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Compare Business Loan - SBI vs IOB

Bank
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
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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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Business Loan News - Jan 2021
  • 2021-01-28 : Axis Bank Q3 net profit down 36%
    Axis Bank reported a 36% drop in its net profit in the December quarter. Profit declined to Rs 1,116 crore from Rs 1,757 crore in the same period last year. Provisions in the quarter increased 33% to Rs 4,604 crore against Rs 3,470 crore in the year-ago period . Net interest income (NII), the difference between the interest earned and that paid on deposits which includes FD and RDs rose 14% to Rs 7,372.7 crore
  • 2021-01-28 : RBL Bank posted a Q3 net profit of ₹147 crore
    RBL Bank reported a 110% rise in its net profit year-on-year at ₹147 crore in the quarter ended December 31, 2020. In the corresponding quarter, the bank posted a net profit of ₹6,995 crore. The bank’s total revenue backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans grew by 6% year-on-year to ₹1,488 crore .
  • 2021-01-28 : Bank of Baroda reported Q3 net profit of ₹1,061 crore
    Bank of Baroda posted a net profit of ₹1,061 crore backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans for the third quarter ended December 31, 2020 as compared to a net loss of ₹1,407 crore due to a sharp reduction in provisioning for bad loans. Total income was lower at ₹20,664 crore as compared to ₹21,809 crore in the year earlier.
  • 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
    Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
  • 2021-01-27 : DCB Bank reported Q3 profit at ₹96.21 crore
    DCB Bank posted a net profit of ₹96.21 crore for the third quarter ended December 2020. Further, it reported a total income of ₹1,023.86 crore backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
*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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