Compare SBI vs Indian Overseas Bank Business Loan

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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
Interest Rate	Interest Rate 11.20% - 16.30%	11.00% - 15.00%
Processing Fees	Processing Fees From 2% to 3%	upto 3% of the loan amount
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	₹ 2,174
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
Eligible Age	Eligible Age 21 to 65 Years	21 to 58 Years
Minimum Years in Business Required	Minimum Years in Business Required 36 Months	NA
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 Business Loan EMI of SBI and Indian Overseas Bank

Loan Amount	SBI	Indian Overseas Bank
₹ 1 Lakh	₹ 2,594	₹ 2,174
₹ 5 Lakh	₹ 12,971	₹ 10,871
₹ 10 Lakh	₹ 25,943	₹ 21,742
₹ 15 Lakh	₹ 38,914	₹ 32,614

Which is a better bank for Business Loan – Indian Overseas Bank or SBI?

Indian Overseas Bank offers lower Business Loan EMI at Rs. 2174 for 60 Months compared to SBI with a minimum EMI of Rs. 2594 for 48 Months. In addition, average customer ratings for Indian Overseas Bank is currently at 3.3/5.0, making it a good choice for taking a Business Loan.

How does Indian Overseas Bank Business Loan compare with SBI Business Loan?

A detailed comparison of Indian Overseas Bank and SBI 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 Indian Overseas Bank Loan is 11.00%, which is lower than the lowest interest rate of SBI at 11.20%. Hence, Indian Overseas Bank 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 Indian Overseas Bank charges a processing fee of Upto upto 3% of the loan amount.
SBI offers Business Loan upto an amount of ₹ 100 Cr, while Indian Overseas Bank offers Loan upto an amount of ₹ 10 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. 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 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.
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.
SBI can be a better option if you are looking for fund requirements after 36 months. Indian Overseas Bank offers a business loan once if business is NA months old. Hence, SBI should be a preferred choice for relatively new enterprises.
Indian Overseas 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 – Indian Overseas Bank or SBI?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 11.00% on loans compared to SBI, which offers a Business Loan at 11.20%.

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