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Compare Business Loan - Indifi vs Indian Overseas Bank

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Bank
Parameters
Interest Rate
Interest Rate
15.00% - 24.00%
11.00% - 15.00%
Processing Fees
Processing Fees
2% of the loan amount
upto 3% of the loan amount
Loan Amount
Loan Amount
₹ 0 to ₹ 5 Lakh
₹ 50,000 to ₹ 10 Lakh
Loan Tenure
Loan Tenure
36 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,467
₹ 2,174
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 Nil prepayment charges
Eligible Age
Eligible Age
23 to 65 Years
21 to 58 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
5/5.0
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Compare EMI of Indifi and Indian Overseas Bank Business Loan

Loan Amount Indifi Indian Overseas Bank
₹ 1 Lakh ₹ 3,467 ₹ 2,174
₹ 5 Lakh ₹ 17,333 ₹ 10,871
₹ 10 Lakh ₹ 34,665 ₹ 21,742
₹ 15 Lakh ₹ 51,998 ₹ 32,614

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

Indian Overseas Bank offers lower Business Loan EMI at 2174 on a Business Loan for 60 Months as compared to Indifi with a minimum EMI of 3467 for 36 Months. Average customer ratings for Indian Overseas Bank is currently at 5/5.0 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 11.00%, which is lower than the lowest interest rate of Indifi at 15.00%. Hence, Indian Overseas 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 Indian Overseas Bank charges a processing fees of upto 3% of the loan amount.
  • Indian Overseas Bank offers Business Loan upto an amount of ₹ 10 Lakh while Indifi offer Business Loan upto an amount of ₹ 5 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. 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.
  • Indian Overseas 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 – Indian Overseas Bank or Indifi?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 11.00% 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 Indian Overseas Bank Business Loan

Compare Indifi Business Loan With Other Banks

Compare Indian Overseas 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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