Compare Lendingkart vs IDFC First Bank Business Loan

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Bank	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi Neogrowth IDBI Bank Yes Bank Allahabad Bank PNB OBC Indian Overseas Bank Dhan Laxmi Bank DCB Bank Andhra Bank United Bank of India Corporation Bank Syndicate Bank Bank of Baroda	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Bajaj Finserv IDFC First Bank IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi IDBI Bank Neogrowth Yes Bank Allahabad Bank PNB OBC Indian Overseas Bank Dhan Laxmi Bank DCB Bank Andhra Bank United Bank of India Corporation Bank Syndicate Bank Bank of Baroda
Interest Rate	Interest Rate 12.00% - 24.00%	19.00% - 0.00%
Processing Fees	Processing Fees 2% to 3% of loan amount	2.00%
Loan Amount	Loan Amount ₹ 50,000 to ₹ 1 Cr	₹ 1 Lakh to ₹ 9 Lakh
Loan Tenure	Loan Tenure 1 to 36 Months	12 to 48 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 3,321	₹ 2,990
Part Payment Charges	Part Payment Charges Not Allowed	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 1 month at Nil foreclosure charges	Allowed after 6 months at 4 - 5%
Eligible Age	Eligible Age 21 to 65 Years	25 to 65 Years
Minimum Years in Business Required	Minimum Years in Business Required 12 Months	36 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 90,000	₹ 12 Lakh
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 4.7/5.0	4.7/5.0

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Compare Business Loan EMI of Lendingkart and IDFC First Bank

Loan Amount	Lendingkart	IDFC First Bank
₹ 1 Lakh	₹ 3,321	₹ 2,990
₹ 5 Lakh	₹ 16,607	₹ 14,950
₹ 10 Lakh	₹ 33,214	₹ 29,900
₹ 15 Lakh	₹ 49,821	₹ 44,850

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

IDFC First Bank offers lower Business Loan EMI at Rs. 2990 for 48 Months compared to Lendingkart with a minimum EMI of Rs. 3321 for 36 Months. In addition, average customer ratings for IDFC First Bank is currently at 4.7/5.0, making it a good choice for taking a Business Loan.

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

A detailed comparison of Lendingkart 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 Lendingkart Loan is 12.00%, which is lower than the lowest interest rate of IDFC First Bank at 19.00%. Hence, Lendingkart is offering a cheaper loan option.
Compared to other Business Loan charges such as processing fees, Lendingkart charges a processing fee of 2% to 3% of loan amount, while IDFC First Bank charges a processing fee of Upto 2.00%.
Lendingkart offers Business Loan upto an amount of ₹ 1 Cr, while IDFC First Bank offers Loan upto an amount of ₹ 9 Lakh. Therefore, 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 the foreclosure facility. Lendingkart gives the option to close the loan after 1 months at Nil foreclosure charges and IDFC First Bank gives the option to close the loan after 6 months at 4 - 5%. This makes Lendingkart a better option for Business Loan.
Lendingkart gives business loan at a minimum turnover of ₹ 90,000 . 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 Lendingkart.
Lendingkart can be a better option if you are looking for fund requirements after 12 months. IDFC First Bank offers a business loan once if business is 36 months old. Hence, Lendingkart should be a preferred choice for relatively new enterprises.
IDFC First Bank with an average customer rating 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 a lower interest rate on Business Loan – Lendingkart or IDFC First Bank?

As per the current rates, Lendingkart offers a lower interest rate of 12.00% on loans compared to IDFC First Bank, which offers a Business Loan at 19.00%.

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