Compare Business Loan - IIFL vs United Bank

Compare EMI of IIFL and United Bank Business Loan

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%.

How can I transfer my Business Loan from IIFL to United Bank of India?

You can transfer your Business Loan from IIFL to United Bank of India 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, United Bank of India offers the cheapest Business Loan at 13.00%.

How do I check my eligibility for IIFL and United Bank of India Business Loan?

You can check your eligibility for IIFL and United Bank of India 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.

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