Compare Business Loan - IOB vs Indifi

Compare EMI of IOB and Indifi Business Loan

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%.

How can I transfer my Business Loan from Indian Overseas Bank to Indifi?

You can transfer your Business Loan from Indian Overseas Bank to Indifi 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 Indifi Business Loan?

You can check your eligibility for Indian Overseas Bank and Indifi 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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