Compare Business Loan - IOB vs IDFC First

Compare EMI of IOB and IDFC First Business Loan

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.

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