Compare Business Loan - PNB vs IIFL

Download Comparison

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
Parameters
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

Add Bank

Compare EMI of PNB and IIFL Business Loan

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 2257 on a Business Loan for 60 Months as compared to IIFL with a minimum EMI of 2432 for 60 Months. Average customer ratings for PNB is currently at 3.8/5.0 which makes 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 Business 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.
When compared on other Business Loan charges such as processing fees, PNB charges a processing fees of 1.8% + taxes while IIFL charges a processing fees of Up to 2%.
IIFL offers Business Loan upto an amount of ₹ 35 Lakh while PNB offer Business Loan upto an amount of ₹ 15 Lakh. 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 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 part payment facility on Business Loan. 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 ratings 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 lower interest rate on Business Loan – PNB or IIFL?

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

Know all about Business Loan

Know more about PNB Business Loan

Know more about IIFL Business Loan

Compare PNB Business Loan With Other Banks

Compare IIFL Business Loan With Other Banks

Know About MSMEs and Mudra Loan

Notification ×

Home Loan
Home Loan at all-time low rates starting at 6.65%. Cashback of up to ₹ 1,000.
Apply Now
Personal Loan
Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .
Check Offers
Gold Loan
Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500
Apply Now
Loan Against Property
Best Loan Against Property Offers starting @ 7.20%. Cashback of up to ₹ 1,000*.
Apply Now
Business Loan
Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.
Apply Now
Fixed Deposit
AAA rated FDs with returns as high as 6.95%.
Invest Now

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.
2021-07-15 : OBC & UBI merged with PNB
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.

*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

Calculate Your Income Tax ☺

Please wait while your information is being processed...