Do you need more funds for purchasing the specified equipment or machinery for your business or looking for sufficient funds to expand your business? To fulfill the critical needs of the business, each business individuals utilize the funds of the business loans. Now several banks and financial institutions can provide business loans in India with different interest rates and tenor. So, before approaching any of the lenders for applying for your business loan first do research on the eligibility criteria of the loan and the loan which suits your business a lot.
Thus, business loans are the best way to manage the financing needs of the business. Once you get a business loan, you can use it in several ways such as buying different equipment and machinery, research and development of technologies, stocking the inventory with and without any collateral and security. According to the needs of your business, the business loan amount can be approved by the lenders.
If you want to know what are the things that make your business grow, then consider the interest rate offered by the lender with the usability of the loan. When you are applying the business loan for a new business, compare the interest rates of the lenders, and choose the one with the lowest interest. Get to know about the other fee related to the loan approval process as well as the required documents.
|Bank||Interest Rates||Processing Fees||Min/Max Tenure||Min/Max Amount|
|15.65% to 21.20%||Up to 2.50% + GST as applicable||1-4 Years||₹50,000 - ₹50,00,000||Apply|
|12.9% - 16.65%||Up to 2% + GST as applicable||1-5 Years||₹1,00,000 ₹10,00,00,000||Apply|
|18.00%||From 1.50% to 2.50%||Apply|
|18% - 40%||Up to 3% + GST as applicable||1 Month-8 Years||₹1,00,000 - ₹30,00,000||Apply|
|13.25% - 19.99%||Up to 2.5% + GST as applicable||1-5 Year||₹20,00,000 - ₹400,00,000||Apply|
|16.00% - 27.00%||2% + GST as applicable||1-3 Year||₹10,00,000 - ₹35,00,000||Apply|
|13% - 16%||Up to 6.5% + GST as applicable||1-4 Year||₹10,00,000 - ₹50,00,000||Apply|
|16.85% - 17.85%||Up to 2% + GST as applicable||1-3 Years||₹50,000 - ₹15,00,000||Apply|
|16.85% - 17.85%||Up to 2% + GST as applicable||9 Months - 2 Years||₹5,00,000 - ₹75,00,000||Apply|
|16.00% - 24.00%||Up to 2% + GST as applicable||1-5 Years||₹10,00,000 - ₹75,00,000||Apply|
|12% - 15%||Up to 2% + GST as applicable||1-3 Years||₹10,00,000 - ₹50,00,000||Apply|
|24%||Up to 3% + GST as applicable||2-4 Years||₹10,00,000 - ₹50,00,000||Apply|
|20.50%||2% - 3.5% + GST as applicable||4-10 Years||₹3,50,000 - ₹25,00,00,000||Apply|
|18%||2% + GST as applicable||1-5 Years||₹5,00,000 - ₹75,00,000||Apply|
|15% - 24%||1.5% - 2% + GST as applicable||3 Months - 2 Years||₹2,00,000 - ₹150,00,000||Apply|
|12% - 36%||2% + GST as applicable||1 - 5 Years||₹1,00,000 - ₹30,00,000||Apply|
|11.69% - 15%||1.5% + GST as applicable||1 - 5 Years||₹1,00,000 - ₹40,00,000||Apply|
|18% - 25%||Upto 3% + GST as applicable||1 - 5 Years||₹1,00,000 - ₹50,00,000||Apply|
|10.6% -18%||0.5% + GST as applicable||1 - 5 Years||₹1,00,000 - ₹15,00,000||Apply|
|16.00 % to 19.99%||Up to 3% + GST as applicable||1 - 3 Years||₹3,00,000 - ₹2,00,00,000||Apply|
|18% - 27%*||2% + GST as applicable||1 Month - 1 Years||₹50,000 - ₹100,00,000||Apply|
|17% - 21%||2% + GST as applicable||1 - 4 Years||₹3,00,000 - ₹2,00,00,000||Apply|
|12% - 36%||2% + GST as applicable||6 Months - 2 Years||₹2,00,000 - ₹75,00,000||Apply|
|16.00% - 27.00%||2% + GST as applicable||1 - 3 Years||₹10,00,000 - ₹35,00,000||Apply|
|13.5% - 20%||Up to 2% + GST as applicable||1 - 5 Years||₹10,00,000 - ₹75,00,000||Apply|
|Tribe Tech Private Limited||12% - 36%||2% + GST as applicable||1 - 3 Years||₹1,00,000 - ₹20,00,000||Apply|
Interest rates of the business loan are subjected to change as per the guidelines of RBI. Before you are applying for a business loan, keep all the track records of the interest rates offered by the lenders, loan tenure, and other charges related to it such as the processing fees, foreclosure fees, and many more. So, it's always advisable to analyze the business loan interest rate for getting an affordable loan for growing or starting the business.
