Loan comparison of IDFC First Bank Business Loan vs Bajaj Finance Business Loan

IDFC First Bank Business Loan

Bajaj Finance Business Loan

Interest Rate

Starting from 14% per annum
Starts from 14% per annum

Loan Amount

Up to Rs. 1 Crore for self-employed individuals and businesses
Up to 80 Lakhs

Loan Tenure

Up to 48 Months
Up to 96 months

Loan Processing fees

Up to 3.5% of loan amount
Up to 3.54% of the loan amount (inclusive of applicable taxes)

EMI per Lakh

N/A
N/A

Part Payment Charges

As per bank's norms
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

Photo identity and Address proof: As per RBI defined KYC guidelines. Ownership proof of office or residence

Business Proof: Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed, Udyam Certificate

Any one of the additional documents based on the selected variant

Banking scheme - Last 2 years’ ITR document and last 6 months’ bank statement

GST Returns scheme - Last 6 months’ bank statement, GST returns for the last 12 months, latest ITR and computation, Obligation details, and Banking facility sanction letter

Income scheme- Last 2 years’ ITR & computation, last 2 years’ audited PnL & Balance sheet, last 6 months’ Bank statements, Obligation details

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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