Compare United Bank of India vs PNB Business Loan

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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 Ftcash Indifi Neogrowth IDBI Bank Allahabad Bank Yes Bank 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
Interest Rate	Interest Rate 13.00% - 13.00%	12.65% - 15.65%
Processing Fees	Processing Fees 1.15%	1.8% + taxes
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	₹ 2,257
Part Payment Charges	Part Payment Charges Allowed after 0 months at 2% of Outstanding Balance	Allowed after 0 months at Nil prepayment charges
Foreclosure Charges	Foreclosure Charges Allowed after 0 months at 2% of Outstanding Balance	Allowed after 0 months at Nil prepayment charges
Eligible Age	Eligible Age 25 to 65 Years	21 to 58 Years
Minimum Years in Business Required	Minimum Years in Business Required 24 Months	12 Months
Minimum Turnover Required	Minimum Turnover Required ₹ 50 Lakh	₹ 0
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	3.8/5.0

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Compare Business Loan EMI of United Bank of India and PNB

Loan Amount	United Bank of India	PNB
₹ 1 Lakh	₹ 2,275	₹ 2,257
₹ 5 Lakh	₹ 11,377	₹ 11,287
₹ 10 Lakh	₹ 22,753	₹ 22,574
₹ 15 Lakh	₹ 34,130	₹ 33,861

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

PNB offers lower Business Loan EMI at Rs. 2257 for 60 Months compared to United Bank of India with a minimum EMI of Rs. 2275 for 60 Months. In addition, average customer ratings for PNB is currently at 3.8/5.0, making it a good choice for taking a Business Loan.

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

A detailed comparison of PNB 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 PNB Loan is 12.65%, which is lower than the lowest interest rate of United Bank of India at 13.00%. Hence, PNB 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 PNB charges a processing fee of Upto 1.8% + taxes.
One feature that makes Business Loan a better option is the foreclosure facility. PNB and United Bank of India gives the option to close the loan after Zero months at Nil prepayment charges and 2% of Outstanding Balance. This makes PNB a better option for Business Loan.
PNB and United Bank of India allow part payment on Business Loan after Zero months at Nil charges. PNB applies a charge of Nil charges and United Bank of India charges 2% of Outstanding Balance on Business Loan.
PNB 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 PNB.
PNB 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, PNB should be a preferred choice for relatively new enterprises.
PNB has an average customer rating of 3.8. In contrast, has an average customer rating of , based on which it is clear that PNB has a high customer service focus, an easy process and a quick turnaround.

Which bank offers a lower interest rate on Business Loan – PNB or United Bank of India?

As per the current rates, PNB offers a lower interest rate of 12.65% on loans compared to United Bank of India, which offers a Business Loan at 13.00%.

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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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