Loan comparison of ICICI Bank Business Loan vs Bajaj Finance Business Loan

ICICI Bank Business Loan

Bajaj Finance Business Loan

Interest Rate

Starts from 16% per annum
Starts from 14% per annum

Loan Amount

Up to Rs. 5 Crore
Up to 80 Lakhs

Loan Tenure

Up to 60 months
Up to 96 months

Loan Processing fees

Up to 2% (plus applicable taxes) of the facility amount
Up to 3.54% of the loan amount (inclusive of applicable taxes)

EMI per Lakh

N/A
N/A

Part Payment Charges

Applicable Pre-Closure Charges After 1st EMI Payment. Currently, The Applicable Pre-Closure Charge Is 3% Of The Outstanding Loan Amount (Plus Applicable Tax). After Paying 12 EMIs, The Charges Are NIL. Loans Classified Under MSE Can Also Pre-Close The Loan After 1st EMI Payment With NIL Charges.
Prepayment charges- Full Pre-payment: Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment Part-prepayment- Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment No extra part-prepayment charges with Flexi Term Loan (Flexi Dropline) and Flexi Hybid Loan

Minimum Income

N/A
N/A

Documents

1. ID proof: PAN, Aadhaar, passport

2. Business proof: GST registration, trade license

3. Financial documents: Balance sheet, profit/loss statement, income tax returns

4. Address proof: Utility bills, rent agreement

5. Other documents: Business plan, loan application form

KYC documents - Aadhaar / passport / voter's ID / driving license / letter from NPR / NREGA job card 

PAN Card 

Proof of business ownership 

Other financial documents

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