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Compare Business Loan - Indifi vs IDBI Bank

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Bank
Parameters
Interest Rate
Interest Rate
15.00% - 24.00%
12.25% - 13.50%
Processing Fees
Processing Fees
2% of the loan amount
1.00%
Loan Amount
Loan Amount
₹ 0 to ₹ 5 Lakh
₹ 50,000 to ₹ 5 Lakh
Loan Tenure
Loan Tenure
36 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,467
₹ 2,237
Part Payment Charges
Part Payment Charges
Allowed after 0 months at Nil charges
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 0 months at 4% charges
Allowed after 1 month at Before 6 months - 2%, After that Nil prepayment charges
Eligible Age
Eligible Age
23 to 65 Years
22 to 58 Years
Minimum Years in Business Required
Minimum Years in Business Required
0 Months
36 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 0
₹ 30 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
5/5.0
5/5.0
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Compare EMI of Indifi and IDBI Bank Business Loan

Loan Amount Indifi IDBI Bank
₹ 1 Lakh ₹ 3,467 ₹ 2,237
₹ 5 Lakh ₹ 17,333 ₹ 11,185
₹ 10 Lakh ₹ 34,665 ₹ 22,371
₹ 15 Lakh ₹ 51,998 ₹ 33,556

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

IDBI Bank offers lower Business Loan EMI at 2237 on a Business Loan for 60 Months as compared to Indifi with a minimum EMI of 3467 for 36 Months. Average customer ratings for IDBI Bank is currently at 5/5.0 which makes it a good choice for taking a Business Loan.

How does IDBI Bank Business Loan compare with Indifi Business Loan?

A detailed comparison of IDBI 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 IDBI Bank Business Loan is 12.25%, which is lower than the lowest interest rate of Indifi at 15.00%. Hence, IDBI Bank is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, Indifi charges a processing fees of 2% of the loan amount while IDBI Bank charges a processing fees of 1.00%.
  • 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 IDBI Bank gives the option to close the loan after 1 months at Before 6 months - 2%, After that 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 IDBI 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.
  • Indifi gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from IDBI Bank is ₹ 30 Lakh. Hence, small businesses may find is easier to get a loan from Indifi.
  • Indifi can be a better option if you are looking for fund requirements after 0 months. IDBI Bank offers a business loan once if business is 36 months old. Hence, Indifi should be a preferred choice for relatively new enterprises.
  • IDBI Bank with an average customer ratings of 5 is equally comparable to Indifi with an average customer rating of 5. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Business Loan – IDBI Bank or Indifi?

As per the current rates, IDBI Bank offers a lower interest rate of 12.25% on Business Loan when compared to Indifi which offers a Business Loan at 15.00%.

Know all about Business Loan

Know more about Indifi Business Loan

Know more about IDBI Bank Business Loan

Compare Indifi Business Loan With Other Banks

Compare IDBI Bank Business Loan With Other Banks

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Business Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*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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