Compare Business Loan - United Bank of India vs PNB

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
Parameters
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
Borrower’s Age	Borrower’s Age 25 to 65 Years	21 to 58 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)	3.8/5.0

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Compare EMI of United Bank of India and PNB Business Loan

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 2257 on a Business Loan for 60 Months as compared to United Bank of India with a minimum EMI of 2275 for 60 Months. Average customer ratings for PNB is currently at 3.8/5.0 which makes 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 Business 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.
When compared on other Business Loan charges such as processing fees, United Bank of India charges a processing fees of 1.15% while PNB charges a processing fees of 1.8% + taxes.
One feature that makes Business Loan a better option is 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 0 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 ratings of 3.8, while has an average customer rating of , based on which it is clear that PNB has a high customer service focus, an easy Business Loan process and a quick turnaround.

Which bank offers 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 Business Loan when compared to United Bank of India which offers a Business Loan at 13.00%.

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Know more about United Bank of India Business Loan

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Compare United Bank of India Business Loan With Other Banks

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Business Loan News - Apr 2021

2021-04-13 : Bandhan Bank’s collection efficiency ratio at 96% in Q4
Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
2021-04-12 : Rs. 15 lakh crores sanctioned under the Mudra Yojna in last 6 years
The finance ministry reported that banks and financial institutions have sanctioned Rs. 15 lakh crores to over 28.68 crores beneficiaries in the last 6 years. Prime Minister Mudra Yojna or PMMY was launched in April 2015 with an aim to promote entrepreneurship.
2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
2021-04-05 : Yes Bank Jan-March deposits up 54% to 162, 947
Yes Bank reported that the bank’s loan and advances which include home, personal, LAP, gold, two-wheeler, car and doctor loans along with business and mudra loans increased by 0.8% in year-on-year (YoY) terms to Rs. 172,850 crores. In addition to this, the bank deposit which includes fixed and recurring deposits grew 54.7% to Rs. 162,947 crores as compared to ₹105,364 crores on a yearly basis. The CASA(current and savings account) was up 51.8% to Rs. 42,587 crores against Rs. 28,063 crores YoY.
2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.

*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More

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