Compare Business Loan - United Bank vs Bajaj Finance
| Bank |
SBI
HDFC Bank
ICICI Bank
RBL Bank
Tata Capital
Lendingkart
IDFC First Bank
IIFL
Bank of Maharashtra
IndusInd Bank
Kotak Bank
Fullerton India
Ftcash
Indifi
IDBI Bank
Neogrowth
Yes Bank
Allahabad 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
Ftcash
Indifi
Neogrowth
Allahabad Bank
Yes Bank
PNB
OBC
Indian Overseas Bank
Dhan Laxmi Bank
DCB Bank
Andhra Bank
Corporation Bank
Syndicate Bank
Bank of Baroda
|
|---|---|---|
| Parameters | ||
| Interest Rate | Interest Rate 13.00% - 13.00% |
18.00% - 22.00% |
| Processing Fees | Processing Fees 1.15% |
Upto 2% of loan amount |
| Loan Amount | Loan Amount ₹ 5 Lakh to ₹ 15 Lakh |
₹ 5 Lakh to ₹ 30 Lakh |
| Loan Tenure | Loan Tenure 12 to 60 Months |
12 to 48 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 2,275 |
₹ 2,937 |
| Part Payment Charges | Part Payment Charges Allowed after 0 months at 2% of Outstanding Balance |
Allowed after 1 month at 2% |
| Foreclosure Charges | Foreclosure Charges Allowed after 0 months at 2% of Outstanding Balance |
Allowed after 1 month at 4% |
| Borrower’s Age | Borrower’s Age 25 to 65 Years |
25 to 65 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 24 Months |
36 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 50 Lakh |
₹ 12 Lakh |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
4/5.0 |
Compare EMI of United Bank and Bajaj Finance Business Loan
| Loan Amount | United Bank of India | Bajaj Finserv |
|---|---|---|
| ₹ 1 Lakh | ₹ 10,646 | ₹ 7,899 |
| ₹ 5 Lakh | ₹ 53,228 | ₹ 39,497 |
| ₹ 10 Lakh | ₹ 1,06,456 | ₹ 78,993 |
| ₹ 15 Lakh | ₹ 1,59,684 | ₹ 1,18,490 |
Which is a better bank for Business Loan – United Bank of India or Bajaj Finserv?
United Bank of India offers lower Business Loan EMI at 2275 on a Business Loan for 60 Months as compared to Bajaj Finserv with a minimum EMI of 2937 for 48 Months. Average customer ratings for United Bank of India is currently at /5.0 which makes it a good choice for taking a Business Loan.
How does United Bank of India Business Loan compare with Bajaj Finserv Business Loan?
A detailed comparison of United Bank of India and Bajaj Finserv 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 United Bank of India Business Loan is 13.00%, which is lower than the lowest interest rate of Bajaj Finserv at 18.00%. Hence, United Bank of India is offering a cheaper loan option.
- When compared on other Business Loan charges such as processing fees, United Bank of India charges a processing fees of 1.15% while Bajaj Finserv charges a processing fees of Upto 2% of loan amount.
- Bajaj Finserv offers Business Loan upto an amount of ₹ 30 Lakh while United Bank of India offer Business Loan upto an amount of ₹ 15 Lakh. Bajaj Finserv 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. United Bank of India gives the option to close the loan after Zero months at 2% of Outstanding Balance and Bajaj Finserv gives the option to close the loan after 1 months at 4%. This makes United Bank of India a better option for Business Loan.
- Bajaj Finserv and United Bank of India allow part payment on Business Loan after 1 months at 2%. Bajaj Finserv applies a charge of 2% and United Bank of India charges 2% of Outstanding Balance on Business Loan.
- Bajaj Finserv gives business loan at a minimum turnover of ₹ 12 Lakh. However, the turnover requirement for a business loan from United Bank of India is ₹ 50 Lakh. Hence, small businesses may find is easier to get a loan from Bajaj Finserv.
- United Bank of India can be a better option if you are looking for fund requirements after 24 months. Bajaj Finserv offers a business loan once if business is 36 months old. Hence, United Bank of India should be a preferred choice for relatively new enterprises.
- Bajaj Finserv has an average customer ratings of 4, while has an average customer rating of , based on which it is clear that Bajaj Finserv has a high customer service focus, an easy Business Loan process and a quick turnaround.
Which bank offers lower interest rate on Business Loan – United Bank of India or Bajaj Finserv?
As per the current rates, United Bank of India offers a lower interest rate of 13.00% on Business Loan when compared to Bajaj Finserv which offers a Business Loan at 18.00%.
How can I transfer my Business Loan from United Bank of India to Bajaj Finserv?
You can transfer your Business Loan from United Bank of India to Bajaj Finserv 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, United Bank of India offers the cheapest Business Loan at 13.00%.
How do I check my eligibility for United Bank of India and Bajaj Finserv Business Loan?
You can check your eligibility for United Bank of India and Bajaj Finserv 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 United Bank of India Business Loan
Know more about Bajaj Finserv Business Loan
Compare United Bank of India Business Loan With Other Banks
Compare Bajaj Finserv Business Loan With Other Banks
Know About MSMEs and Mudra Loan
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