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Compare Business Loan - Kotak Bank vs IDFC First Bank

Bank
Parameters
Interest Rate
Interest Rate
16.00% - 19.99%
22.00% - 24.00%
Processing Fees
Processing Fees
Maximum 2% of the loan
2.00%
Loan Amount
Loan Amount
₹ 3 Lakh to ₹ 75 Lakh
₹ 1 Lakh to ₹ 9 Lakh
Loan Tenure
Loan Tenure
24 to 60 Months
12 to 48 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,432
₹ 3,151
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 0 months at 5% charges
Allowed after 6 months at 4 - 5%
Borrower’s Age
Borrower’s Age
25 to 65 Years
25 to 65 Years
Minimum Years in Business Required
Minimum Years in Business Required
0 Months
36 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 0
₹ 12 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of Kotak Bank and IDFC First Bank Business Loan

Loan Amount Kotak Bank IDFC First Bank
₹ 1 Lakh ₹ 2,432 ₹ 3,151
₹ 5 Lakh ₹ 12,159 ₹ 15,753
₹ 10 Lakh ₹ 24,318 ₹ 31,506
₹ 15 Lakh ₹ 36,477 ₹ 47,259

Which is a better bank for Business Loan – Kotak Bank or IDFC First Bank?

Kotak Bank offers lower Business Loan EMI at 2432 on a Business Loan for 60 Months as compared to IDFC First Bank with a minimum EMI of 3151 for 48 Months. Average customer ratings for Kotak Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.

How does Kotak Bank Business Loan compare with IDFC First Bank Business Loan?

A detailed comparison of Kotak Bank and IDFC First 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 Kotak Bank Business Loan is 16.00%, which is lower than the lowest interest rate of IDFC First Bank at 22.00%. Hence, Kotak Bank is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, Kotak Bank charges a processing fees of Maximum 2% of the loan while IDFC First Bank charges a processing fees of 2.00%.
  • Kotak Bank offers Business Loan upto an amount of ₹ 75 Lakh while IDFC First Bank offer Business Loan upto an amount of ₹ 9 Lakh. Kotak 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. Kotak Bank gives the option to close the loan after Zero months at 5% charges and IDFC First Bank gives the option to close the loan after 6 months at 4 - 5%. This makes Kotak Bank a better option for Business Loan.
  • Kotak Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from IDFC First Bank is ₹ 12 Lakh. Hence, small businesses may find is easier to get a loan from Kotak Bank.
  • Kotak Bank can be a better option if you are looking for fund requirements after 0 months. IDFC First Bank offers a business loan once if business is 36 months old. Hence, Kotak Bank 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 – Kotak Bank or IDFC First Bank?

As per the current rates, Kotak Bank offers a lower interest rate of 16.00% on Business Loan when compared to IDFC First Bank which offers a Business Loan at 22.00%.

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Know About MSMEs and Mudra Loan

Business Loan News - Apr 2021
  • 2021-04-13 : Bandhan Bank’s collection efficiency ratio at 96% in Q4
    Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
  • 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.
*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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