Compare Business Loan - SBI vs Indian Overseas Bank
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
Ftcash
Indifi
Neogrowth
IDBI Bank
Allahabad Bank
Yes Bank
PNB
OBC
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% |
14.90% - 15.25% |
Processing Fees | Processing Fees From 2% to 3% |
Rs. 204 per lakh |
Loan Amount | Loan Amount ₹ 5 Lakh to ₹ 100 Cr |
₹ 50,000 to ₹ 10 Lakh |
Loan Tenure | Loan Tenure 12 to 48 Months |
12 to 60 Months |
Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 2,594 |
₹ 2,374 |
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 1 month at Nil prepayment charges |
Borrower’s Age | Borrower’s Age 21 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 ₹ 20 Lakh |
₹ 0 |
Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) 3.3/5.0 |
3.3/5.0 |
Compare EMI of SBI and Indian Overseas Bank Business Loan
Loan Amount | SBI | Indian Overseas Bank |
---|---|---|
₹ 1 Lakh | ₹ 2,594 | ₹ 2,374 |
₹ 5 Lakh | ₹ 12,971 | ₹ 11,869 |
₹ 10 Lakh | ₹ 25,943 | ₹ 23,737 |
₹ 15 Lakh | ₹ 38,914 | ₹ 35,606 |
Which is a better bank for Business Loan – SBI or Indian Overseas Bank?
Indian Overseas Bank offers lower Business Loan EMI at 2374 on a Business Loan for 60 Months as compared to SBI with a minimum EMI of 2594 for 48 Months. Average customer ratings for Indian Overseas Bank 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 Indian Overseas Bank Business Loan?
A detailed comparison of SBI and Indian Overseas 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:
Which bank offers lower interest rate on Business Loan – SBI or Indian Overseas Bank?
As per the current rates, SBI offers a lower interest rate of 11.20% on Business Loan when compared to Indian Overseas Bank which offers a Business Loan at 14.90%.
Know all about Business Loan
Know more about SBI Business Loan
Know more about Indian Overseas Bank Business Loan
Compare SBI Business Loan With Other Banks
Compare Indian Overseas Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 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. - 2021-03-26 : Digital Banking likely to play a major role in the banking sector
RBI Governor emphasised that digital lending is going to play a major role in the coming years and the market will be more technology-dependent. Further, he suggested that banks need to adapt to new technologies and adapt to the changes and transformations which are happening in the world of digital lending to remain in sync with time.
