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Compare Business Loan - Tata Capital vs IIFL

Bank
Parameters
Interest Rate
Interest Rate
21.00% - 23.00%
16.00% - 30.00%
Processing Fees
Processing Fees
From 1.50% to 2.50%
Up to 2%
Loan Amount
Loan Amount
₹ 5 Lakh to ₹ 50 Lakh
₹ 1 Lakh to ₹ 35 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,097
₹ 2,432
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 4.5% of outstanding balance
Allowed after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges
Borrower’s Age
Borrower’s Age
25 to 65 Years
30 to 60 Years
Minimum Years in Business Required
Minimum Years in Business Required
60 Months
36 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 1 Cr
₹ 20 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
5/5.0
5/5.0
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Compare EMI of Tata Capital and IIFL Business Loan

Loan Amount Tata Capital IIFL
₹ 1 Lakh ₹ 7,128 ₹ 9,227
₹ 5 Lakh ₹ 35,640 ₹ 46,135
₹ 10 Lakh ₹ 71,280 ₹ 92,270
₹ 15 Lakh ₹ 1,06,920 ₹ 1,38,405

Which is a better bank for Business Loan – IIFL or Tata Capital?

IIFL offers lower Business Loan EMI at 2432 on a Business Loan for 60 Months as compared to Tata Capital with a minimum EMI of 3097 for 48 Months. Average customer ratings for IIFL is currently at 5/5.0 which makes it a good choice for taking a Business Loan.

How does IIFL Business Loan compare with Tata Capital Business Loan?

A detailed comparison of IIFL and Tata Capital 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 IIFL Business Loan is 16.00%, which is lower than the lowest interest rate of Tata Capital at 21.00%. Hence, IIFL is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, Tata Capital charges a processing fees of From 1.50% to 2.50% while IIFL charges a processing fees of Up to 2%.
  • Tata Capital offers Business Loan upto an amount of ₹ 50 Lakh while IIFL offer Business Loan upto an amount of ₹ 35 Lakh. Tata Capital can be a better option if you are looking for a high value amount.
  • One feature that makes Business Loan a better option is foreclosure facility. IIFL and Tata Capital gives the option to close the loan after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges and 4.5% of outstanding balance. This makes IIFL a better option for Business Loan.
  • IIFL gives business loan at a minimum turnover of ₹ 20 Lakh. However, the turnover requirement for a business loan from Tata Capital is ₹ 1 Cr. Hence, small businesses may find is easier to get a loan from IIFL.
  • IIFL can be a better option if you are looking for fund requirements after 36 months. Tata Capital offers a business loan once if business is 60 months old. Hence, IIFL should be a preferred choice for relatively new enterprises.
  • IIFL with an average customer ratings of 5 is equally comparable to Tata Capital with an average customer rating of 5. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Business Loan – IIFL or Tata Capital?

As per the current rates, IIFL offers a lower interest rate of 16.00% on Business Loan when compared to Tata Capital which offers a Business Loan at 21.00%.

How can I transfer my Business Loan from Tata Capital to IIFL?

You can transfer your Business Loan from Tata Capital to IIFL 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, IIFL offers the cheapest Business Loan at 16.00%.

How do I check my eligibility for Tata Capital and IIFL Business Loan?

You can check your eligibility for Tata Capital and IIFL 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 Tata Capital Business Loan

Know more about IIFL Business Loan

Compare Tata Capital Business Loan With Other Banks

Compare IIFL Business Loan With Other Banks

Know About MSMEs and Mudra Loan

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Business Loan News - Jan 2021
  • 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.
  • 2020-12-31 : ICICI Lombard introduced an online platform for SMEs
    ICICI Lombard launched an online business insurance platform for small and medium enterprises. The new platform will be convenient for the SME owners to purchase or renew insurance products, endorse their policies, and register claims. In addition to this, the business owners will opt for different insurance options such as marine insurance, workmen compensation.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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