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Compare Business Loan - Neogrowth vs Bank of Maharashtra

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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
0 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 24 Lakh
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of Neogrowth and Bank of Maharashtra Business Loan

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 3442 on a Business Loan for 36 Months as compared to Neogrowth with a minimum EMI of 5287 for 24 Months. Average customer ratings for Bank of Maharashtra is currently at /5.0 which makes 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 Business 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.
  • When compared on other Business Loan charges such as processing fees, Neogrowth charges a processing fees of Upto 3% of loan amount while Bank of Maharashtra charges a processing fees of Upto 3% of the loan amount.
  • Neogrowth offers Business Loan upto an amount of ₹ 8 Lakh while Bank of Maharashtra offer Business Loan upto an amount of ₹ 1.50 Lakh. 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 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.
  • Bank of Maharashtra can be a better option if you are looking for fund requirements after 0 months. Neogrowth offers a business loan once if business is 12 months old. Hence, Bank of Maharashtra 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 – Bank of Maharashtra or Neogrowth?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 14.50% on Business Loan when 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

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Business Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
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    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
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