Compare Business Loan - Indian Overseas Bank vs Indifi

Bank	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 Ftcash Neogrowth 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
Parameters
Interest Rate	Interest Rate 14.90% - 15.25%	24.00% - 32.00%
Processing Fees	Processing Fees Rs. 204 per lakh	2 to 3%
Loan Amount	Loan Amount ₹ 50,000 to ₹ 10 Lakh	₹ 1 Lakh to ₹ 50 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,374	₹ 2,877
Part Payment Charges	Part Payment Charges Not Allowed	Allowed after 0 months at Nil charges
Foreclosure Charges	Foreclosure Charges Allowed after 1 month at Nil prepayment charges	Allowed after 0 months at 4% charges
Borrower’s Age	Borrower’s Age 21 to 58 Years	23 to 65 Years
Minimum Years in Business Required	Minimum Years in Business Required 0 Months	0 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 0	₹ 0
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	5/5.0

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Compare EMI of Indian Overseas Bank and Indifi Business Loan

Loan Amount	Indian Overseas Bank	Indifi
₹ 1 Lakh	₹ 2,374	₹ 2,877
₹ 5 Lakh	₹ 11,869	₹ 14,384
₹ 10 Lakh	₹ 23,737	₹ 28,768
₹ 15 Lakh	₹ 35,606	₹ 43,152

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

Indian Overseas Bank offers lower Business Loan EMI at 2374 on a Business Loan for 60 Months as compared to Indifi with a minimum EMI of 2877 for 60 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 Indifi Business Loan?

A detailed comparison of Indian Overseas Bank and Indifi 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 Indifi at 24.00%. 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 Indifi charges a processing fees of 2 to 3%.
Indifi offers Business Loan upto an amount of ₹ 50 Lakh while Indian Overseas Bank offer Business Loan upto an amount of ₹ 10 Lakh. Indifi 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. Indifi gives the option to close the loan after Zero months at 4% charges and Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges. This makes Indifi a better option for Business Loan.
Indifi allows part payment on Business Loan after Zero months at Nil charges, while Indian Overseas Bank does not offer part payment facility on Business Loan. This makes Indifi a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
Indian Overseas Bank and Indifi offer a business loan if your business has completed 0 months. Hence, Indian Overseas Bank and Indifi both can be a preferred choice for relatively new enterprises.
Indifi has an average customer ratings of 5, while has an average customer rating of , based on which it is clear that Indifi 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 Indifi?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 14.90% on Business Loan when compared to Indifi which offers a Business Loan at 24.00%.

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Compare Indian Overseas Bank Business Loan With Other Banks

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Know About MSMEs and Mudra Loan

Business Loan News - Apr 2021

2021-04-12 : Rs. 15 lakh crores sanctioned under the Mudra Yojna in last 6 years
The finance ministry reported that banks and financial institutions have sanctioned Rs. 15 lakh crores to over 28.68 crores beneficiaries in the last 6 years. Prime Minister Mudra Yojna or PMMY was launched in April 2015 with an aim to promote entrepreneurship.
2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
2021-04-05 : Yes Bank Jan-March deposits up 54% to 162, 947
Yes Bank reported that the bank’s loan and advances which include home, personal, LAP, gold, two-wheeler, car and doctor loans along with business and mudra loans increased by 0.8% in year-on-year (YoY) terms to Rs. 172,850 crores. In addition to this, the bank deposit which includes fixed and recurring deposits grew 54.7% to Rs. 162,947 crores as compared to ₹105,364 crores on a yearly basis. The CASA(current and savings account) was up 51.8% to Rs. 42,587 crores against Rs. 28,063 crores YoY.
2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
2021-03-26 : Digital Banking likely to play a major role in the banking sector
RBI Governor emphasised that digital lending is going to play a major role in the coming years and the market will be more technology-dependent. Further, he suggested that banks need to adapt to new technologies and adapt to the changes and transformations which are happening in the world of digital lending to remain in sync with time.

*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More

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