Compare Business Loan - Kotak 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
Indifi
Neogrowth
IDBI Bank
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
Fullerton India
IDBI Bank
Neogrowth
Indifi
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 16.00% - 19.99% |
13.00% - 13.00% |
| Processing Fees | Processing Fees |
1.15% |
| Loan Amount | Loan Amount ₹ 3 Lakh to ₹ 75 Lakh |
₹ 5 Lakh to ₹ 15 Lakh |
| Loan Tenure | Loan Tenure 24 to 60 Months |
12 to 60 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 2,432 |
₹ 2,275 |
| Part Payment Charges | Part Payment Charges Not Allowed |
Allowed after 0 months at 2% of Outstanding Balance |
| Foreclosure Charges | Foreclosure Charges Allowed after 0 months at 5% charges |
Allowed after 0 months at 2% of Outstanding Balance |
| 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 |
24 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 0 |
₹ 50 Lakh |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
|
Compare EMI of Kotak and United Bank Business Loan
| Loan Amount | Kotak Bank | United Bank of India |
|---|---|---|
| ₹ 1 Lakh | ₹ 9,227 | ₹ 10,646 |
| ₹ 5 Lakh | ₹ 46,135 | ₹ 53,228 |
| ₹ 10 Lakh | ₹ 92,270 | ₹ 1,06,456 |
| ₹ 15 Lakh | ₹ 1,38,405 | ₹ 1,59,684 |
Which is a better bank for Business Loan – United Bank of India or Kotak Bank?
United Bank of India offers lower Business Loan EMI at 2275 on a Business Loan for 60 Months as compared to Kotak Bank with a minimum EMI of 2432 for 60 Months. Average customer ratings for United Bank of India is currently at /5.0 which makes it a good choice for taking a Business Loan.
How does United Bank of India Business Loan compare with Kotak Bank Business Loan?
A detailed comparison of United Bank of India and Kotak 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 United Bank of India Business Loan is 13.00%, which is lower than the lowest interest rate of Kotak Bank at 16.00%. Hence, United Bank of India is offering a cheaper loan option.
- When compared on other Business Loan charges such as processing fees, Kotak Bank charges a processing fees of while United Bank of India charges a processing fees of 1.15%.
- Kotak Bank offers Business Loan upto an amount of ₹ 75 Lakh while United Bank of India offer Business Loan upto an amount of ₹ 15 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 and United Bank of India gives the option to close the loan after Zero months at 5% charges and 2% of Outstanding Balance. This makes Kotak Bank a better option for Business Loan.
- United Bank of India allows part payment on Business Loan after Zero months at 2% of Outstanding Balance, while Kotak Bank does not offer part payment facility on Business Loan. This makes United Bank of India a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
- Kotak Bank 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 Kotak Bank.
- Kotak Bank 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, 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 – United Bank of India or Kotak Bank?
As per the current rates, United Bank of India offers a lower interest rate of 13.00% on Business Loan when compared to Kotak Bank which offers a Business Loan at 16.00%.
How can I transfer my Business Loan from Kotak Bank to United Bank of India?
You can transfer your Business Loan from Kotak Bank 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 Kotak Bank and United Bank of India Business Loan?
You can check your eligibility for Kotak Bank 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 Kotak Bank Business Loan
Know more about United Bank of India Business Loan
Compare Kotak Bank Business Loan With Other Banks
Compare United Bank of India Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 2021-01-18 : Karnataka Bank Q3 net profit rises to ₹135 cr
Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20. - 2021-01-08 : IndusInd Bank reported 11% growth in Q3 deposits
IndusInd Bank posted a 3.2% quarter-on-quarter growth in the net advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans in the December quarter. Further, the bank also posted a 5% quarterly growth in deposits which includes fixed and recurring deposits. - 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020. - 2021-01-06 : Yes Bank reported 1.3% quarterly growth in loans and advances
Yes Bank registered 1.3% quarter-on-quarter growth in loans and advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans to Rs 1.69 lakh crore during the December quarter. Deposits which include fixed and recurring deposits grew 7.7% to Rs 1.46 lakh crore. Further, the current account and savings account deposits grew 12.6% to Rs 37,973 crore. - 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020.
