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Compare Neogrowth vs Indian Overseas Bank Business Loan

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Bank
Interest Rate
Interest Rate
24.00% - 0.00%
11.00% - 15.00%
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 ₹ 10 Lakh
Loan Tenure
Loan Tenure
9 to 24 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 5,287
₹ 2,174
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil charges
Allowed after 1 month at Nil prepayment charges
Eligible Age
Eligible Age
23 to 65 Years
21 to 58 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 Indian Overseas Bank

Loan Amount Neogrowth Indian Overseas Bank
₹ 1 Lakh ₹ 5,287 ₹ 2,174
₹ 5 Lakh ₹ 26,436 ₹ 10,871
₹ 10 Lakh ₹ 52,871 ₹ 21,742
₹ 15 Lakh ₹ 79,307 ₹ 32,614

Which is a better bank for Business Loan – Indian Overseas Bank or Neogrowth?

Indian Overseas Bank offers lower Business Loan EMI at Rs. 2174 for 60 Months compared to Neogrowth with a minimum EMI of Rs. 5287 for 24 Months. In addition, average customer ratings for Indian Overseas Bank is currently at /5.0, making it a good choice for taking a Business Loan.

How does Indian Overseas Bank Business Loan compare with Neogrowth Business Loan?

A detailed comparison of Indian Overseas 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 Indian Overseas Bank Loan is 11.00%, which is lower than the lowest interest rate of Neogrowth at 24.00%. Hence, Indian Overseas 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 Indian Overseas Bank charges a processing fee of Upto Upto 3% of the loan amount.
  • Indian Overseas Bank offers Business Loan upto an amount of ₹ 10 Lakh, while Neogrowth offers Loan upto an amount of ₹ 8 Lakh. Therefore, Indian Overseas 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. Indian Overseas Bank and Neogrowth gives the option to close the loan after 1 months at Nil prepayment charges and Nil charges. This makes Indian Overseas Bank a better option for Business Loan.
  • Indian Overseas Bank 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 Indian Overseas Bank.
  • Neogrowth can be a better option if you are looking for fund requirements after 12 months. Indian Overseas Bank 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 – Indian Overseas Bank or Neogrowth?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 11.00% 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 Indian Overseas Bank Business Loan

Compare Neogrowth Business Loan With Other Banks

Compare Indian Overseas Bank 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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