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Compare Business Loan - Lendingkart vs Bank Maharashtra

Bank
Parameters
Interest Rate
Interest Rate
18.00% - 24.00%
14.50% - 15.50%
Processing Fees
Processing Fees
2% of loan amount
Loan Amount
Loan Amount
₹ 50,000 to ₹ 1 Cr
₹ 50,000 to ₹ 1.50 Lakh
Loan Tenure
Loan Tenure
1 to 36 Months
12 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,615
₹ 3,442
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil foreclosure charges
Not Allowed
Borrower’s Age
Borrower’s Age
21 to 65 Years
21 to 60 Years
Minimum Years in Business Required
Minimum Years in Business Required
12 Months
0 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 6 Lakh
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.7/5.0
4.7/5.0
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Compare EMI of Lendingkart and Bank Maharashtra Business Loan

Loan Amount Lendingkart Bank of Maharashtra
₹ 1 Lakh ₹ 7,271 ₹ 8,606
₹ 5 Lakh ₹ 36,354 ₹ 43,032
₹ 10 Lakh ₹ 72,709 ₹ 86,063
₹ 15 Lakh ₹ 1,09,063 ₹ 1,29,095

Which is a better bank for Business Loan – Bank of Maharashtra or Lendingkart?

Bank of Maharashtra offers lower Business Loan EMI at 3442 on a Business Loan for 36 Months as compared to Lendingkart with a minimum EMI of 3615 for 36 Months. Average customer ratings for Bank of Maharashtra is currently at 4.7/5.0 which makes it a good choice for taking a Business Loan.

How does Bank of Maharashtra Business Loan compare with Lendingkart Business Loan?

A detailed comparison of Bank of Maharashtra 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 Bank of Maharashtra Business Loan is 14.50%, which is lower than the lowest interest rate of Lendingkart at 18.00%. Hence, Bank of Maharashtra is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, Lendingkart charges a processing fees of 2% of loan amount while Bank of Maharashtra charges a processing fees of .
  • Lendingkart offers Business Loan upto an amount of ₹ 1 Cr while Bank of Maharashtra offer Business Loan upto an amount of ₹ 1.50 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. Bank of Maharashtra gives the option to close the loan after Zero months at , while Lendingkart does not offer foreclosure facility on Business Loan. This makes Bank of Maharashtra a better option for Business Loan.
  • Bank of Maharashtra gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from Lendingkart is ₹ 6 Lakh. Hence, small businesses may find is easier to get a loan from Bank of Maharashtra.
  • Bank of Maharashtra can be a better option if you are looking for fund requirements after 0 months. Lendingkart offers a business loan once if business is 12 months old. Hence, Bank of Maharashtra should be a preferred choice for relatively new enterprises.
  • Bank of Maharashtra with an average customer ratings of 4.7 is equally comparable to Lendingkart with an average customer rating of 4.7. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Business Loan – Bank of Maharashtra or Lendingkart?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 14.50% on Business Loan when compared to Lendingkart which offers a Business Loan at 18.00%.

How can I transfer my Business Loan from Lendingkart to Bank of Maharashtra?

You can transfer your Business Loan from Lendingkart to Bank of Maharashtra 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, Bank of Maharashtra offers the cheapest Business Loan at 14.50%.

How do I check my eligibility for Lendingkart and Bank of Maharashtra Business Loan?

You can check your eligibility for Lendingkart and Bank of Maharashtra 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 Lendingkart Business Loan

Know more about Bank of Maharashtra Business Loan

Compare Lendingkart Business Loan With Other Banks

Compare Bank of Maharashtra Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jan 2021
  • 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 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.
*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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