Compare Indian Overseas Bank vs HDFC Bank Business Loan

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Bank	SBI ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank IIFL 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	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 Ftcash Indifi Neogrowth IDBI Bank Allahabad Bank Yes Bank PNB OBC Dhan Laxmi Bank DCB Bank Andhra Bank United Bank of India Corporation Bank Syndicate Bank Bank of Baroda
Interest Rate	Interest Rate 11.00% - 15.00%	11.90% - 21.35%
Processing Fees	Processing Fees Upto 3% of the loan amount	₹ 499
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 ₹ 2,174	₹ 2,628
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%
Eligible Age	Eligible Age 21 to 58 Years	21 to 65 Years
Minimum Years in Business Required	Minimum Years in Business Required NA	36 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 0	₹ 1 Cr
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	4.5/5.0

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Compare Business Loan EMI of Indian Overseas Bank and HDFC Bank

Loan Amount	Indian Overseas Bank	HDFC Bank
₹ 1 Lakh	₹ 2,174	₹ 2,628
₹ 5 Lakh	₹ 10,871	₹ 13,142
₹ 10 Lakh	₹ 21,742	₹ 26,285
₹ 15 Lakh	₹ 32,614	₹ 39,427

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

Indian Overseas Bank offers lower Business Loan EMI at Rs. 2174 for 60 Months compared to HDFC Bank with a minimum EMI of Rs. 2628 for 48 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 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 Loan is 11.00%, which is lower than the lowest interest rate of HDFC Bank at 11.90%. 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 HDFC Bank charges a processing fee of Upto ₹ 499.
HDFC Bank offers Business Loan upto an amount of ₹ 50 Lakh, while Indian Overseas Bank offers Loan upto an amount of ₹ 10 Lakh. Therefore, 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 the 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.
HDFC Bank can be a better option if you are looking for fund requirements after 36 months. Indian Overseas Bank offers a business loan once if business is NA months old. Hence, HDFC Bank should be a preferred choice for relatively new enterprises.
HDFC Bank has an average customer rating of 4.5. In contrast, has an average customer rating of , based on which it is clear that HDFC Bank has a high customer service focus, an easy process and a quick turnaround.

Which bank offers a 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 11.00% on loans compared to HDFC Bank, which offers a Business Loan at 11.90%.

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Business Loan News - Dec 2022

2022-11-02 : Karnataka Bank Registers Net Profit in the Q2 of 2022-23
The bank has registered a net profit of ₹411.63 crores in the Q2 of 2022-23. In the corresponding quarter, it saw ₹125.61 crores, thus registering a growth of 227.70 percent.
2022-10-18 : SBI Credit Card Holders ALERT! State Bank hikes charges on EMI transactions, Rent Payments
In a move that may further make credit card usage costlier, the State Bank of India has revised certain charges for its credit card users. The new charges will come into effect from November 15. The processing fee on merchant EMI transactions has been revised to Rs 199 + applicable taxes from earlier Rs 99 + applicable taxes. Processing fee on rent payment transactions will be Rs 99 + applicable taxes," said the bank.
2022-10-18 : SBI launches its digital banking unit in Goa
As part of the Union government’s initiative, a digital banking unit (DBU) of the State Bank of India (SBI) was inaugurated in Goa. The initiative aims to ensure that the benefits of digital banking reach every nook and corner of the country. The DBUs will offer banking products and services to the customers 24x7.
2022-09-09 : HDFC Bank to introduce 10-second personal loan service
India’s largest private sector lender HDFC Bank is aiming at introducing the 10-seconds loan service for everyone including those who do not have an account with the bank. The bank has been a paradigm pioneer in 10-second loans for existing customers and has been able to deliver this over the past six years.
2022-08-18 : HDFC bank opens its first all women branch in Kerela`s kozhikode.
HDFC has opened its first all-women branch in Kozhikode. The branch, located in Cherootty Road, the hub of traders in the district, will have 4 women bankers. HDFC Bank is driving diversity and inclusion within the organization with a special focus on enhancing gender diversity.

*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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