MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹1,000* on Business Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Compare Business Loan - Tata Capital vs IOB

Bank
Parameters
Interest Rate
Interest Rate
21.00% - 23.00%
14.90% - 15.25%
Processing Fees
Processing Fees
From 1.50% to 2.50%
Rs. 204 per lakh
Loan Amount
Loan Amount
₹ 5 Lakh to ₹ 50 Lakh
₹ 50,000 to ₹ 10 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,097
₹ 2,374
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 1 month at Nil prepayment charges
Borrower’s Age
Borrower’s Age
25 to 65 Years
21 to 58 Years
Minimum Years in Business Required
Minimum Years in Business Required
60 Months
0 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 1 Cr
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
5/5.0
5/5.0
Add Bank

Compare EMI of Tata Capital and IOB Business Loan

Loan Amount Tata Capital Indian Overseas Bank
₹ 1 Lakh ₹ 7,128 ₹ 9,678
₹ 5 Lakh ₹ 35,640 ₹ 48,390
₹ 10 Lakh ₹ 71,280 ₹ 96,781
₹ 15 Lakh ₹ 1,06,920 ₹ 1,45,172

Which is a better bank for Business Loan – Indian Overseas Bank or Tata Capital?

Indian Overseas Bank offers lower Business Loan EMI at 2374 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 Indian Overseas Bank is currently at 5/5.0 which makes it a good choice for taking a Business Loan.

How does Indian Overseas Bank Business Loan compare with Tata Capital Business Loan?

A detailed comparison of Indian Overseas Bank 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 Indian Overseas Bank Business Loan is 14.90%, which is lower than the lowest interest rate of Tata Capital at 21.00%. Hence, Indian Overseas Bank 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 Indian Overseas Bank charges a processing fees of Rs. 204 per lakh.
  • Tata Capital offers Business Loan upto an amount of ₹ 50 Lakh while Indian Overseas Bank offer Business Loan upto an amount of ₹ 10 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. Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges and Tata Capital gives the option to close the loan after 6 months at 4.5% of outstanding balance. This makes Indian Overseas Bank a better option for Business Loan.
  • Indian Overseas Bank gives business loan at a minimum turnover of ₹ 0 . 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 Indian Overseas Bank.
  • Indian Overseas Bank can be a better option if you are looking for fund requirements after 0 months. Tata Capital offers a business loan once if business is 60 months old. Hence, Indian Overseas Bank should be a preferred choice for relatively new enterprises.
  • Indian Overseas Bank 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 – Indian Overseas Bank or Tata Capital?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 14.90% 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 Indian Overseas Bank?

You can transfer your Business Loan from Tata Capital to Indian Overseas 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, Indian Overseas Bank offers the cheapest Business Loan at 14.90%.

How do I check my eligibility for Tata Capital and Indian Overseas Bank Business Loan?

You can check your eligibility for Tata Capital and Indian Overseas 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 Tata Capital Business Loan

Know more about Indian Overseas Bank Business Loan

Compare Tata Capital Business Loan With Other Banks

Compare Indian Overseas Bank Business Loan With Other Banks

Know About MSMEs and Mudra Loan

Notification ×
  • Home Loan

    Home Loan starting at 6.75%. Cashback of up to ₹ 1,000 plus Free COVID Insurance of ₹ 1 lakh.

    Apply Now
  • Personal Loan

    Instant Personal Loan with Cashback of up to ₹ 1,000 or Free Corona Insurance Cover of up to ₹ 5 Lakhs.

    Check Offers
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
  • Demat Account

    Open Instant Demat Account and Get Cashback of ₹ 500*. *T&C Apply

    Apply Now
  • DBS Savings Account

    Open Account Online and Cashback of up to ₹ 4,800.

    Open Account
  • Gold Loan

    Instant Gold Loan starting at 9.90% with Cashback of up to ₹ 500 or Free Corona Health Cover of upto ₹ 1 Lakh.

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.50%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Credit Card

    Get amazing offers, discounts and welcome gift vouchers on SBI Credit Cards.

    Apply Now
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
Loader
Please wait while your information is being processed...