Compare Business Loan - United Bank of India vs Indifi

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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 IDBI Bank Ftcash 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 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%	15.00% - 24.00%
Processing Fees	Processing Fees 1.15%	2% of the loan amount
Loan Amount	Loan Amount ₹ 5 Lakh to ₹ 15 Lakh	₹ 0 to ₹ 5 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	36 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,275	₹ 3,467
Part Payment Charges	Part Payment Charges Allowed after 0 months at 2% of Outstanding Balance	Allowed after 0 months at Nil charges
Foreclosure Charges	Foreclosure Charges Allowed after 0 months at 2% of Outstanding Balance	Allowed after 0 months at 4% charges
Eligible Age	Eligible Age 25 to 65 Years	23 to 65 Years
Minimum Years in Business Required	Minimum Years in Business Required 24 Months	0 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 50 Lakh	₹ 0
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	5/5.0

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Compare EMI of United Bank of India and Indifi Business Loan

Loan Amount	United Bank of India	Indifi
₹ 1 Lakh	₹ 2,275	₹ 3,467
₹ 5 Lakh	₹ 11,377	₹ 17,333
₹ 10 Lakh	₹ 22,753	₹ 34,665
₹ 15 Lakh	₹ 34,130	₹ 51,998

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

United Bank of India offers lower Business Loan EMI at 2275 on a Business Loan for 60 Months as compared to Indifi with a minimum EMI of 3467 for 36 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 Indifi Business Loan?

A detailed comparison of United Bank of India and Indifi 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 Indifi at 15.00%. 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 Indifi charges a processing fees of 2% of the loan amount.
United Bank of India offers Business Loan upto an amount of ₹ 15 Lakh while Indifi offer Business Loan upto an amount of ₹ 5 Lakh. 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 foreclosure facility. Indifi and United Bank of India gives the option to close the loan after Zero months at 4% charges and 2% of Outstanding Balance. This makes Indifi a better option for Business Loan.
Indifi and United Bank of India allow part payment on Business Loan after Zero months at Nil charges. Indifi applies a charge of Nil charges and United Bank of India charges 2% of Outstanding Balance on Business Loan.
Indifi 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 Indifi.
Indifi can be a better option if you are looking for fund requirements after 0 months. United Bank of India offers a business loan once if business is 24 months old. Hence, Indifi should be a preferred choice for relatively new enterprises.
Indifi has an average customer ratings of 5, while has an average customer rating of , based on which it is clear that Indifi 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 Indifi?

As per the current rates, United Bank of India offers a lower interest rate of 13.00% on Business Loan when compared to Indifi which offers a Business Loan at 15.00%.

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Business Loan News - Jul 2021

2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
2021-07-15 : OBC & UBI merged with PNB
After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.

*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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