Compare Business Loan - IOB vs HDFC
| Bank |
SBI
ICICI Bank
RBL Bank
Tata Capital
Lendingkart
Bajaj Finserv
IDFC First Bank
IIFL
Bank of Maharashtra
IndusInd Bank
Kotak Bank
Fullerton India
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
|
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
Neogrowth
Indifi
Allahabad Bank
Yes Bank
PNB
OBC
Dhan Laxmi Bank
DCB Bank
Andhra Bank
United Bank of India
Corporation Bank
Syndicate Bank
Bank of Baroda
|
|---|---|---|
| Parameters | ||
| Interest Rate | Interest Rate 14.90% - 15.25% |
15.65% - 21.35% |
| Processing Fees | Processing Fees Rs. 204 per lakh |
Starting from 0.99%, Max 2.50% |
| Loan Amount | Loan Amount ₹ 50,000 to ₹ 10 Lakh |
₹ 50,000 to ₹ 50 Lakh |
| Loan Tenure | Loan Tenure 12 to 60 Months |
12 to 48 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 2,374 |
₹ 2,816 |
| Part Payment Charges | Part Payment Charges Not Allowed |
Not Allowed |
| Foreclosure Charges | Foreclosure Charges Allowed after 1 month at Nil prepayment charges |
Allowed after 12 months at 2 - 4% |
| Borrower’s Age | Borrower’s Age 21 to 58 Years |
21 to 65 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 0 Months |
36 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 0 |
₹ 1 Cr |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
4.5/5.0 |
Compare EMI of IOB and HDFC Business Loan
| Loan Amount | Indian Overseas Bank | HDFC Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 9,678 | ₹ 8,720 |
| ₹ 5 Lakh | ₹ 48,390 | ₹ 43,600 |
| ₹ 10 Lakh | ₹ 96,781 | ₹ 87,201 |
| ₹ 15 Lakh | ₹ 1,45,172 | ₹ 1,30,801 |
Which is a better bank for Business Loan – Indian Overseas Bank or HDFC Bank?
Indian Overseas Bank offers lower Business Loan EMI at 2374 on a Business Loan for 60 Months as compared to HDFC Bank with a minimum EMI of 2816 for 48 Months. Average customer ratings for Indian Overseas Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.
How does Indian Overseas Bank Business Loan compare with HDFC Bank Business Loan?
A detailed comparison of Indian Overseas Bank and HDFC 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 Business Loan is 14.90%, which is lower than the lowest interest rate of HDFC Bank at 15.65%. Hence, Indian Overseas Bank is offering a cheaper loan option.
- When compared on other Business Loan charges such as processing fees, Indian Overseas Bank charges a processing fees of Rs. 204 per lakh while HDFC Bank charges a processing fees of Starting from 0.99%, Max 2.50%.
- HDFC Bank offers Business Loan upto an amount of ₹ 50 Lakh while Indian Overseas Bank offer Business Loan upto an amount of ₹ 10 Lakh. HDFC 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. Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges and HDFC Bank gives the option to close the loan after 12 months at 2 - 4%. This makes Indian Overseas Bank a better option for Business Loan.
- Indian Overseas Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from HDFC Bank is ₹ 1 Cr. Hence, small businesses may find is easier to get a loan from Indian Overseas Bank.
- Indian Overseas Bank can be a better option if you are looking for fund requirements after 0 months. HDFC Bank offers a business loan once if business is 36 months old. Hence, Indian Overseas Bank should be a preferred choice for relatively new enterprises.
- HDFC Bank has an average customer ratings of 4.5, while has an average customer rating of , based on which it is clear that HDFC 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 – Indian Overseas Bank or HDFC Bank?
As per the current rates, Indian Overseas Bank offers a lower interest rate of 14.90% on Business Loan when compared to HDFC Bank which offers a Business Loan at 15.65%.
How can I transfer my Business Loan from Indian Overseas Bank to HDFC Bank?
You can transfer your Business Loan from Indian Overseas Bank to HDFC Bank 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, Indian Overseas Bank offers the cheapest Business Loan at 14.90%.
How do I check my eligibility for Indian Overseas Bank and HDFC Bank Business Loan?
You can check your eligibility for Indian Overseas Bank and HDFC Bank 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.
Know all about Business Loan
Know more about Indian Overseas Bank Business Loan
Know more about HDFC Bank Business Loan
Compare Indian Overseas Bank Business Loan With Other Banks
Compare HDFC Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 2021-01-08 : IndusInd Bank reported 11% growth in Q3 deposits
IndusInd Bank posted a 3.2% quarter-on-quarter growth in the net advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans in the December quarter. Further, the bank also posted a 5% quarterly growth in deposits which includes fixed and recurring deposits. - 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020. - 2021-01-06 : Yes Bank reported 1.3% quarterly growth in loans and advances
Yes Bank registered 1.3% quarter-on-quarter growth in loans and advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans to Rs 1.69 lakh crore during the December quarter. Deposits which include fixed and recurring deposits grew 7.7% to Rs 1.46 lakh crore. Further, the current account and savings account deposits grew 12.6% to Rs 37,973 crore. - 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020. - 2020-12-31 : ICICI Lombard introduced an online platform for SMEs
ICICI Lombard launched an online business insurance platform for small and medium enterprises. The new platform will be convenient for the SME owners to purchase or renew insurance products, endorse their policies, and register claims. In addition to this, the business owners will opt for different insurance options such as marine insurance, workmen compensation.
