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Compare United Bank of India vs Kotak Bank Business Loan

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Bank
Interest Rate
Interest Rate
13.00% - 13.00%
16.00% - 19.99%
Processing Fees
Processing Fees
1.15%
Maximum 2% of the loan
Loan Amount
Loan Amount
₹ 5 Lakh to ₹ 15 Lakh
₹ 3 Lakh to ₹ 75 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
24 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,275
₹ 2,432
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 0 months at 5% charges
Eligible Age
Eligible Age
25 to 65 Years
25 to 65 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)
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Compare Business Loan EMI of United Bank of India and Kotak Bank

Loan Amount United Bank of India Kotak Bank
₹ 1 Lakh ₹ 2,275 ₹ 2,432
₹ 5 Lakh ₹ 11,377 ₹ 12,159
₹ 10 Lakh ₹ 22,753 ₹ 24,318
₹ 15 Lakh ₹ 34,130 ₹ 36,477

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

United Bank of India offers lower Business Loan EMI at Rs. 2275 for 60 Months compared to Kotak Bank with a minimum EMI of Rs. 2432 for 60 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 Kotak Bank Business Loan?

A detailed comparison of United Bank of India and Kotak Bank 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 Kotak Bank at 16.00%. 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 Kotak Bank charges a processing fee of Upto Maximum 2% of the loan.
  • Kotak Bank offers Business Loan upto an amount of ₹ 75 Lakh, while United Bank of India offers Loan upto an amount of ₹ 15 Lakh. Therefore, Kotak Bank 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. Kotak Bank and United Bank of India gives the option to close the loan after Zero months at 5% charges and 2% of Outstanding Balance. This makes Kotak Bank 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 Kotak Bank 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.
  • Kotak 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 Kotak Bank.
  • United Bank of India can be a better option if you are looking for fund requirements after 24 months. Kotak Bank 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 Kotak Bank?

As per the current rates, United Bank of India offers a lower interest rate of 13.00% on loans compared to Kotak Bank, which offers a Business Loan at 16.00%.

Know all about Business Loan

Know more about United Bank of India Business Loan

Know more about Kotak Bank Business Loan

Compare United Bank of India Business Loan With Other Banks

Compare Kotak Bank Business Loan With Other Banks

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Business Loan News - Oct 2021
  • 2021-10-11 : IIFL Finance Launches Instant Business Loan
    IIFL Finance has launched instant business loans on WhatsApp to avail of loan amount upto Rs. 10 Lakhs with benefits such as minimum documentation and quick approval.
  • 2021-10-05 : IndusInd Bank Advances Grow by 10% Y-O-Y
    IndusInd Bank has posted a growth in advances by 10% on a Y-O-Y basis. Retail Deposits and Deposits from Small Business Customers amounted to Rs 1,11,749 crore as of 30 September 2021 as compared to Rs 1,05,737 crore as of 30 June 2021.
  • 2021-10-05 : HDFC Bank Reports Growth in Advances in Q2
    HDFC Bank has reported a growth in advances by 15.4% in quarter 2. As a result, the advances have grown to ₹ 11.98 lakh crore as of September 30, 2021, from ₹ 10.38 lakh crore a year ago.
  • 2021-10-04 : Yes Bank Posts Growth in Loans and Deposits
    Yes Bank has posted growth of 3.6% (year-on-year) in advances at Rs 1,72,945 crore for the quarter ended September 2021 (Q2FY22). Its advances stood at Rs 1,66,923 crore at end of September 2020 (Q2FY21).
  • 2021-09-30 : Govt Extends Emergency Credit Scheme for Micro, Small and Medium Enterprises
    The government has extended the emergency credit scheme for MSMEs till 31st March 2022. The new deadline for disbursement of loans under this scheme is 30th June 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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