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Compare Business Loan - IIFL vs Yes Bank

Bank
Parameters
Interest Rate
Interest Rate
16.00% - 30.00%
16.25% - 19.99%
Processing Fees
Processing Fees
Up to 2%
Up to 2%
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 35 Lakh
₹ 5 Lakh to ₹ 50 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
Allowed after 12 months at 2% charges
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 Up to 4%
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
₹ 1 Cr
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
5/5.0
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Compare EMI of IIFL and Yes Bank Business Loan

Loan Amount IIFL Yes Bank
₹ 1 Lakh ₹ 2,432 ₹ 3,528
₹ 5 Lakh ₹ 12,159 ₹ 17,640
₹ 10 Lakh ₹ 24,318 ₹ 35,281
₹ 15 Lakh ₹ 36,477 ₹ 52,921

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

IIFL offers lower Business Loan EMI at 2432 on a Business Loan for 60 Months as compared to Yes 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 Yes Bank Business Loan?

A detailed comparison of IIFL and Yes 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 Yes 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 Yes Bank charges a processing fees of Up to 2%.
  • Yes Bank offers Business Loan upto an amount of ₹ 50 Lakh while IIFL offer Business Loan upto an amount of ₹ 35 Lakh. Yes Bank 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 Yes Bank gives the option to close the loan after 12 months at Up to 4%. This makes IIFL a better option for Business Loan.
  • Yes Bank allows part payment on Business Loan after 12 months at 2% charges, while IIFL does not offer part payment facility on Business Loan. This makes Yes Bank 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 Yes Bank is ₹ 1 Cr. Hence, small businesses may find is easier to get a loan from IIFL.
  • IIFL and Yes Bank offer a business loan if your business has completed 36 months. Hence, IIFL and Yes Bank both can be a preferred choice for relatively new enterprises.
  • Yes Bank has an average customer ratings of 5, while has an average customer rating of , based on which it is clear that Yes Bank has a high customer service focus, an easy Business Loan process and a quick turnaround.

Which bank offers lower interest rate on Business Loan – IIFL or Yes Bank?

As per the current rates, IIFL offers a lower interest rate of 16.00% on Business Loan when compared to Yes Bank which offers a Business Loan at 16.25%.

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Know About MSMEs and Mudra Loan

Business Loan News - Apr 2021
  • 2021-04-13 : Bandhan Bank’s collection efficiency ratio at 96% in Q4
    Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
  • 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.
*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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