Let us compare the features of business loans from IndusInd Bank and YES Bank so that you can decide the suitable choice for you.
|
|
IndusInd Bank Business Loan |
Yes Bank Business Loan |
|
Age Eligibility |
25 to 70 years (For 2nd generation businessmen aged 21 years) |
25 to 65 years |
|
Loan Amount |
Upto Rs. 50 Lakhs |
Upto Rs. 50 Lakhs |
|
Interest Rates |
Rate of interest offered is fixed. It ranges from 13% to 22% |
Starting at 16.25% |
|
Loan Tenure |
Upto 48 months |
12 to 60 months |
|
Lowest EMI Per Lakh |
Rs. 2,327 |
Rs. 3,528 |
|
Part Payment Charges |
Not allowed |
Allowed after 12 months at 2% charges |
|
Foreclosure Charges |
Foreclosure charges as per the terms and conditions specified in the sanction letter/agreement.
Charges are up to 5.5% based upon the scheme and tenure completed
|
Allowed after 12 months at up to 4%. |
|
The minimum number of years in business |
Minimum 3 years |
36 months |
EMI Comparison of Business Loan from IndusInd Bank and YES Bank
|
Loan Amount |
IndusInd Bank |
Yes Bank |
|
Rs. 1 Lakh |
Rs. 2,327 |
Rs. 3,528 |
|
Rs. 5 Lakhs |
Rs. 11,634 |
Rs. 17,640 |
|
Rs. 10 Lakhs |
Rs. 23,268 |
Rs. 35, 281 |
|
Rs. 15 Lakhs |
Rs. 34,902 |
Rs. 52,921 |
Conclusion
As per recent data, IndusInd Bank offers a lower rate of interest at 13% compared to YES Bank which is at 16.25%. However, the processing fee is a bit lower at YES Bank at 2.50% while IndusInd Bank charges 3%. Also, the foreclosure facility with IndusInd Bank makes it a better option. Both banks however offer high loan amounts and are viable options for business owners who are looking for higher loan amounts.