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Compare United Bank of India vs Neogrowth Business Loan

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Bank
Interest Rate
Interest Rate
13.00% - 13.00%
24.00% - 0.00%
Processing Fees
Processing Fees
1.15%
Upto 3% of loan amount
Loan Amount
Loan Amount
₹ 5 Lakh to ₹ 15 Lakh
₹ 1 Lakh to ₹ 8 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
9 to 24 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,275
₹ 5,287
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 1 month at Nil 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
12 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 50 Lakh
₹ 24 Lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Business Loan EMI of United Bank of India and Neogrowth

Loan Amount United Bank of India Neogrowth
₹ 1 Lakh ₹ 2,275 ₹ 5,287
₹ 5 Lakh ₹ 11,377 ₹ 26,436
₹ 10 Lakh ₹ 22,753 ₹ 52,871
₹ 15 Lakh ₹ 34,130 ₹ 79,307

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

United Bank of India offers lower Business Loan EMI at Rs. 2275 for 60 Months compared to Neogrowth with a minimum EMI of Rs. 5287 for 24 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 Neogrowth Business Loan?

A detailed comparison of United Bank of India and Neogrowth 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 Neogrowth at 24.00%. 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 Neogrowth charges a processing fee of Upto Upto 3% of loan amount.
  • United Bank of India offers Business Loan upto an amount of ₹ 15 Lakh, while Neogrowth offers Loan upto an amount of ₹ 8 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. United Bank of India gives the option to close the loan after Zero months at 2% of Outstanding Balance and Neogrowth gives the option to close the loan after 1 months at Nil charges. 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 Neogrowth 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.
  • Neogrowth gives business loan at a minimum turnover of ₹ 24 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 Neogrowth.
  • Neogrowth can be a better option if you are looking for fund requirements after 12 months. United Bank of India offers a business loan once if business is 24 months old. Hence, Neogrowth 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 Neogrowth?

As per the current rates, United Bank of India offers a lower interest rate of 13.00% on loans compared to Neogrowth, which offers a Business Loan at 24.00%.

Know all about Business Loan

Know more about United Bank of India Business Loan

Know more about Neogrowth Business Loan

Compare United Bank of India Business Loan With Other Banks

Compare Neogrowth Business Loan With Other Banks

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    As part of the Union government’s initiative, a digital banking unit (DBU) of the State Bank of India (SBI) was inaugurated in Goa. The initiative aims to ensure that the benefits of digital banking reach every nook and corner of the country. The DBUs will offer banking products and services to the customers 24x7.
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    India’s largest private sector lender HDFC Bank is aiming at introducing the 10-seconds loan service for everyone including those who do not have an account with the bank. The bank has been a paradigm pioneer in 10-second loans for existing customers and has been able to deliver this over the past six years.
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*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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