Bank | Lowest EMI per lakh | Max Tenure |
---|---|---|
SBI Business Loan | ₹ 2,594 | 48 months |
HDFC Bank Business Loan | ₹ 2,816 | 48 months |
ICICI Bank Business Loan | ₹ 3,540 | 36 months |
Citibank | ₹ 2,432 | 60 months |
RBL Bank | ₹ 3,528 | 36 months |
Tata Capital | ₹ 2,938 | 48 months |
Lendingkart | ₹ 3,615 | 36 months |
Bajaj Finserv | ₹ 2,938 | 48 months |
IDFC First Bank | ₹ 3,819 | 36 months |
IIFL | ₹ 2,432 | 60 months |
Bank of Maharashtra | ₹ 3,442 | 36 months |
IndusInd Bank | ₹ 2,327 | 60 months |
Kotak Bank | ₹ 2,432 | 60 months |
Fullerton India | ₹ 2,834 | 48 months |
Indifi | ₹ 2,877 | 60 months |
Neogrowth | ₹ 5,065 | 24 months |
IDBI Bank | ₹ 2,237 | 60 months |
Allahabad Bank | ₹ 1,720 | 84 months |
Yes Bank | ₹ 3,528 | 36 months |
PNB | ₹ 2,257 | 60 months |
OBC | ₹ 1,733 | 84 months |
Indian Overseas Bank | ₹ 2,374 | 60 months |
Dhan Laxmi Bank | ₹ 2,270 | 60 months |
DCB Bank | ₹ 1,118 | 180 months |
Andhra Bank | ₹ 2,419 | 60 months |
United Bank of India | ₹ 2,275 | 60 months |
Corporation Bank | ₹ 1,849 | 84 months |
Syndicate Bank | ₹ 2,257 | 60 months |
Bank of Baroda | ₹ 3,423 | 36 months |
As per the current rate of 13.50%, DCB Bank offers the lowest business loan EMI of Rs. 2,301 for 5 years on per lakh loan amount. The EMI can vary depending upon the interest rate, loan amount and loan tenure. Higher the loan amount, higher will be the EMI.
The following table provides a comparison of EMI for a Rs. 1 lakh loan at different tenures:
For a business loan at 13.50% interest rate, the EMI per Rs. 1 lakh loan amount is as below:
Loan Tenure | 2 years | 3 years | 5 years |
---|---|---|---|
EMI amount for loan amount Rs. 1 lakh at 13.50% | Rs. 4,778 | Rs. 3,394 | Rs. 2,301 |
Total amount you pay back to the bank including principal and interest | Rs. 1.30 Lakh | Rs. 1.49 Lakh | Rs. 1.94 Lakh |
Interest you have to pay over loan tenure | Rs. 30,414 | Rs. 48,931 | Rs. 94,227 |