Compare Business Loan - SBI vs Indifi
| 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
IDBI Bank
Ftcash
Neogrowth
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
|
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% |
24.00% - 32.00% |
| Processing Fees | Processing Fees From 2% to 3% |
2 to 3% |
| Loan Amount | Loan Amount ₹ 5 Lakh to ₹ 100 Cr |
₹ 1 Lakh to ₹ 50 Lakh |
| Loan Tenure | Loan Tenure 12 to 48 Months |
12 to 60 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 2,594 |
₹ 2,877 |
| Part Payment Charges | Part Payment Charges Allowed after 0 months at 3% |
Allowed after 0 months at Nil charges |
| Foreclosure Charges | Foreclosure Charges Allowed after 6 months at 3% |
Allowed after 0 months at 4% charges |
| Borrower’s Age | Borrower’s Age 21 to 65 Years |
23 to 65 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 |
5/5.0 |
Compare EMI of SBI and Indifi Business Loan
| Loan Amount | SBI | Indifi |
|---|---|---|
| ₹ 1 Lakh | ₹ 11,252 | ₹ 7,247 |
| ₹ 5 Lakh | ₹ 56,260 | ₹ 36,235 |
| ₹ 10 Lakh | ₹ 1,12,519 | ₹ 72,471 |
| ₹ 15 Lakh | ₹ 1,68,779 | ₹ 1,08,706 |
Which is a better bank for Business Loan – SBI or Indifi?
SBI offers lower Business Loan EMI at 2594 on a Business Loan for 48 Months as compared to Indifi with a minimum EMI of 2877 for 60 Months. Average customer ratings for SBI 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 Indifi Business Loan?
A detailed comparison of SBI and Indifi 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 Indifi at 24.00%. 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 Indifi charges a processing fees of 2 to 3%.
- SBI offers Business Loan upto an amount of ₹ 100 Cr while Indifi offer Business Loan upto an amount of ₹ 50 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. Indifi gives the option to close the loan after Zero months at 4% charges and SBI gives the option to close the loan after 6 months at 3%. This makes Indifi a better option for Business Loan.
- Indifi and SBI allow part payment on Business Loan after Zero months at Nil charges. Indifi applies a charge of Nil charges and SBI charges 3% on Business Loan.
- Indifi 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 Indifi.
- Indifi 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, Indifi should be a preferred choice for relatively new enterprises.
- Indifi has an average customer ratings of 5, while SBI has an average customer rating of 3.3, based on which it is clear that Indifi has a high customer service focus, an easy Business Loan process and a quick turnaround.
Which bank offers lower interest rate on Business Loan – SBI or Indifi?
As per the current rates, SBI offers a lower interest rate of 11.20% on Business Loan when compared to Indifi which offers a Business Loan at 24.00%.
How can I transfer my Business Loan from SBI to Indifi?
You can transfer your Business Loan from SBI to Indifi 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 Indifi Business Loan?
You can check your eligibility for SBI and Indifi 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 Indifi Business Loan
Compare SBI Business Loan With Other Banks
Compare Indifi Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 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. - 2021-01-27 : Sundaram Home Finance Q3 net rose by 36%
Sundaram Home Finance posted a 36% growth in its net profit for Q3 to Rs 56.24cror. Disbursements for Q3 stood at Rs 4,16.57 crore backed by home, personal, car, two wheeler and gold loans along with business and mudra loans. - 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020. - 2021-01-25 : South India Bank reported 3FY21 loss at Rs. 91.62 crore
South Indian Bank reported a total income of Rs.2082.08 crores backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted a net loss of Rs.91.6 crores for the period ended December 31, 2020.
