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Compare Business Loan - SBI vs Bank Maharashtra

Bank
Parameters
Interest Rate
Interest Rate
11.20% - 16.30%
14.50% - 15.50%
Processing Fees
Processing Fees
From 2% to 3%
Loan Amount
Loan Amount
₹ 5 Lakh to ₹ 100 Cr
₹ 50,000 to ₹ 1.50 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,594
₹ 3,442
Part Payment Charges
Part Payment Charges
Allowed after 0 months at 3%
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 3%
Not Allowed
Borrower’s Age
Borrower’s Age
21 to 65 Years
21 to 60 Years
Minimum Years in Business Required
Minimum Years in Business Required
36 Months
0 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 20 Lakh
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.3/5.0
3.3/5.0
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Compare EMI of SBI and Bank Maharashtra Business Loan

Loan Amount SBI Bank of Maharashtra
₹ 1 Lakh ₹ 11,252 ₹ 8,606
₹ 5 Lakh ₹ 56,260 ₹ 43,032
₹ 10 Lakh ₹ 1,12,519 ₹ 86,063
₹ 15 Lakh ₹ 1,68,779 ₹ 1,29,095

Which is a better bank for Business Loan – SBI or Bank of Maharashtra?

SBI offers lower Business Loan EMI at 2594 on a Business Loan for 48 Months as compared to Bank of Maharashtra with a minimum EMI of 3442 for 36 Months. Average customer ratings for SBI is currently at 3.3/5.0 which makes it a good choice for taking a Business Loan.

How does SBI Business Loan compare with Bank of Maharashtra Business Loan?

A detailed comparison of SBI and Bank of Maharashtra 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 SBI Business Loan is 11.20%, which is lower than the lowest interest rate of Bank of Maharashtra at 14.50%. Hence, SBI is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, SBI charges a processing fees of From 2% to 3% while Bank of Maharashtra charges a processing fees of .
  • SBI offers Business Loan upto an amount of ₹ 100 Cr while Bank of Maharashtra offer Business Loan upto an amount of ₹ 1.50 Lakh. SBI 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. Bank of Maharashtra gives the option to close the loan after Zero months at , while SBI does not offer foreclosure facility on Business Loan. This makes Bank of Maharashtra a better option for Business Loan.
  • SBI allows part payment on Business Loan after Zero months at 3%, while Bank of Maharashtra does not offer part payment facility on Business Loan. This makes SBI a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Bank of Maharashtra gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from SBI is ₹ 20 Lakh. Hence, small businesses may find is easier to get a loan from Bank of Maharashtra.
  • Bank of Maharashtra can be a better option if you are looking for fund requirements after 0 months. SBI offers a business loan once if business is 36 months old. Hence, Bank of Maharashtra should be a preferred choice for relatively new enterprises.
  • Bank of Maharashtra with an average customer ratings of 3.3 is equally comparable to SBI with an average customer rating of 3.3. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Business Loan – SBI or Bank of Maharashtra?

As per the current rates, SBI offers a lower interest rate of 11.20% on Business Loan when compared to Bank of Maharashtra which offers a Business Loan at 14.50%.

How can I transfer my Business Loan from SBI to Bank of Maharashtra?

You can transfer your Business Loan from SBI to Bank of Maharashtra 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, SBI offers the cheapest Business Loan at 11.20%.

How do I check my eligibility for SBI and Bank of Maharashtra Business Loan?

You can check your eligibility for SBI and Bank of Maharashtra 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 SBI Business Loan

Know more about Bank of Maharashtra Business Loan

Compare SBI Business Loan With Other Banks

Compare Bank of Maharashtra Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jan 2021
  • 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
    Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020.
  • 2021-01-25 : South India Bank reported 3FY21 loss at Rs. 91.62 crore
    South Indian Bank reported a total income of Rs.2082.08 crores backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted a net loss of Rs.91.6 crores for the period ended December 31, 2020.
  • 2021-01-25 : Bajaj Finserv Q3 results net profit rises 15% to Rs 1,290 crore
    Bajaj Finserv posted a 15% year-on-year rise in its net profit to Rs 1,290 crore in the quarter ended December, backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans Further, the bank’s revenues climbed 10% year-on-year to Rs 15,960.7 crore.
  • 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2021-01-18 : Karnataka Bank Q3 net profit rises to ₹135 cr
    Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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