Compare PNB vs IIFL Business Loan

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Bank	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IDFC First Bank 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%	16.00% - 30.00%
Processing Fees	Processing Fees 1.8% + taxes	Up to 2%
Loan Amount	Loan Amount ₹ 50,000 to ₹ 15 Lakh	₹ 1 Lakh to ₹ 35 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,257	₹ 2,432
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 7 - 12 months - 5 - 6% and after 12 months - nil charges
Eligible Age	Eligible Age 21 to 58 Years	30 to 60 Years
Minimum Years in Business Required	Minimum Years in Business Required 12 Months	36 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 0	₹ 20 Lakh
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 3.8/5.0	3.8/5.0

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Compare Business Loan EMI of PNB and IIFL

Loan Amount	PNB	IIFL
₹ 1 Lakh	₹ 2,257	₹ 2,432
₹ 5 Lakh	₹ 11,287	₹ 12,159
₹ 10 Lakh	₹ 22,574	₹ 24,318
₹ 15 Lakh	₹ 33,861	₹ 36,477

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

PNB offers lower Business Loan EMI at Rs. 2257 for 60 Months compared to IIFL with a minimum EMI of Rs. 2432 for 60 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 IIFL Business Loan?

A detailed comparison of PNB and IIFL 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 IIFL at 16.00%. 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 IIFL charges a processing fee of Upto Up to 2%.
IIFL offers Business Loan upto an amount of ₹ 35 Lakh, while PNB offers Loan upto an amount of ₹ 15 Lakh. Therefore, IIFL 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 IIFL gives the option to close the loan after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges. This makes PNB a better option for Business Loan.
PNB allows part payment on Business Loan after Zero months at Nil charges, while IIFL 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 IIFL is ₹ 20 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. IIFL offers a business loan once if business is 36 months old. Hence, PNB should be a preferred choice for relatively new enterprises.
IIFL with an average customer rating of 3.8 is equally comparable to PNB with an average customer rating of 3.8. Hence, the customer can expect the same kind of service levels from these banks.

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

As per the current rates, PNB offers a lower interest rate of 12.65% on loans compared to IIFL, which offers a Business Loan at 16.00%.

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