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Compare Neogrowth vs IDFC First Bank Business Loan

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Bank
Interest Rate
Interest Rate
24.00% - 0.00%
19.00% - 0.00%
Processing Fees
Processing Fees
Upto 3% of loan amount
2.00%
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 8 Lakh
₹ 1 Lakh to ₹ 9 Lakh
Loan Tenure
Loan Tenure
9 to 24 Months
12 to 48 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 5,287
₹ 2,990
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil charges
Allowed after 6 months at 4 - 5%
Eligible Age
Eligible Age
23 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
₹ 24 Lakh
₹ 12 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Business Loan EMI of Neogrowth and IDFC First Bank

Loan Amount Neogrowth IDFC First Bank
₹ 1 Lakh ₹ 5,287 ₹ 2,990
₹ 5 Lakh ₹ 26,436 ₹ 14,950
₹ 10 Lakh ₹ 52,871 ₹ 29,900
₹ 15 Lakh ₹ 79,307 ₹ 44,850

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

IDFC First Bank offers lower Business Loan EMI at Rs. 2990 for 48 Months compared to Neogrowth with a minimum EMI of Rs. 5287 for 24 Months. In addition, average customer ratings for IDFC First Bank is currently at /5.0, making it a good choice for taking a Business Loan.

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

A detailed comparison of IDFC First Bank 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 IDFC First Bank Loan is 19.00%, which is lower than the lowest interest rate of Neogrowth at 24.00%. Hence, IDFC First Bank 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 IDFC First Bank charges a processing fee of Upto 2.00%.
  • IDFC First Bank offers Business Loan upto an amount of ₹ 9 Lakh, while Neogrowth offers Loan upto an amount of ₹ 8 Lakh. Therefore, IDFC First Bank 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. Neogrowth gives the option to close the loan after 1 months at Nil charges and IDFC First Bank gives the option to close the loan after 6 months at 4 - 5%. This makes Neogrowth a better option for Business Loan.
  • IDFC First Bank gives business loan at a minimum turnover of ₹ 12 Lakh. 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 IDFC First Bank.
  • Neogrowth 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, 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 – IDFC First Bank or Neogrowth?

As per the current rates, IDFC First Bank offers a lower interest rate of 19.00% 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 IDFC First Bank Business Loan

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