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Compare Business Loan - IndusInd Bank vs PNB

Bank
Parameters
Interest Rate
Interest Rate
14.00% - 23.00%
12.65% - 15.65%
Processing Fees
Processing Fees
2.50%
1.8% + taxes
Loan Amount
Loan Amount
₹ 50,000 to ₹ 15 Lakh
₹ 50,000 to ₹ 15 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,327
₹ 2,257
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 12 months at 4%
Allowed after 0 months at Nil prepayment charges
Borrower’s Age
Borrower’s Age
25 to 65 Years
21 to 58 Years
Minimum Years in Business Required
Minimum Years in Business Required
24 Months
0 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 0
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.8/5.0
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Compare EMI of IndusInd Bank and PNB Business Loan

Loan Amount IndusInd Bank PNB
₹ 1 Lakh ₹ 10,102 ₹ 10,857
₹ 5 Lakh ₹ 50,512 ₹ 54,284
₹ 10 Lakh ₹ 1,01,024 ₹ 1,08,567
₹ 15 Lakh ₹ 1,51,536 ₹ 1,62,851

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

PNB offers lower Business Loan EMI at 2257 on a Business Loan for 60 Months as compared to IndusInd Bank with a minimum EMI of 2327 for 60 Months. Average customer ratings for PNB is currently at 3.8/5.0 which makes it a good choice for taking a Business Loan.

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

A detailed comparison of PNB and IndusInd Bank 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 PNB Business Loan is 12.65%, which is lower than the lowest interest rate of IndusInd Bank at 14.00%. Hence, PNB 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 PNB charges a processing fees of 1.8% + taxes.
  • One feature that makes Business Loan a better option is foreclosure facility. PNB gives the option to close the loan after Zero months at Nil prepayment charges and IndusInd Bank gives the option to close the loan after 12 months at 4%. This makes PNB a better option for Business Loan.
  • PNB allows part payment on Business Loan after Zero months at Nil charges, while IndusInd Bank does not offer part payment facility on Business Loan. This makes PNB a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • PNB can be a better option if you are looking for fund requirements after 0 months. IndusInd Bank offers a business loan once if business is 24 months old. Hence, PNB should be a preferred choice for relatively new enterprises.
  • PNB has an average customer ratings of 3.8, while has an average customer rating of , based on which it is clear that PNB has a high customer service focus, an easy Business Loan process and a quick turnaround.

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

As per the current rates, PNB offers a lower interest rate of 12.65% on Business Loan when compared to IndusInd Bank which offers a Business Loan at 14.00%.

How can I transfer my Business Loan from IndusInd Bank to PNB?

You can transfer your Business Loan from IndusInd Bank to PNB 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, PNB offers the cheapest Business Loan at 12.65%.

How do I check my eligibility for IndusInd Bank and PNB Business Loan?

You can check your eligibility for IndusInd Bank and PNB 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 IndusInd Bank Business Loan

Know more about PNB Business Loan

Compare IndusInd Bank Business Loan With Other Banks

Compare PNB Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jan 2021
  • 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
    Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
  • 2021-01-27 : DCB Bank reported Q3 profit at ₹96.21 crore
    DCB Bank posted a net profit of ₹96.21 crore for the third quarter ended December 2020. Further, it reported a total income of ₹1,023.86 crore backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
  • 2021-01-27 : Sundaram Home Finance Q3 net rose by 36%
    Sundaram Home Finance posted a 36% growth in its net profit for Q3 to Rs 56.24cror. Disbursements for Q3 stood at Rs 4,16.57 crore backed by home, personal, car, two wheeler and gold loans along with business and mudra loans.
  • 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
    Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020.
  • 2021-01-25 : South India Bank reported 3FY21 loss at Rs. 91.62 crore
    South Indian Bank reported a total income of Rs.2082.08 crores backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted a net loss of Rs.91.6 crores for the period ended December 31, 2020.
*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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