Compare Syndicate Bank vs IDBI Bank Business Loan

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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 Ftcash Indifi 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	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 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 Bank of Baroda
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%.

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Business Loan News - Dec 2022

2022-11-02 : Karnataka Bank Registers Net Profit in the Q2 of 2022-23
The bank has registered a net profit of ₹411.63 crores in the Q2 of 2022-23. In the corresponding quarter, it saw ₹125.61 crores, thus registering a growth of 227.70 percent.
2022-10-18 : SBI Credit Card Holders ALERT! State Bank hikes charges on EMI transactions, Rent Payments
In a move that may further make credit card usage costlier, the State Bank of India has revised certain charges for its credit card users. The new charges will come into effect from November 15. The processing fee on merchant EMI transactions has been revised to Rs 199 + applicable taxes from earlier Rs 99 + applicable taxes. Processing fee on rent payment transactions will be Rs 99 + applicable taxes," said the bank.
2022-10-18 : SBI launches its digital banking unit in Goa
As part of the Union government’s initiative, a digital banking unit (DBU) of the State Bank of India (SBI) was inaugurated in Goa. The initiative aims to ensure that the benefits of digital banking reach every nook and corner of the country. The DBUs will offer banking products and services to the customers 24x7.
2022-09-09 : HDFC Bank to introduce 10-second personal loan service
India’s largest private sector lender HDFC Bank is aiming at introducing the 10-seconds loan service for everyone including those who do not have an account with the bank. The bank has been a paradigm pioneer in 10-second loans for existing customers and has been able to deliver this over the past six years.
2022-08-18 : HDFC bank opens its first all women branch in Kerela`s kozhikode.
HDFC has opened its first all-women branch in Kozhikode. The branch, located in Cherootty Road, the hub of traders in the district, will have 4 women bankers. HDFC Bank is driving diversity and inclusion within the organization with a special focus on enhancing gender diversity.

*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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