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Compare SBI vs Neogrowth Business Loan

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Interest Rate
Interest Rate
11.20% - 16.30%
24.00% - 0.00%
Processing Fees
Processing Fees
From 2% to 3%
Upto 3% of loan amount
Loan Amount
Loan Amount
₹ 5 Lakh to ₹ 100 Cr
₹ 1 Lakh to ₹ 8 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
9 to 24 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,594
₹ 5,287
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 charges
Eligible Age
Eligible Age
21 to 65 Years
23 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
₹ 24 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Business Loan EMI of SBI and Neogrowth

Loan Amount SBI Neogrowth
₹ 1 Lakh ₹ 2,594 ₹ 5,287
₹ 5 Lakh ₹ 12,971 ₹ 26,436
₹ 10 Lakh ₹ 25,943 ₹ 52,871
₹ 15 Lakh ₹ 38,914 ₹ 79,307

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

SBI offers lower Business Loan EMI at Rs. 2594 for 48 Months compared to Neogrowth with a minimum EMI of Rs. 5287 for 24 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 Neogrowth Business Loan?

A detailed comparison of SBI and Neogrowth 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 Neogrowth at 24.00%. 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 Neogrowth charges a processing fee of Upto Upto 3% of loan amount.
  • SBI offers Business Loan upto an amount of ₹ 100 Cr, while Neogrowth offers Loan upto an amount of ₹ 8 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. Neogrowth gives the option to close the loan after 1 months at Nil charges and SBI gives the option to close the loan after 6 months at 3%. This makes Neogrowth a better option for Business Loan.
  • SBI allows part payment on Business Loan after Zero months at 3%, while Neogrowth 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.
  • SBI gives business loan at a minimum turnover of ₹ 20 Lakh. However, the turnover requirement for a business loan from Neogrowth is ₹ 24 Lakh. Hence, small businesses may find is easier to get a loan from SBI.
  • Neogrowth 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, Neogrowth should be a preferred choice for relatively new enterprises.
  • Neogrowth 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 – SBI or Neogrowth?

As per the current rates, SBI offers a lower interest rate of 11.20% on loans compared to Neogrowth, which offers a Business Loan at 24.00%.

Know all about Business Loan

Know more about SBI Business Loan

Know more about Neogrowth Business Loan

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