Compare PNB vs ICICI Bank Business Loan

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Bank	SBI HDFC Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi Neogrowth IDBI Bank Allahabad Bank Yes 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 Lendingkart Bajaj Finserv IDFC First Bank IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi Neogrowth IDBI Bank Allahabad Bank Yes Bank 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 12.65% - 15.65%	16.50% - 20.00%
Processing Fees	Processing Fees 1.8% + taxes	Starting from 0.99%, Up to 2%
Loan Amount	Loan Amount ₹ 50,000 to ₹ 15 Lakh	₹ 1 Lakh to ₹ 40 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 36 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,257	₹ 3,540
Part Payment Charges	Part Payment Charges Allowed after 0 months at Nil prepayment charges	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 0 months at Nil prepayment charges	Allowed after 6 months at 5%
Eligible Age	Eligible Age 21 to 58 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 ₹ 0	₹ 60 Lakh
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 3.8/5.0	3.5/5.0

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Compare Business Loan EMI of PNB and ICICI Bank

Loan Amount	PNB	ICICI Bank
₹ 1 Lakh	₹ 2,257	₹ 3,540
₹ 5 Lakh	₹ 11,287	₹ 17,702
₹ 10 Lakh	₹ 22,574	₹ 35,404
₹ 15 Lakh	₹ 33,861	₹ 53,107

Which is a better bank for Business Loan – PNB or ICICI Bank?

PNB offers lower Business Loan EMI at Rs. 2257 for 60 Months compared to ICICI Bank with a minimum EMI of Rs. 3540 for 36 Months. In addition, average customer ratings for PNB is currently at 3.8/5.0, making it a good choice for taking a Business Loan.

How does PNB Business Loan compare with ICICI Bank Business Loan?

A detailed comparison of PNB and ICICI 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 PNB Loan is 12.65%, which is lower than the lowest interest rate of ICICI Bank at 16.50%. Hence, PNB is offering a cheaper loan option.
Compared to other Business Loan charges such as processing fees, PNB charges a processing fee of 1.8% + taxes, while ICICI Bank charges a processing fee of Upto Starting from 0.99%, Up to 2%.
ICICI Bank offers Business Loan upto an amount of ₹ 40 Lakh, while PNB offers Loan upto an amount of ₹ 15 Lakh. Therefore, ICICI 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. PNB gives the option to close the loan after Zero months at Nil prepayment charges and ICICI Bank gives the option to close the loan after 6 months at 5%. This makes PNB a better option for Business Loan.
PNB allows part payment on Business Loan after Zero months at Nil charges, while ICICI Bank does not offer a part payment facility. This makes PNB a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
PNB gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from ICICI Bank is ₹ 60 Lakh. Hence, small businesses may find is easier to get a loan from PNB.
PNB can be a better option if you are looking for fund requirements after 12 months. ICICI Bank offers a business loan once if business is 36 months old. Hence, PNB should be a preferred choice for relatively new enterprises.
PNB has an average customer rating of 3.8. In contrast, ICICI Bank has an average customer rating of 3.5, based on which it is clear that PNB has a high customer service focus, an easy process and a quick turnaround.

Which bank offers a lower interest rate on Business Loan – PNB or ICICI Bank?

As per the current rates, PNB offers a lower interest rate of 12.65% on loans compared to ICICI Bank, which offers a Business Loan at 16.50%.

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Business Loan News - Oct 2021

2021-10-11 : IIFL Finance Launches Instant Business Loan
IIFL Finance has launched instant business loans on WhatsApp to avail of loan amount upto Rs. 10 Lakhs with benefits such as minimum documentation and quick approval.
2021-10-05 : IndusInd Bank Advances Grow by 10% Y-O-Y
IndusInd Bank has posted a growth in advances by 10% on a Y-O-Y basis. Retail Deposits and Deposits from Small Business Customers amounted to Rs 1,11,749 crore as of 30 September 2021 as compared to Rs 1,05,737 crore as of 30 June 2021.
2021-10-05 : HDFC Bank Reports Growth in Advances in Q2
HDFC Bank has reported a growth in advances by 15.4% in quarter 2. As a result, the advances have grown to ₹ 11.98 lakh crore as of September 30, 2021, from ₹ 10.38 lakh crore a year ago.
2021-10-04 : Yes Bank Posts Growth in Loans and Deposits
Yes Bank has posted growth of 3.6% (year-on-year) in advances at Rs 1,72,945 crore for the quarter ended September 2021 (Q2FY22). Its advances stood at Rs 1,66,923 crore at end of September 2020 (Q2FY21).
2021-09-30 : Govt Extends Emergency Credit Scheme for Micro, Small and Medium Enterprises
The government has extended the emergency credit scheme for MSMEs till 31st March 2022. The new deadline for disbursement of loans under this scheme is 30th June 2021.

*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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