Compare Business Loan - IOB vs IDFC First
Bank |
SBI
HDFC Bank
ICICI Bank
RBL Bank
Tata Capital
Lendingkart
Bajaj Finserv
IIFL
Bank of Maharashtra
IndusInd Bank
Kotak Bank
Fullerton India
Ftcash
Indifi
Neogrowth
IDBI Bank
Yes Bank
Allahabad 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
|
---|---|---|
Parameters | ||
Interest Rate | Interest Rate 14.90% - 15.25% |
22.00% - 24.00% |
Processing Fees | Processing Fees Rs. 204 per lakh |
2.00% |
Loan Amount | Loan Amount ₹ 50,000 to ₹ 10 Lakh |
₹ 1 Lakh to ₹ 9 Lakh |
Loan Tenure | Loan Tenure 12 to 60 Months |
12 to 48 Months |
Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 2,374 |
₹ 3,151 |
Part Payment Charges | Part Payment Charges Not Allowed |
Not Allowed |
Foreclosure Charges | Foreclosure Charges Allowed after 1 month at Nil prepayment charges |
Allowed after 6 months at 4 - 5% |
Borrower’s Age | Borrower’s Age 21 to 58 Years |
25 to 65 Years |
Minimum Years in Business Required | Minimum Years in Business Required 0 Months |
36 Months |
Minimum Turnover Required | Minimum Turnover Required ₹ 0 |
₹ 12 Lakh |
Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
|
Compare EMI of IOB and IDFC First Business Loan
Loan Amount | Indian Overseas Bank | IDFC First Bank |
---|---|---|
₹ 1 Lakh | ₹ 9,678 | ₹ 6,920 |
₹ 5 Lakh | ₹ 48,390 | ₹ 34,599 |
₹ 10 Lakh | ₹ 96,781 | ₹ 69,199 |
₹ 15 Lakh | ₹ 1,45,172 | ₹ 1,03,798 |
Which is a better bank for Business Loan – Indian Overseas Bank or IDFC First Bank?
Indian Overseas Bank offers lower Business Loan EMI at 2374 on a Business Loan for 60 Months as compared to IDFC First Bank with a minimum EMI of 3151 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 IDFC First Bank Business Loan?
A detailed comparison of Indian Overseas Bank and IDFC First 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 IDFC First Bank at 22.00%. 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 IDFC First Bank charges a processing fees of 2.00%.
- Indian Overseas Bank offers Business Loan upto an amount of ₹ 10 Lakh while IDFC First Bank offer Business Loan upto an amount of ₹ 9 Lakh. 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 foreclosure facility. Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges and IDFC First Bank gives the option to close the loan after 6 months at 4 - 5%. 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 IDFC First Bank is ₹ 12 Lakh. 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. IDFC First 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.
- 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 – Indian Overseas Bank or IDFC First Bank?
As per the current rates, Indian Overseas Bank offers a lower interest rate of 14.90% on Business Loan when compared to IDFC First Bank which offers a Business Loan at 22.00%.
How can I transfer my Business Loan from Indian Overseas Bank to IDFC First Bank?
You can transfer your Business Loan from Indian Overseas Bank to IDFC First 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 IDFC First Bank Business Loan?
You can check your eligibility for Indian Overseas Bank and IDFC First 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 IDFC First Bank Business Loan
Compare Indian Overseas Bank Business Loan With Other Banks
Compare IDFC First Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans. - 2021-01-27 : DCB Bank reported Q3 profit at ₹96.21 crore
DCB Bank posted a net profit of ₹96.21 crore for the third quarter ended December 2020. Further, it reported a total income of ₹1,023.86 crore backed by home, personal, car, two wheeler and gold loan along with business and mudra loans. - 2021-01-27 : Sundaram Home Finance Q3 net rose by 36%
Sundaram Home Finance posted a 36% growth in its net profit for Q3 to Rs 56.24cror. Disbursements for Q3 stood at Rs 4,16.57 crore backed by home, personal, car, two wheeler and gold loans along with business and mudra loans. - 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020. - 2021-01-25 : South India Bank reported 3FY21 loss at Rs. 91.62 crore
South Indian Bank reported a total income of Rs.2082.08 crores backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted a net loss of Rs.91.6 crores for the period ended December 31, 2020.
