Compare Business Loan - RBL Bank vs Syndicate
| 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
Neogrowth
Indifi
Allahabad Bank
Yes Bank
PNB
OBC
Indian Overseas Bank
Dhan Laxmi Bank
DCB Bank
Andhra Bank
United Bank of India
Corporation 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
IDBI Bank
Indifi
Neogrowth
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 16.25% - 21.00% |
12.65% - 13.65% |
| Processing Fees | Processing Fees 1.80-2.20% of loan amount |
0.5%, Min Rs. 500 |
| Loan Amount | Loan Amount ₹ 1 Lakh to ₹ 10 Lakh |
₹ 50,000 to ₹ 5 Lakh |
| Loan Tenure | Loan Tenure 12 to 36 Months |
12 to 60 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 3,528 |
₹ 2,257 |
| Part Payment Charges | Part Payment Charges Not Allowed |
Allowed after 0 months at Nil prepayment charges |
| Foreclosure Charges | Foreclosure Charges Allowed after 12 months at NIL foreclosure charges |
Allowed after 0 months at Nil prepayment charges |
| Borrower’s Age | Borrower’s Age 25 to 65 Years |
21 to 58 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 36 Months |
0 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 25 Lakh |
₹ 0 |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
|
Compare EMI of RBL Bank and Syndicate Business Loan
| Loan Amount | RBL Bank | Syndicate Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 7,865 | ₹ 10,857 |
| ₹ 5 Lakh | ₹ 39,327 | ₹ 54,284 |
| ₹ 10 Lakh | ₹ 78,653 | ₹ 1,08,567 |
| ₹ 15 Lakh | ₹ 1,17,980 | ₹ 1,62,851 |
Which is a better bank for Business Loan – Syndicate Bank or RBL Bank?
Syndicate Bank offers lower Business Loan EMI at 2257 on a Business Loan for 60 Months as compared to RBL Bank with a minimum EMI of 3528 for 36 Months. Average customer ratings for Syndicate Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.
How does Syndicate Bank Business Loan compare with RBL Bank Business Loan?
A detailed comparison of Syndicate 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 Syndicate Bank Business Loan is 12.65%, which is lower than the lowest interest rate of RBL Bank at 16.25%. Hence, Syndicate 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 1.80-2.20% of loan amount while Syndicate Bank charges a processing fees of 0.5%, Min Rs. 500.
- RBL Bank offers Business Loan upto an amount of ₹ 10 Lakh while Syndicate Bank offer Business Loan upto an amount of ₹ 5 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. Syndicate Bank gives the option to close the loan after Zero months at Nil prepayment charges and RBL Bank gives the option to close the loan after 12 months at NIL foreclosure charges . This makes Syndicate Bank a better option for Business Loan.
- Syndicate Bank allows part payment on Business Loan after Zero months at Nil charges, while RBL Bank does not offer part payment facility on Business Loan. This makes Syndicate Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
- Syndicate Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from RBL Bank is ₹ 25 Lakh. Hence, small businesses may find is easier to get a loan from Syndicate Bank.
- Syndicate Bank can be a better option if you are looking for fund requirements after 0 months. RBL Bank offers a business loan once if business is 36 months old. Hence, Syndicate Bank 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 – Syndicate Bank or RBL Bank?
As per the current rates, Syndicate Bank offers a lower interest rate of 12.65% on Business Loan when compared to RBL Bank which offers a Business Loan at 16.25%.
How can I transfer my Business Loan from RBL Bank to Syndicate Bank?
You can transfer your Business Loan from RBL Bank to Syndicate Bank with a Business Loan balance transfer. For this, you need to follow a specific procedure that involves clearing off dues, getting a NOC, application to a new bank, getting approval, etc. The Business Loan balance transfer is an excellent way to reduce the loan burden as you can switch to a lower Business Loan interest rate.
How can I choose the best bank for Business Loan?
You can choose the best bank for a Business Loan by making a detailed comparison between top lenders on the basis of interest rates, processing fee or Business Loan offers. Apart from that, you can visit online marketplaces like MyLoanCare to choose the best Business Loan offer. Here, you will get the option of choosing the best bank amongst the shortlisted ones based on your loan requirement.
Which type of Business Loan is the cheapest?
The cheapest Business Loan is the one that is offered at the lowest Business Loan interest rates. This is because the lowest Business Loan interest rates mean the lowest EMI, as the interest charged will be less. Thus, these loans can be attained with the least repayment burden. Currently, Syndicate Bank offers the cheapest Business Loan at 12.65%.
How do I check my eligibility for RBL Bank and Syndicate Bank Business Loan?
You can check your eligibility for RBL Bank and Syndicate Bank Business Loan by using MyLoanCare Business Loan eligibility calculator. You have to enter details like required loan amount, profession, annual profit, work experience etc to check the amount of loan you are eligible for. You can apply loan for the eligible amount to repay the EMI you can comfortably service.
Know all about Business Loan
Know more about RBL Bank Business Loan
Know more about Syndicate Bank Business Loan
Compare RBL Bank Business Loan With Other Banks
Compare Syndicate Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 2021-01-08 : IndusInd Bank reported 11% growth in Q3 deposits
IndusInd Bank posted a 3.2% quarter-on-quarter growth in the net advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans in the December quarter. Further, the bank also posted a 5% quarterly growth in deposits which includes fixed and recurring deposits. - 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020. - 2021-01-06 : Yes Bank reported 1.3% quarterly growth in loans and advances
Yes Bank registered 1.3% quarter-on-quarter growth in loans and advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans to Rs 1.69 lakh crore during the December quarter. Deposits which include fixed and recurring deposits grew 7.7% to Rs 1.46 lakh crore. Further, the current account and savings account deposits grew 12.6% to Rs 37,973 crore. - 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020. - 2020-12-31 : ICICI Lombard introduced an online platform for SMEs
ICICI Lombard launched an online business insurance platform for small and medium enterprises. The new platform will be convenient for the SME owners to purchase or renew insurance products, endorse their policies, and register claims. In addition to this, the business owners will opt for different insurance options such as marine insurance, workmen compensation.
