Compare Business Loan - Lendingkart vs Bajaj Finance

Compare EMI of Lendingkart and Bajaj Finance Business Loan

Which is a better bank for Business Loan – Bajaj Finserv or Lendingkart?

Bajaj Finserv offers lower Business Loan EMI at 2937 on a Business Loan for 48 Months as compared to Lendingkart with a minimum EMI of 3615 for 36 Months. Average customer ratings for Bajaj Finserv is currently at 4/5.0 which makes it a good choice for taking a Business Loan.

How does Bajaj Finserv Business Loan compare with Lendingkart Business Loan?

A detailed comparison of Bajaj Finserv and Lendingkart 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 Bajaj Finserv and Lendingkart Business Loan is 18.00%. Hence, both banks are at par in terms of interest rate on Business Loan
• When compared on other Business Loan charges such as processing fees, Lendingkart charges a processing fees of 2% of loan amount while Bajaj Finserv charges a processing fees of Upto 2% of loan amount.
• Lendingkart offers Business Loan upto an amount of ₹ 1 Cr while Bajaj Finserv offer Business Loan upto an amount of ₹ 30 Lakh. Lendingkart 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. Bajaj Finserv and Lendingkart gives the option to close the loan after 1 months at 4% and Nil foreclosure charges. This makes Bajaj Finserv a better option for Business Loan.
• Bajaj Finserv allows part payment on Business Loan after 1 months at 2%, while Lendingkart does not offer part payment facility on Business Loan. This makes Bajaj Finserv a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
• Lendingkart gives business loan at a minimum turnover of ₹ 6 Lakh. However, the turnover requirement for a business loan from Bajaj Finserv is ₹ 12 Lakh. Hence, small businesses may find is easier to get a loan from Lendingkart.
• Lendingkart can be a better option if you are looking for fund requirements after 12 months. Bajaj Finserv offers a business loan once if business is 36 months old. Hence, Lendingkart should be a preferred choice for relatively new enterprises.
• Lendingkart has an average customer ratings of 4.7, while Bajaj Finserv has an average customer rating of 4, based on which it is clear that Lendingkart has a high customer service focus, an easy Business Loan process and a quick turnaround.

Which bank offers lower interest rate on Business Loan – Bajaj Finserv or Lendingkart?

The lowest interest rate for both Bajaj Finserv and Lendingkart on Business Loan currently starts from 18.00%. Hence, both banks are a good choice for potential borrowers.

How can I transfer my Business Loan from Lendingkart to Bajaj Finserv?

You can transfer your Business Loan from Lendingkart to Bajaj Finserv 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, Bajaj Finserv and Lendingkart offer the cheapest Business Loan at 18.00%.

How do I check my eligibility for Lendingkart and Bajaj Finserv Business Loan?

You can check your eligibility for Lendingkart and Bajaj Finserv 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.

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