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Compare Business Loan - United Bank of India vs IndusInd Bank

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Bank
Parameters
Interest Rate
Interest Rate
13.00% - 13.00%
13.00% - 29.00%
Processing Fees
Processing Fees
1.15%
2.50%
Loan Amount
Loan Amount
₹ 5 Lakh to ₹ 15 Lakh
₹ 50,000 to ₹ 15 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,275
₹ 2,275
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
Allowed after 12 months at 4%
Eligible Age
Eligible Age
25 to 65 Years
25 to 65 Years
Minimum Years in Business Required
Minimum Years in Business Required
24 Months
24 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 50 Lakh
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of United Bank of India and IndusInd Bank Business Loan

Loan Amount United Bank of India IndusInd Bank
₹ 1 Lakh ₹ 2,275 ₹ 2,275
₹ 5 Lakh ₹ 11,377 ₹ 11,377
₹ 10 Lakh ₹ 22,753 ₹ 22,753
₹ 15 Lakh ₹ 34,130 ₹ 34,130

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

IndusInd Bank and United Bank of India offer Business Loan at the same rate of interest starting from 13.00%. Lowest EMI of IndusInd Bank is 2275 for a maximum tenure of 60 Months. Lowest EMI of United Bank of India is Rs. 2275 for a maximum tenure of 60 Months.

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

A detailed comparison of IndusInd Bank and United Bank of India 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 IndusInd Bank and United Bank of India Business Loan is 13.00%. Hence, both banks are at par in terms of interest rate on Business Loan
  • When compared on other Business Loan charges such as processing fees, United Bank of India charges a processing fees of 1.15% while IndusInd Bank charges a processing fees of 2.50%.
  • 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 IndusInd Bank gives the option to close the loan after 12 months at 4%. This makes United Bank of India 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 IndusInd Bank does not offer part payment facility on Business Loan. 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.
  • IndusInd Bank 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 IndusInd Bank.
  • IndusInd Bank and United Bank of India offer a business loan if your business has completed 24 months. Hence, IndusInd Bank and United Bank of India both can be a preferred choice for relatively new enterprises.
  • with an average customer ratings 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 lower interest rate on Business Loan – IndusInd Bank or United Bank of India?

The lowest interest rate for both IndusInd Bank and United Bank of India on Business Loan currently starts from 13.00%. Hence, both banks are a good choice for potential borrowers.

Know all about Business Loan

Know more about United Bank of India Business Loan

Know more about IndusInd Bank Business Loan

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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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