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Compare Indian Overseas Bank vs Andhra Bank Business Loan

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Bank
Interest Rate
Interest Rate
11.00% - 15.00%
15.75% - 16.00%
Processing Fees
Processing Fees
upto 3% of the loan amount
Case to Case
Loan Amount
Loan Amount
₹ 50,000 to ₹ 10 Lakh
₹ 50,000 to ₹ 5 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,174
₹ 2,419
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
21 to 58 Years
21 to 55 Years
Minimum Years in Business Required
Minimum Years in Business Required
NA
12 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 0
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Business Loan EMI of Indian Overseas Bank and Andhra Bank

Loan Amount Indian Overseas Bank Andhra Bank
₹ 1 Lakh ₹ 2,174 ₹ 2,419
₹ 5 Lakh ₹ 10,871 ₹ 12,093
₹ 10 Lakh ₹ 21,742 ₹ 24,185
₹ 15 Lakh ₹ 32,614 ₹ 36,278

Which is a better bank for Business Loan – Indian Overseas Bank or Andhra Bank?

Indian Overseas Bank offers lower Business Loan EMI at Rs. 2174 for 60 Months compared to Andhra Bank with a minimum EMI of Rs. 2419 for 60 Months. In addition, average customer ratings for Indian Overseas Bank is currently at /5.0, making it a good choice for taking a Business Loan.

How does Indian Overseas Bank Business Loan compare with Andhra Bank Business Loan?

A detailed comparison of Indian Overseas Bank and Andhra 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 Indian Overseas Bank Loan is 11.00%, which is lower than the lowest interest rate of Andhra Bank at 15.75%. Hence, Indian Overseas Bank is offering a cheaper loan option.
  • Compared to other Business Loan charges such as processing fees, Indian Overseas Bank charges a processing fee of upto 3% of the loan amount, while Andhra Bank charges a processing fee of Upto Case to Case.
  • Indian Overseas Bank offers Business Loan upto an amount of ₹ 10 Lakh, while Andhra Bank offers Loan upto an amount of ₹ 5 Lakh. Therefore, Indian Overseas 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 the foreclosure facility. Andhra Bank gives the option to close the loan after Zero months at Nil prepayment charges and Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges. This makes Andhra Bank a better option for Business Loan.
  • Andhra Bank allows part payment on Business Loan after Zero months at Nil charges, while Indian Overseas Bank does not offer a part payment facility. This makes Andhra Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Andhra Bank can be a better option if you are looking for fund requirements after 12 months. Indian Overseas Bank offers a business loan once if business is NA months old. Hence, Andhra Bank 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 – Indian Overseas Bank or Andhra Bank?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 11.00% on loans compared to Andhra Bank, which offers a Business Loan at 15.75%.

Know all about Business Loan

Know more about Indian Overseas Bank Business Loan

Know more about Andhra Bank Business Loan

Compare Indian Overseas Bank Business Loan With Other Banks

Compare Andhra Bank Business Loan With Other Banks

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Business Loan News - Oct 2021
  • 2021-10-11 : IIFL Finance Launches Instant Business Loan
    IIFL Finance has launched instant business loans on WhatsApp to avail of loan amount upto Rs. 10 Lakhs with benefits such as minimum documentation and quick approval.
  • 2021-10-05 : IndusInd Bank Advances Grow by 10% Y-O-Y
    IndusInd Bank has posted a growth in advances by 10% on a Y-O-Y basis. Retail Deposits and Deposits from Small Business Customers amounted to Rs 1,11,749 crore as of 30 September 2021 as compared to Rs 1,05,737 crore as of 30 June 2021.
  • 2021-10-05 : HDFC Bank Reports Growth in Advances in Q2
    HDFC Bank has reported a growth in advances by 15.4% in quarter 2. As a result, the advances have grown to ₹ 11.98 lakh crore as of September 30, 2021, from ₹ 10.38 lakh crore a year ago.
  • 2021-10-04 : Yes Bank Posts Growth in Loans and Deposits
    Yes Bank has posted growth of 3.6% (year-on-year) in advances at Rs 1,72,945 crore for the quarter ended September 2021 (Q2FY22). Its advances stood at Rs 1,66,923 crore at end of September 2020 (Q2FY21).
  • 2021-09-30 : Govt Extends Emergency Credit Scheme for Micro, Small and Medium Enterprises
    The government has extended the emergency credit scheme for MSMEs till 31st March 2022. The new deadline for disbursement of loans under this scheme is 30th June 2021.
*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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