Compare SBI vs IDFC First Bank Business Loan

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Bank	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Lendingkart Bajaj Finserv IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi Neogrowth IDBI Bank Yes Bank Allahabad Bank PNB OBC Indian Overseas Bank Dhan Laxmi Bank DCB Bank Andhra Bank United Bank of India Corporation Bank Syndicate Bank Bank of Baroda	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 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 11.20% - 16.30%	19.00% - 0.00%
Processing Fees	Processing Fees From 2% to 3%	2.00%
Loan Amount	Loan Amount ₹ 5 Lakh to ₹ 100 Cr	₹ 1 Lakh to ₹ 9 Lakh
Loan Tenure	Loan Tenure 12 to 48 Months	12 to 48 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,594	₹ 2,990
Part Payment Charges	Part Payment Charges Allowed after 0 months at 3%	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 6 months at 3%	Allowed after 6 months at 4 - 5%
Eligible Age	Eligible Age 21 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 ₹ 20 Lakh	₹ 12 Lakh
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 3.3/5.0	3.3/5.0

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Compare Business Loan EMI of SBI and IDFC First Bank

Loan Amount	SBI	IDFC First Bank
₹ 1 Lakh	₹ 2,594	₹ 2,990
₹ 5 Lakh	₹ 12,971	₹ 14,950
₹ 10 Lakh	₹ 25,943	₹ 29,900
₹ 15 Lakh	₹ 38,914	₹ 44,850

Which is a better bank for Business Loan – SBI or IDFC First Bank?

SBI offers lower Business Loan EMI at Rs. 2594 for 48 Months compared to IDFC First Bank with a minimum EMI of Rs. 2990 for 48 Months. In addition, average customer ratings for SBI is currently at 3.3/5.0, making it a good choice for taking a Business Loan.

How does SBI Business Loan compare with IDFC First Bank Business Loan?

A detailed comparison of SBI and IDFC First 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 SBI Loan is 11.20%, which is lower than the lowest interest rate of IDFC First Bank at 19.00%. Hence, SBI is offering a cheaper loan option.
Compared to other Business Loan charges such as processing fees, SBI charges a processing fee of From 2% to 3%, while IDFC First Bank charges a processing fee of Upto 2.00%.
SBI offers Business Loan upto an amount of ₹ 100 Cr, while IDFC First Bank offers Loan upto an amount of ₹ 9 Lakh. Therefore, 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 the foreclosure facility. IDFC First Bank and SBI gives the option to close the loan after 6 months at 4 - 5% and 3%. This makes IDFC First Bank a better option for Business Loan.
SBI allows part payment on Business Loan after Zero months at 3%, while IDFC First Bank does not offer a part payment facility. This makes SBI a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
IDFC First Bank gives business loan at a minimum turnover of ₹ 12 Lakh. 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 IDFC First Bank.
IDFC First Bank and SBI offer a business loan if your business has completed 36 months. Hence, IDFC First Bank and SBI both can be a preferred choice for relatively new enterprises.
IDFC First Bank with an average customer rating 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 a lower interest rate on Business Loan – SBI or IDFC First Bank?

As per the current rates, SBI offers a lower interest rate of 11.20% on loans compared to IDFC First Bank, which offers a Business Loan at 19.00%.

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Business Loan News - Aug 2022

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The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
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2022-04-29 : ICICI Bank Launches Digital Ecosystem for MSMEs
The new digital ecosystem comprises three pillars, including enhanced banking services for existing customers, MSMEs who are customers of other banks, and other value-added services for all.
2022-04-28 : Union Bank Rolls out Automated Solution for Recovery of Bad Loans
Union Bank of India will be using a first-of-its-kind stressed asset recovery automated solution (SARAS) to help the bank enforce securities, track recoveries, and enhance monitoring of stressed assets.

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