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Compare Neogrowth vs Bank of Maharashtra Business Loan

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Bank
Interest Rate
Interest Rate
24.00% - 0.00%
14.50% - 15.50%
Processing Fees
Processing Fees
Upto 3% of loan amount
Upto 3% of the loan amount
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 8 Lakh
₹ 50,000 to ₹ 1.50 Lakh
Loan Tenure
Loan Tenure
9 to 24 Months
12 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 5,287
₹ 3,442
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil charges
Not Allowed
Eligible Age
Eligible Age
23 to 65 Years
21 to 60 Years
Minimum Years in Business Required
Minimum Years in Business Required
12 Months
NA
Minimum Turnover Required
Minimum Turnover Required
₹ 24 Lakh
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Business Loan EMI of Neogrowth and Bank of Maharashtra

Loan Amount Neogrowth Bank of Maharashtra
₹ 1 Lakh ₹ 5,287 ₹ 3,442
₹ 5 Lakh ₹ 26,436 ₹ 17,210
₹ 10 Lakh ₹ 52,871 ₹ 34,421
₹ 15 Lakh ₹ 79,307 ₹ 51,631

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

Bank of Maharashtra offers lower Business Loan EMI at Rs. 3442 for 36 Months compared to Neogrowth with a minimum EMI of Rs. 5287 for 24 Months. In addition, average customer ratings for Bank of Maharashtra is currently at /5.0, making it a good choice for taking a Business Loan.

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

A detailed comparison of Bank of Maharashtra and Neogrowth 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 Loan is 14.50%, which is lower than the lowest interest rate of Neogrowth at 24.00%. Hence, Bank of Maharashtra is offering a cheaper loan option.
  • Compared to other Business Loan charges such as processing fees, Neogrowth charges a processing fee of Upto 3% of loan amount, while Bank of Maharashtra charges a processing fee of Upto Upto 3% of the loan amount.
  • Neogrowth offers Business Loan upto an amount of ₹ 8 Lakh, while Bank of Maharashtra offers Loan upto an amount of ₹ 1.50 Lakh. Therefore, Neogrowth 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. Bank of Maharashtra gives the option to close the loan after Zero months at , while Neogrowth 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 Neogrowth is ₹ 24 Lakh. Hence, small businesses may find is easier to get a loan from Bank of Maharashtra.
  • Neogrowth can be a better option if you are looking for fund requirements after 12 months. Bank of Maharashtra offers a business loan once if business is NA months old. Hence, Neogrowth should be a preferred choice for relatively new enterprises.
  • with an average customer rating 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 a lower interest rate on Business Loan – Bank of Maharashtra or Neogrowth?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 14.50% on loans compared to Neogrowth, which offers a Business Loan at 24.00%.

Know all about Business Loan

Know more about Neogrowth Business Loan

Know more about Bank of Maharashtra Business Loan

Compare Neogrowth Business Loan With Other Banks

Compare Bank of Maharashtra Business Loan With Other Banks

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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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