Compare Business Loan - Indifi vs United Bank
| 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
Indifi
Neogrowth
Allahabad Bank
Yes Bank
PNB
OBC
Indian Overseas Bank
Dhan Laxmi Bank
DCB Bank
Andhra Bank
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
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
|
|---|---|---|
| Parameters | ||
| Interest Rate | Interest Rate 24.00% - 32.00% |
13.00% - 13.00% |
| Processing Fees | Processing Fees 2 to 3% |
1.15% |
| Loan Amount | Loan Amount ₹ 1 Lakh to ₹ 50 Lakh |
₹ 5 Lakh to ₹ 15 Lakh |
| Loan Tenure | Loan Tenure 12 to 60 Months |
12 to 60 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 2,877 |
₹ 2,275 |
| Part Payment Charges | Part Payment Charges Allowed after 0 months at Nil charges |
Allowed after 0 months at 2% of Outstanding Balance |
| Foreclosure Charges | Foreclosure Charges Allowed after 0 months at 4% charges |
Allowed after 0 months at 2% of Outstanding Balance |
| Borrower’s Age | Borrower’s Age 23 to 65 Years |
25 to 65 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 0 Months |
24 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 0 |
₹ 50 Lakh |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) 5/5.0 |
5/5.0 |
Compare EMI of Indifi and United Bank Business Loan
| Loan Amount | Indifi | United Bank of India |
|---|---|---|
| ₹ 1 Lakh | ₹ 7,247 | ₹ 10,646 |
| ₹ 5 Lakh | ₹ 36,235 | ₹ 53,228 |
| ₹ 10 Lakh | ₹ 72,471 | ₹ 1,06,456 |
| ₹ 15 Lakh | ₹ 1,08,706 | ₹ 1,59,684 |
Which is a better bank for Business Loan – United Bank of India or Indifi?
United Bank of India offers lower Business Loan EMI at 2275 on a Business Loan for 60 Months as compared to Indifi with a minimum EMI of 2877 for 60 Months. Average customer ratings for United Bank of India is currently at 5/5.0 which makes it a good choice for taking a Business Loan.
How does United Bank of India Business Loan compare with Indifi Business Loan?
A detailed comparison of United Bank of India 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 United Bank of India Business Loan is 13.00%, which is lower than the lowest interest rate of Indifi at 24.00%. Hence, United Bank of India is offering a cheaper loan option.
- When compared on other Business Loan charges such as processing fees, Indifi charges a processing fees of 2 to 3% while United Bank of India charges a processing fees of 1.15%.
- Indifi offers Business Loan upto an amount of ₹ 50 Lakh while United Bank of India offer Business Loan upto an amount of ₹ 15 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 and United Bank of India gives the option to close the loan after Zero months at 4% charges and 2% of Outstanding Balance. This makes Indifi a better option for Business Loan.
- Indifi and United Bank of India allow part payment on Business Loan after Zero months at Nil charges. Indifi applies a charge of Nil charges and United Bank of India charges 2% of Outstanding Balance on Business Loan.
- Indifi gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from United Bank of India is ₹ 50 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. United Bank of India offers a business loan once if business is 24 months old. Hence, Indifi should be a preferred choice for relatively new enterprises.
- Indifi with an average customer ratings of 5 is equally comparable to United Bank of India 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 – United Bank of India or Indifi?
As per the current rates, United Bank of India offers a lower interest rate of 13.00% on Business Loan when compared to Indifi which offers a Business Loan at 24.00%.
How can I transfer my Business Loan from Indifi to United Bank of India?
You can transfer your Business Loan from Indifi to United Bank of India 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, United Bank of India offers the cheapest Business Loan at 13.00%.
How do I check my eligibility for Indifi and United Bank of India Business Loan?
You can check your eligibility for Indifi and United Bank of India 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.
Know all about Business Loan
Know more about Indifi Business Loan
Know more about United Bank of India Business Loan
Compare Indifi Business Loan With Other Banks
Compare United Bank of India Business Loan With Other Banks
Know About MSMEs and Mudra Loan
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