Compare Business Loan - RBL Bank vs Neogrowth

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Bank	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 IDBI Bank Ftcash Indifi 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
Parameters
Interest Rate	Interest Rate 18.50% - 21.00%	24.00% - 0.00%
Processing Fees	Processing Fees 2.50-3.00% of loan amount	Upto 3% of loan amount
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 10 Lakh	₹ 1 Lakh to ₹ 8 Lakh
Loan Tenure	Loan Tenure 12 to 36 Months	9 to 24 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 3,640	₹ 5,287
Part Payment Charges	Part Payment Charges Not Allowed	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 12 months at NIL foreclosure charges	Allowed after 1 month at Nil charges
Eligible Age	Eligible Age 27 to 65 Years	23 to 65 Years
Minimum Years in Business Required	Minimum Years in Business Required 36 Months	12 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 1 Cr	₹ 24 Lakh
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)

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Compare EMI of RBL Bank and Neogrowth Business Loan

Loan Amount	RBL Bank	Neogrowth
₹ 1 Lakh	₹ 3,640	₹ 5,287
₹ 5 Lakh	₹ 18,202	₹ 26,436
₹ 10 Lakh	₹ 36,404	₹ 52,871
₹ 15 Lakh	₹ 54,606	₹ 79,307

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

RBL Bank offers lower Business Loan EMI at 3640 on a Business Loan for 36 Months as compared to Neogrowth with a minimum EMI of 5287 for 24 Months. Average customer ratings for RBL Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.

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

A detailed comparison of RBL 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 RBL Bank Business Loan is 18.50%, which is lower than the lowest interest rate of Neogrowth at 24.00%. Hence, RBL Bank is offering a cheaper loan option.
When compared on other Business Loan charges such as processing fees, RBL Bank charges a processing fees of 2.50-3.00% of loan amount while Neogrowth charges a processing fees of Upto 3% of loan amount.
RBL Bank offers Business Loan upto an amount of ₹ 10 Lakh while Neogrowth offer Business Loan upto an amount of ₹ 8 Lakh. RBL 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 foreclosure facility. Neogrowth gives the option to close the loan after 1 months at Nil charges and RBL Bank gives the option to close the loan after 12 months at NIL foreclosure charges . This makes Neogrowth a better option for Business Loan.
Neogrowth gives business loan at a minimum turnover of ₹ 24 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 Neogrowth.
Neogrowth can be a better option if you are looking for fund requirements after 12 months. RBL Bank offers a business loan once if business is 36 months old. Hence, Neogrowth should be a preferred choice for relatively new enterprises.
with an average customer ratings 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 lower interest rate on Business Loan – RBL Bank or Neogrowth?

As per the current rates, RBL Bank offers a lower interest rate of 18.50% on Business Loan when compared to Neogrowth which offers a Business Loan at 24.00%.

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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

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