Compare Business Loan - IIFL vs United Bank of India

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
Parameters
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
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	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 EMI of IIFL and United Bank of India Business Loan

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 2275 on a Business Loan for 60 Months as compared to IIFL with a minimum EMI of 2432 for 60 Months. Average customer ratings for United Bank of India is currently at /5.0 which makes 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 Business 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.
When compared on other Business Loan charges such as processing fees, IIFL charges a processing fees of Up to 2% while United Bank of India charges a processing fees of 1.15%.
IIFL offers Business Loan upto an amount of ₹ 35 Lakh while United Bank of India offer Business Loan upto an amount of ₹ 15 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. 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 part payment facility on Business Loan. 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 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 – United Bank of India or IIFL?

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

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Know more about IIFL Business Loan

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Compare IIFL Business Loan With Other Banks

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Know About MSMEs and Mudra Loan

Business Loan News - Apr 2021

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.
2021-03-26 : Digital Banking likely to play a major role in the banking sector
RBI Governor emphasised that digital lending is going to play a major role in the coming years and the market will be more technology-dependent. Further, he suggested that banks need to adapt to new technologies and adapt to the changes and transformations which are happening in the world of digital lending to remain in sync with time.

*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

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