Compare Business Loan - SBI vs Indian Overseas Bank

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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
Parameters
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	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 Indian Overseas Bank Business Loan

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 2174 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 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 Business 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.
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 upto 3% of the loan amount.
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 – Indian Overseas Bank or SBI?

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

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Business Loan News - Jul 2021

2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
2021-07-15 : OBC & UBI merged with PNB
After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.

*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More

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