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Compare Business Loan - IndusInd Bank vs Neogrowth

Bank
Parameters
Interest Rate
Interest Rate
14.00% - 23.00%
19.50% - 23.00%
Processing Fees
Processing Fees
2.50%
2.5% of loan amount
Loan Amount
Loan Amount
₹ 50,000 to ₹ 15 Lakh
₹ 1 Lakh to ₹ 8 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
9 to 24 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,327
₹ 5,065
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 12 months at 4%
Allowed after 1 month at Nil charges
Borrower’s Age
Borrower’s Age
25 to 65 Years
23 to 65 Years
Minimum Years in Business Required
Minimum Years in Business Required
24 Months
12 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 0
₹ 24 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of IndusInd Bank and Neogrowth Business Loan

Loan Amount IndusInd Bank Neogrowth
₹ 1 Lakh ₹ 2,327 ₹ 5,065
₹ 5 Lakh ₹ 11,634 ₹ 25,326
₹ 10 Lakh ₹ 23,268 ₹ 50,652
₹ 15 Lakh ₹ 34,902 ₹ 75,978

Which is a better bank for Business Loan – IndusInd Bank or Neogrowth?

IndusInd Bank offers lower Business Loan EMI at 2327 on a Business Loan for 60 Months as compared to Neogrowth with a minimum EMI of 5065 for 24 Months. Average customer ratings for IndusInd Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.

How does IndusInd Bank Business Loan compare with Neogrowth Business Loan?

A detailed comparison of IndusInd Bank and Neogrowth 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 IndusInd Bank Business Loan is 14.00%, which is lower than the lowest interest rate of Neogrowth at 19.50%. Hence, IndusInd Bank is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, IndusInd Bank charges a processing fees of 2.50% while Neogrowth charges a processing fees of 2.5% of loan amount.
  • IndusInd Bank offers Business Loan upto an amount of ₹ 15 Lakh while Neogrowth offer Business Loan upto an amount of ₹ 8 Lakh. IndusInd 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. Neogrowth gives the option to close the loan after 1 months at Nil charges and IndusInd Bank gives the option to close the loan after 12 months at 4%. This makes Neogrowth a better option for Business Loan.
  • IndusInd Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from Neogrowth is ₹ 24 Lakh. Hence, small businesses may find is easier to get a loan from IndusInd Bank.
  • Neogrowth can be a better option if you are looking for fund requirements after 12 months. IndusInd Bank offers a business loan once if business is 24 months old. Hence, Neogrowth should be a preferred choice for relatively new enterprises.
  • with an average customer ratings of is equally comparable to with an average customer rating of . Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Business Loan – IndusInd Bank or Neogrowth?

As per the current rates, IndusInd Bank offers a lower interest rate of 14.00% on Business Loan when compared to Neogrowth which offers a Business Loan at 19.50%.

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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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