Compare SBI vs Lendingkart Business Loan

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Bank	SBI HDFC Bank ICICI Bank RBL Bank Tata Capital Bajaj Finserv IDFC First Bank IIFL Bank of Maharashtra IndusInd Bank Kotak Bank Fullerton India Ftcash Indifi IDBI Bank Neogrowth Yes Bank Allahabad 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
Interest Rate	Interest Rate 11.20% - 16.30%	12.00% - 24.00%
Processing Fees	Processing Fees From 2% to 3%	2% to 3% of loan amount
Loan Amount	Loan Amount ₹ 5 Lakh to ₹ 100 Cr	₹ 50,000 to ₹ 1 Cr
Loan Tenure	Loan Tenure 12 to 48 Months	1 to 36 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,594	₹ 3,321
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 foreclosure charges
Eligible Age	Eligible Age 21 to 65 Years	21 to 65 Years
Minimum Years in Business Required	Minimum Years in Business Required 36 Months	12 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 20 Lakh	₹ 90,000
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 3.3/5.0	4.7/5.0

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Compare Business Loan EMI of SBI and Lendingkart

Loan Amount	SBI	Lendingkart
₹ 1 Lakh	₹ 2,594	₹ 3,321
₹ 5 Lakh	₹ 12,971	₹ 16,607
₹ 10 Lakh	₹ 25,943	₹ 33,214
₹ 15 Lakh	₹ 38,914	₹ 49,821

Which is a better bank for Business Loan – SBI or Lendingkart?

SBI offers lower Business Loan EMI at Rs. 2594 for 48 Months compared to Lendingkart with a minimum EMI of Rs. 3321 for 36 Months. In addition, average customer ratings for SBI is currently at 3.3/5.0, making it a good choice for taking a Business Loan.

How does SBI Business Loan compare with Lendingkart Business Loan?

A detailed comparison of SBI and Lendingkart 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 Loan is 11.20%, which is lower than the lowest interest rate of Lendingkart at 12.00%. Hence, SBI 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 Lendingkart charges a processing fee of Upto 2% to 3% of loan amount.
SBI offers Business Loan upto an amount of ₹ 100 Cr, while Lendingkart offers Loan upto an amount of ₹ 1 Cr. 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. Lendingkart gives the option to close the loan after 1 months at Nil foreclosure charges and SBI gives the option to close the loan after 6 months at 3%. This makes Lendingkart a better option for Business Loan.
SBI allows part payment on Business Loan after Zero months at 3%, while Lendingkart 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.
Lendingkart gives business loan at a minimum turnover of ₹ 90,000 . 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 Lendingkart.
Lendingkart can be a better option if you are looking for fund requirements after 12 months. SBI offers a business loan once if business is 36 months old. Hence, Lendingkart should be a preferred choice for relatively new enterprises.
Lendingkart has an average customer rating of 4.7. In contrast, SBI has an average customer rating of 3.3, based on which it is clear that Lendingkart has a high customer service focus, an easy process and a quick turnaround.

Which bank offers a lower interest rate on Business Loan – SBI or Lendingkart?

As per the current rates, SBI offers a lower interest rate of 11.20% on loans compared to Lendingkart, which offers a Business Loan at 12.00%.

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Business Loan News - Aug 2022

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The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
2022-05-03 : HDFC Profit Rises by 16% for Q4 of FY 2022
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The bank has reported a 54 percent jump in its standalone net profit to Rs 4,117.77 crore from a net profit of Rs 2,677.06 crore in the year-ago period for the quarter ended March 2022.
2022-04-29 : ICICI Bank Launches Digital Ecosystem for MSMEs
The new digital ecosystem comprises three pillars, including enhanced banking services for existing customers, MSMEs who are customers of other banks, and other value-added services for all.
2022-04-28 : Union Bank Rolls out Automated Solution for Recovery of Bad Loans
Union Bank of India will be using a first-of-its-kind stressed asset recovery automated solution (SARAS) to help the bank enforce securities, track recoveries, and enhance monitoring of stressed assets.

*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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