Business Required	Minimum Years in Business Required 36 Months	24 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 20 Lakh	₹ 50 Lakh
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)

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Compare Business Loan EMI of IIFL and United Bank of India

Loan Amount	IIFL	United Bank of India
₹ 1 Lakh	₹ 2,432	₹ 2,275
₹ 5 Lakh	₹ 12,159	₹ 11,377
₹ 10 Lakh	₹ 24,318	₹ 22,753
₹ 15 Lakh	₹ 36,477	₹ 34,130

Which is a better bank for Business Loan – United Bank of India or IIFL?

United Bank of India offers lower Business Loan EMI at Rs. 2275 for 60 Months compared to IIFL with a minimum EMI of Rs. 2432 for 60 Months. In addition, average customer ratings for United Bank of India is currently at /5.0, making it a good choice for taking a Business Loan.

How does United Bank of India Business Loan compare with IIFL Business Loan?

A detailed comparison of United Bank of India 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 United Bank of India Loan is 13.00%, which is lower than the lowest interest rate of IIFL at 16.00%. Hence, United Bank of India 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 United Bank of India charges a processing fee of Upto 1.15%.
IIFL offers Business Loan upto an amount of ₹ 35 Lakh, while United Bank of India offers Loan upto an amount of ₹ 15 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. United Bank of India gives the option to close the loan after Zero months at 2% of Outstanding Balance 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 United Bank of India a better option for Business Loan.
United Bank of India allows part payment on Business Loan after Zero months at 2% of Outstanding Balance, while IIFL does not offer a part payment facility. This makes United Bank of India a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
IIFL gives business loan at a minimum turnover of ₹ 20 Lakh. However, the turnover requirement for a business loan from United Bank of India is ₹ 50 Lakh. Hence, small businesses may find is easier to get a loan from IIFL.
United Bank of India can be a better option if you are looking for fund requirements after 24 months. IIFL offers a business loan once if business is 36 months old. Hence, United Bank of India 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 – United Bank of India or IIFL?

As per the current rates, United Bank of India offers a lower interest rate of 13.00% on loans compared to IIFL, which offers a Business Loan at 16.00%.

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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More

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