Compare Business Loan - SBI vs IDFC First Bank

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
Parameters
Interest Rate	Interest Rate 11.20% - 16.30%	22.00% - 24.00%
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	₹ 3,151
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%
Borrower’s Age	Borrower’s 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 EMI of SBI and IDFC First Bank Business Loan

Loan Amount	SBI	IDFC First Bank
₹ 1 Lakh	₹ 2,594	₹ 3,151
₹ 5 Lakh	₹ 12,971	₹ 15,753
₹ 10 Lakh	₹ 25,943	₹ 31,506
₹ 15 Lakh	₹ 38,914	₹ 47,259

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

SBI offers lower Business Loan EMI at 2594 on a Business Loan for 48 Months as compared to IDFC First Bank with a minimum EMI of 3151 for 48 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 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 Business Loan is 11.20%, which is lower than the lowest interest rate of IDFC First Bank at 22.00%. 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 IDFC First Bank charges a processing fees of 2.00%.
SBI offers Business Loan upto an amount of ₹ 100 Cr while IDFC First Bank offer Business Loan upto an amount of ₹ 9 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. 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 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.
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 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 IDFC First Bank?

As per the current rates, SBI offers a lower interest rate of 11.20% on Business Loan when compared to IDFC First Bank which offers a Business Loan at 22.00%.

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Business Loan News - Apr 2021

2021-04-13 : Bandhan Bank’s collection efficiency ratio at 96% in Q4
Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
2021-04-12 : Rs. 15 lakh crores sanctioned under the Mudra Yojna in last 6 years
The finance ministry reported that banks and financial institutions have sanctioned Rs. 15 lakh crores to over 28.68 crores beneficiaries in the last 6 years. Prime Minister Mudra Yojna or PMMY was launched in April 2015 with an aim to promote entrepreneurship.
2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
2021-04-05 : Yes Bank Jan-March deposits up 54% to 162, 947
Yes Bank reported that the bank’s loan and advances which include home, personal, LAP, gold, two-wheeler, car and doctor loans along with business and mudra loans increased by 0.8% in year-on-year (YoY) terms to Rs. 172,850 crores. In addition to this, the bank deposit which includes fixed and recurring deposits grew 54.7% to Rs. 162,947 crores as compared to ₹105,364 crores on a yearly basis. The CASA(current and savings account) was up 51.8% to Rs. 42,587 crores against Rs. 28,063 crores YoY.
2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.

*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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