MyLoanCare is a FREE of cost service for borrowers

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

MyLoanCare Customer Ratings - 4.5/5.0

Compare United Bank of India vs Bank of Maharashtra Business Loan

Download Comparison
Bank
Interest Rate
Interest Rate
13.00% - 13.00%
14.50% - 15.50%
Processing Fees
Processing Fees
1.15%
Upto 3% of the loan amount
Loan Amount
Loan Amount
₹ 5 Lakh to ₹ 15 Lakh
₹ 50,000 to ₹ 1.50 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,275
₹ 3,442
Part Payment Charges
Part Payment Charges
Allowed after 0 months at 2% of Outstanding Balance
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 0 months at 2% of Outstanding Balance
Not Allowed
Eligible Age
Eligible Age
25 to 65 Years
21 to 60 Years
Minimum Years in Business Required
Minimum Years in Business Required
24 Months
NA
Minimum Turnover Required
Minimum Turnover Required
₹ 50 Lakh
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
Add Bank

Compare Business Loan EMI of United Bank of India and Bank of Maharashtra

Loan Amount United Bank of India Bank of Maharashtra
₹ 1 Lakh ₹ 2,275 ₹ 3,442
₹ 5 Lakh ₹ 11,377 ₹ 17,210
₹ 10 Lakh ₹ 22,753 ₹ 34,421
₹ 15 Lakh ₹ 34,130 ₹ 51,631

Which is a better bank for Business Loan – United Bank of India or Bank of Maharashtra?

United Bank of India offers lower Business Loan EMI at Rs. 2275 for 60 Months compared to Bank of Maharashtra with a minimum EMI of Rs. 3442 for 36 Months. In addition, average customer ratings for United Bank of India is currently at /5.0, making it a good choice for taking a Business Loan.

How does United Bank of India Business Loan compare with Bank of Maharashtra Business Loan?

A detailed comparison of United Bank of India and Bank of Maharashtra 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 Loan is 13.00%, which is lower than the lowest interest rate of Bank of Maharashtra at 14.50%. Hence, United Bank of India is offering a cheaper loan option.
  • Compared to other Business Loan charges such as processing fees, United Bank of India charges a processing fee of 1.15%, while Bank of Maharashtra charges a processing fee of Upto Upto 3% of the loan amount.
  • United Bank of India offers Business Loan upto an amount of ₹ 15 Lakh, while Bank of Maharashtra offers Loan upto an amount of ₹ 1.50 Lakh. Therefore, United Bank of India can be a better option if you are looking for a high value amount.
  • One feature that makes Business Loan a better option is the foreclosure facility. Bank of Maharashtra gives the option to close the loan after Zero months at , while United Bank of India does not offer foreclosure facility on Business Loan. This makes Bank of Maharashtra a better option for Business Loan.
  • United Bank of India allows part payment on Business Loan after Zero months at 2% of Outstanding Balance, while Bank of Maharashtra does not offer a part payment facility. This makes United Bank of India a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Bank of Maharashtra gives business loan at a minimum turnover of ₹ 0 . 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 Bank of Maharashtra.
  • United Bank of India can be a better option if you are looking for fund requirements after 24 months. Bank of Maharashtra offers a business loan once if business is NA months old. Hence, United Bank of India 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 – United Bank of India or Bank of Maharashtra?

As per the current rates, United Bank of India offers a lower interest rate of 13.00% on loans compared to Bank of Maharashtra, which offers a Business Loan at 14.50%.

Know all about Business Loan

Know more about United Bank of India Business Loan

Know more about Bank of Maharashtra Business Loan

Compare United Bank of India Business Loan With Other Banks

Compare Bank of Maharashtra Business Loan With Other Banks

Know About MSMEs and Mudra Loan

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 8.15%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 8.10%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 7.05%.

    Invest Now
Business Loan News - Aug 2022
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
  • 2022-05-03 : HDFC Profit Rises by 16% for Q4 of FY 2022
    Housing Development Finance Corporation has reported a 16% year-on-year rise in its standalone net profit for the March quarter to Rs 3,700 crore on the back of strong growth in loans and net interest income (NII).
  • 2022-04-29 : Axis Bank Net Profit Jumps to Rs 4,118 crore in March Quarter
    The bank has reported a 54 percent jump in its standalone net profit to Rs 4,117.77 crore from a net profit of Rs 2,677.06 crore in the year-ago period for the quarter ended March 2022.
  • 2022-04-29 : ICICI Bank Launches Digital Ecosystem for MSMEs
    The new digital ecosystem comprises three pillars, including enhanced banking services for existing customers, MSMEs who are customers of other banks, and other value-added services for all.
  • 2022-04-28 : Union Bank Rolls out Automated Solution for Recovery of Bad Loans
    Union Bank of India will be using a first-of-its-kind stressed asset recovery automated solution (SARAS) to help the bank enforce securities, track recoveries, and enhance monitoring of stressed assets.
*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
Loader
Please wait while your information is being processed...