Compare RBL Bank 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 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
Interest Rate	Interest Rate 18.50% - 21.00%	16.50% - 20.00%
Processing Fees	Processing Fees 2.50-3.00% of loan amount	Starting from 0.99%, Up to 2%
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 10 Lakh	₹ 1 Lakh to ₹ 40 Lakh
Loan Tenure	Loan Tenure 12 to 36 Months	12 to 36 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 3,640	₹ 3,540
Part Payment Charges	Part Payment Charges Not Allowed	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 12 months at NIL foreclosure charges	Allowed after 6 months at 5%
Eligible Age	Eligible Age 27 to 65 Years	25 to 65 Years
Minimum Years in Business Required	Minimum Years in Business Required 36 Months	36 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 1 Cr	₹ 60 Lakh
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	3.5/5.0

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Compare Business Loan EMI of RBL Bank and ICICI Bank

Loan Amount	RBL Bank	ICICI Bank
₹ 1 Lakh	₹ 3,640	₹ 3,540
₹ 5 Lakh	₹ 18,202	₹ 17,702
₹ 10 Lakh	₹ 36,404	₹ 35,404
₹ 15 Lakh	₹ 54,606	₹ 53,107

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

ICICI Bank offers lower Business Loan EMI at Rs. 3540 for 36 Months compared to RBL Bank with a minimum EMI of Rs. 3640 for 36 Months. In addition, average customer ratings for ICICI Bank is currently at 3.5/5.0, making it a good choice for taking a Business Loan.

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

A detailed comparison of ICICI Bank and RBL 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 ICICI Bank Loan is 16.50%, which is lower than the lowest interest rate of RBL Bank at 18.50%. Hence, ICICI Bank is offering a cheaper loan option.
Compared to other Business Loan charges such as processing fees, RBL Bank charges a processing fee of 2.50-3.00% of loan amount, 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 RBL Bank offers Loan upto an amount of ₹ 10 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. ICICI Bank gives the option to close the loan after 6 months at 5% and RBL Bank gives the option to close the loan after 12 months at NIL foreclosure charges . This makes ICICI Bank a better option for Business Loan.
ICICI Bank gives business loan at a minimum turnover of ₹ 60 Lakh. However, the turnover requirement for a business loan from RBL Bank is ₹ 1 Cr. Hence, small businesses may find is easier to get a loan from ICICI Bank.
ICICI Bank and RBL Bank offer a business loan if your business has completed 36 months. Hence, ICICI Bank and RBL Bank both can be a preferred choice for relatively new enterprises.
ICICI Bank has an average customer rating of 3.5. In contrast, has an average customer rating of , based on which it is clear that ICICI Bank has a high customer service focus, an easy process and a quick turnaround.

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

As per the current rates, ICICI Bank offers a lower interest rate of 16.50% on loans compared to RBL Bank, which offers a Business Loan at 18.50%.

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Business Loan News - Aug 2022

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