Compare Business Loan - Yes Bank vs Neogrowth
| 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
Indifi
IDBI Bank
Allahabad Bank
Yes Bank
PNB
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
Neogrowth
Indifi
Allahabad Bank
PNB
OBC
Indian Overseas Bank
Dhan Laxmi Bank
DCB Bank
Andhra Bank
United Bank of India
Corporation Bank
Syndicate Bank
Bank of Baroda
|
|---|---|---|
| Parameters | ||
| Interest Rate | Interest Rate 16.25% - 19.99% |
19.50% - 23.00% |
| Processing Fees | Processing Fees Up to 2% |
2.5% of loan amount |
| Loan Amount | Loan Amount ₹ 5 Lakh to ₹ 50 Lakh |
₹ 1 Lakh to ₹ 8 Lakh |
| Loan Tenure | Loan Tenure 12 to 36 Months |
9 to 24 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 3,528 |
₹ 5,065 |
| Part Payment Charges | Part Payment Charges Allowed after 12 months at 2% charges |
Not Allowed |
| Foreclosure Charges | Foreclosure Charges Allowed after 12 months at Up to 4% |
Allowed after 1 month at Nil charges |
| Borrower’s Age | Borrower’s Age 25 to 65 Years |
23 to 65 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 36 Months |
12 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 1 Cr |
₹ 24 Lakh |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) 5/5.0 |
5/5.0 |
Compare EMI of Yes Bank and Neogrowth Business Loan
| Loan Amount | Yes Bank | Neogrowth |
|---|---|---|
| ₹ 1 Lakh | ₹ 7,865 | ₹ 6,244 |
| ₹ 5 Lakh | ₹ 39,327 | ₹ 31,218 |
| ₹ 10 Lakh | ₹ 78,653 | ₹ 62,435 |
| ₹ 15 Lakh | ₹ 1,17,980 | ₹ 93,653 |
Which is a better bank for Business Loan – Yes Bank or Neogrowth?
Yes Bank offers lower Business Loan EMI at 3528 on a Business Loan for 36 Months as compared to Neogrowth with a minimum EMI of 5065 for 24 Months. Average customer ratings for Yes Bank is currently at 5/5.0 which makes it a good choice for taking a Business Loan.
How does Yes Bank Business Loan compare with Neogrowth Business Loan?
A detailed comparison of Yes Bank 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 Yes Bank Business Loan is 16.25%, which is lower than the lowest interest rate of Neogrowth at 19.50%. Hence, Yes Bank is offering a cheaper loan option.
- When compared on other Business Loan charges such as processing fees, Yes Bank charges a processing fees of Up to 2% while Neogrowth charges a processing fees of 2.5% of loan amount.
- Yes Bank offers Business Loan upto an amount of ₹ 50 Lakh while Neogrowth offer Business Loan upto an amount of ₹ 8 Lakh. Yes 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 foreclosure facility. Neogrowth gives the option to close the loan after 1 months at Nil charges and Yes Bank gives the option to close the loan after 12 months at Up to 4%. This makes Neogrowth a better option for Business Loan.
- Yes Bank allows part payment on Business Loan after 12 months at 2% charges, while Neogrowth does not offer part payment facility on Business Loan. This makes Yes Bank 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 Yes Bank is ₹ 1 Cr. 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. Yes Bank offers a business loan once if business is 36 months old. Hence, Neogrowth should be a preferred choice for relatively new enterprises.
- Neogrowth with an average customer ratings of 5 is equally comparable to Yes Bank with an average customer rating of 5. Hence, the customer can expect the same kind of service levels from these banks.
Which bank offers lower interest rate on Business Loan – Yes Bank or Neogrowth?
As per the current rates, Yes Bank offers a lower interest rate of 16.25% on Business Loan when compared to Neogrowth which offers a Business Loan at 19.50%.
How can I transfer my Business Loan from Yes Bank to Neogrowth?
You can transfer your Business Loan from Yes Bank to Neogrowth with a Business Loan balance transfer. For this, you need to follow a specific procedure that involves clearing off dues, getting a NOC, application to a new bank, getting approval, etc. The Business Loan balance transfer is an excellent way to reduce the loan burden as you can switch to a lower Business Loan interest rate.
How can I choose the best bank for Business Loan?
You can choose the best bank for a Business Loan by making a detailed comparison between top lenders on the basis of interest rates, processing fee or Business Loan offers. Apart from that, you can visit online marketplaces like MyLoanCare to choose the best Business Loan offer. Here, you will get the option of choosing the best bank amongst the shortlisted ones based on your loan requirement.
Which type of Business Loan is the cheapest?
The cheapest Business Loan is the one that is offered at the lowest Business Loan interest rates. This is because the lowest Business Loan interest rates mean the lowest EMI, as the interest charged will be less. Thus, these loans can be attained with the least repayment burden. Currently, Yes Bank offers the cheapest Business Loan at 16.25%.
How do I check my eligibility for Yes Bank and Neogrowth Business Loan?
You can check your eligibility for Yes Bank and Neogrowth Business Loan by using MyLoanCare Business Loan eligibility calculator. You have to enter details like required loan amount, profession, annual profit, work experience etc to check the amount of loan you are eligible for. You can apply loan for the eligible amount to repay the EMI you can comfortably service.
Know all about Business Loan
Know more about Yes Bank Business Loan
Know more about Neogrowth Business Loan
Compare Yes Bank Business Loan With Other Banks
Compare Neogrowth Business Loan With Other Banks
Know About MSMEs and Mudra Loan
- 2021-01-08 : IndusInd Bank reported 11% growth in Q3 deposits
IndusInd Bank posted a 3.2% quarter-on-quarter growth in the net advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans in the December quarter. Further, the bank also posted a 5% quarterly growth in deposits which includes fixed and recurring deposits. - 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020. - 2021-01-06 : Yes Bank reported 1.3% quarterly growth in loans and advances
Yes Bank registered 1.3% quarter-on-quarter growth in loans and advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans to Rs 1.69 lakh crore during the December quarter. Deposits which include fixed and recurring deposits grew 7.7% to Rs 1.46 lakh crore. Further, the current account and savings account deposits grew 12.6% to Rs 37,973 crore. - 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020. - 2020-12-31 : ICICI Lombard introduced an online platform for SMEs
ICICI Lombard launched an online business insurance platform for small and medium enterprises. The new platform will be convenient for the SME owners to purchase or renew insurance products, endorse their policies, and register claims. In addition to this, the business owners will opt for different insurance options such as marine insurance, workmen compensation.
