Compare Business Loan - Syndicate vs IDBI
| 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
Neogrowth
Indifi
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
|
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
Neogrowth
Indifi
Allahabad Bank
Yes Bank
PNB
OBC
Indian Overseas Bank
Dhan Laxmi Bank
DCB Bank
Andhra Bank
United Bank of India
Corporation Bank
Bank of Baroda
|
|---|---|---|
| Parameters | ||
| 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 |
| Borrower’s Age | Borrower’s Age 21 to 58 Years |
22 to 58 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 0 Months |
36 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 0 |
₹ 30 Lakh |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
|
Compare EMI of Syndicate and IDBI Business Loan
| Loan Amount | Syndicate Bank | IDBI Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 10,857 | ₹ 11,113 |
| ₹ 5 Lakh | ₹ 54,284 | ₹ 55,566 |
| ₹ 10 Lakh | ₹ 1,08,567 | ₹ 1,11,132 |
| ₹ 15 Lakh | ₹ 1,62,851 | ₹ 1,66,699 |
Which is a better bank for Business Loan – IDBI Bank or Syndicate Bank?
IDBI Bank offers lower Business Loan EMI at 2237 on a Business Loan for 60 Months as compared to Syndicate Bank with a minimum EMI of 2257 for 60 Months. Average customer ratings for IDBI Bank is currently at /5.0 which makes 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 Business 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.
- When compared on other Business Loan charges such as processing fees, Syndicate Bank charges a processing fees of 0.5%, Min Rs. 500 while IDBI Bank charges a processing fees of 1.00%.
- One feature that makes Business Loan a better option is 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 part payment facility on Business Loan. 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.
- Syndicate Bank can be a better option if you are looking for fund requirements after 0 months. IDBI Bank offers a business loan once if business is 36 months old. Hence, Syndicate Bank should be a preferred choice for relatively new enterprises.
- with an average customer ratings 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 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 Business Loan when compared to Syndicate Bank which offers a Business Loan at 12.65%.
How can I transfer my Business Loan from Syndicate Bank to IDBI Bank?
You can transfer your Business Loan from Syndicate Bank to IDBI Bank 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, IDBI Bank offers the cheapest Business Loan at 12.25%.
How do I check my eligibility for Syndicate Bank and IDBI Bank Business Loan?
You can check your eligibility for Syndicate Bank and IDBI Bank 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 Syndicate Bank Business Loan
Know more about IDBI Bank Business Loan
Compare Syndicate Bank Business Loan With Other Banks
Compare IDBI Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 2021-01-18 : Karnataka Bank Q3 net profit rises to ₹135 cr
Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20. - 2021-01-08 : IndusInd Bank reported 11% growth in Q3 deposits
IndusInd Bank posted a 3.2% quarter-on-quarter growth in the net advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans in the December quarter. Further, the bank also posted a 5% quarterly growth in deposits which includes fixed and recurring deposits. - 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020. - 2021-01-06 : Yes Bank reported 1.3% quarterly growth in loans and advances
Yes Bank registered 1.3% quarter-on-quarter growth in loans and advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans to Rs 1.69 lakh crore during the December quarter. Deposits which include fixed and recurring deposits grew 7.7% to Rs 1.46 lakh crore. Further, the current account and savings account deposits grew 12.6% to Rs 37,973 crore. - 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020.
