Compare Business Loan - SBI vs IOB
| 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 IOB Business Loan
| Loan Amount | SBI | Indian Overseas Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 11,252 | ₹ 9,678 |
| ₹ 5 Lakh | ₹ 56,260 | ₹ 48,390 |
| ₹ 10 Lakh | ₹ 1,12,519 | ₹ 96,781 |
| ₹ 15 Lakh | ₹ 1,68,779 | ₹ 1,45,172 |
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:
- Lowest Interest rate of SBI Business Loan is 11.20%, which is lower than the lowest interest rate of Indian Overseas Bank at 14.90%. 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 Indian Overseas Bank charges a processing fees of Rs. 204 per lakh.
- SBI offers Business Loan upto an amount of ₹ 100 Cr while Indian Overseas Bank offer Business Loan upto an amount of ₹ 10 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. Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges and SBI gives the option to close the loan after 6 months at 3%. This makes Indian Overseas Bank a better option for Business Loan.
- SBI allows part payment on Business Loan after Zero months at 3%, while Indian Overseas 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.
- Indian Overseas Bank 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 Indian Overseas Bank.
- Indian Overseas Bank 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, Indian Overseas Bank should be a preferred choice for relatively new enterprises.
- Indian Overseas 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 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%.
How can I transfer my Business Loan from SBI to Indian Overseas Bank?
You can transfer your Business Loan from SBI to Indian Overseas 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, SBI offers the cheapest Business Loan at 11.20%.
How do I check my eligibility for SBI and Indian Overseas Bank Business Loan?
You can check your eligibility for SBI and Indian Overseas 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 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
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