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Compare Syndicate Bank vs IDBI Bank Business Loan

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Bank
Interest Rate
Interest Rate
12.65% - 13.65%
12.25% - 13.50%
Processing Fees
Processing Fees
0.5%, Min Rs. 500
1.00%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 5 Lakh
₹ 50,000 to ₹ 5 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,257
₹ 2,237
Part Payment Charges
Part Payment Charges
Allowed after 0 months at Nil prepayment charges
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 0 months at Nil prepayment charges
Allowed after 1 month at Before 6 months - 2%, After that Nil prepayment charges
Eligible Age
Eligible Age
21 to 58 Years
22 to 58 Years
Minimum Years in Business Required
Minimum Years in Business Required
NA
36 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 0
₹ 30 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Business Loan EMI of Syndicate Bank and IDBI Bank

Loan Amount Syndicate Bank IDBI Bank
₹ 1 Lakh ₹ 2,257 ₹ 2,237
₹ 5 Lakh ₹ 11,287 ₹ 11,185
₹ 10 Lakh ₹ 22,574 ₹ 22,371
₹ 15 Lakh ₹ 33,861 ₹ 33,556

Which is a better bank for Business Loan – IDBI Bank or Syndicate Bank?

IDBI Bank offers lower Business Loan EMI at Rs. 2237 for 60 Months compared to Syndicate Bank with a minimum EMI of Rs. 2257 for 60 Months. In addition, average customer ratings for IDBI Bank is currently at /5.0, making it a good choice for taking a Business Loan.

How does IDBI Bank Business Loan compare with Syndicate Bank Business Loan?

A detailed comparison of IDBI Bank and Syndicate 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 IDBI Bank Loan is 12.25%, which is lower than the lowest interest rate of Syndicate Bank at 12.65%. Hence, IDBI Bank is offering a cheaper loan option.
  • Compared to other Business Loan charges such as processing fees, Syndicate Bank charges a processing fee of 0.5%, Min Rs. 500, while IDBI Bank charges a processing fee of Upto 1.00%.
  • One feature that makes Business Loan a better option is the foreclosure facility. Syndicate Bank gives the option to close the loan after Zero months at Nil prepayment charges and IDBI Bank gives the option to close the loan after 1 months at Before 6 months - 2%, After that Nil prepayment charges. This makes Syndicate Bank a better option for Business Loan.
  • Syndicate Bank allows part payment on Business Loan after Zero months at Nil charges, while IDBI Bank does not offer a part payment facility. This makes Syndicate Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Syndicate Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from IDBI Bank is ₹ 30 Lakh. Hence, small businesses may find is easier to get a loan from Syndicate Bank.
  • IDBI Bank can be a better option if you are looking for fund requirements after 36 months. Syndicate Bank offers a business loan once if business is NA months old. Hence, IDBI Bank should be a preferred choice for relatively new enterprises.
  • with an average customer rating of is equally comparable to with an average customer rating of . Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers a lower interest rate on Business Loan – IDBI Bank or Syndicate Bank?

As per the current rates, IDBI Bank offers a lower interest rate of 12.25% on loans compared to Syndicate Bank, which offers a Business Loan at 12.65%.

Know all about Business Loan

Know more about Syndicate Bank Business Loan

Know more about IDBI Bank Business Loan

Compare Syndicate Bank Business Loan With Other Banks

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Business Loan News - Oct 2021
  • 2021-10-11 : IIFL Finance Launches Instant Business Loan
    IIFL Finance has launched instant business loans on WhatsApp to avail of loan amount upto Rs. 10 Lakhs with benefits such as minimum documentation and quick approval.
  • 2021-10-05 : IndusInd Bank Advances Grow by 10% Y-O-Y
    IndusInd Bank has posted a growth in advances by 10% on a Y-O-Y basis. Retail Deposits and Deposits from Small Business Customers amounted to Rs 1,11,749 crore as of 30 September 2021 as compared to Rs 1,05,737 crore as of 30 June 2021.
  • 2021-10-05 : HDFC Bank Reports Growth in Advances in Q2
    HDFC Bank has reported a growth in advances by 15.4% in quarter 2. As a result, the advances have grown to ₹ 11.98 lakh crore as of September 30, 2021, from ₹ 10.38 lakh crore a year ago.
  • 2021-10-04 : Yes Bank Posts Growth in Loans and Deposits
    Yes Bank has posted growth of 3.6% (year-on-year) in advances at Rs 1,72,945 crore for the quarter ended September 2021 (Q2FY22). Its advances stood at Rs 1,66,923 crore at end of September 2020 (Q2FY21).
  • 2021-09-30 : Govt Extends Emergency Credit Scheme for Micro, Small and Medium Enterprises
    The government has extended the emergency credit scheme for MSMEs till 31st March 2022. The new deadline for disbursement of loans under this scheme is 30th June 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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