Always try to get a business loan that has the lowest level of interest rates. In general, the business loan interest rates are divided into two types such as flat rate of interest and reducing the rate of interest. Several factors affecting the interest rates of the business loan such as monthly revenue, CIBIL ranking, age of the business, collateral, and credit score of the business. Before you are finalizing the business loan, check the reliability of the loan lender and their minimum requirements.
Now the banks and financial institutions have a business loan EMI calculator on their website for calculating the interest rates and EMI of their loan. Apart from others, the business rate is calculated based on the following formula:
The business loans can be available to the individual with or without security. In reality, the whole process can be dependent on the business loan eligibility criteria fixed by the banks and financial institutions. Now all the lenders offer business loans for both the small and big businesses for performing several tasks such as growing the existing one or starting a brand new.
If you have all the necessary documents and fulfill the eligibility criteria of the lender, then you will get an instant business loan within a few days. All the banks have their own set of eligibility criteria, go through all the banks, and choose the most beneficial among them. Here are the lists of eligibility criteria that you have to fulfill for availing the business loan.
The demand for a business loan is increasing day by day. If you are decided to apply for a business loan, then compare the business loans provided by the best bank or financial institutions. Now the top banks can grant the business loan at a low rate of interest. Before the whole process, you have to get complete details about the business loan from a bank and financial institution
When you are getting complete details about the different types of business loans, then check out the business account from bank to bank as well as make sure that all the banks are not at all equally created. Some of the banks in India have thousands of branches and provide online business loans to fulfill the requirements of the Individual to start and grow their business in a better way. All of them have their own set of repayment schedules and customer service related to business loans.
In addition to all, all the banks and financial institutions have their own set of application processes and timelines. Consider the several aspects of the loan for approving like the rate of interest, loan tenure, loan approving charges, and many more. The following points define the details about the banks and financial institutions that provide hassle-free business loans.
With quick and easy business growth loans, you can easily grow your company faster. In addition to all, the HDFC can provide business growth loans with an overdraft facility and flexible tenure options. The business loan provided by the bank can fulfill your every business needs from business expansion and working capital to the child's education or home renovations. It only changes the interest on the amount utilized.
If you want to revamp your business such as launching a new product store, increasing the working capital, and buying new machinery for business to outperform your competitors, the Tata Capital can provide you the customized business loans that can suits your business plan precisely. The bank can provide quick and hassle-free funding with flexible options to repay the loan easily and secure your business future.
Looking for small business loans up to Rs.30 lakhs, then Bajaj Fineserv can provide business loans in just 24 hours. The business loans offered by the Bajaj Fineserv can be used for numerous purposes such as investing in the infrastructure, upgrading to the latest plants and machinery, increasing the working capital, or maintaining the inventory. The loan provided by them can give your business the much-needed boost.
In general, the business loans are the unsecured finance that can be used by the customers to avail of the collateral-free funding for their business requirements. Now Yes bank can provide business loans to the sole proprietorships, self-employed professionals, and limited liability partnerships as well as closely held companies for working capital, purchase of new machinery, business expansion and many more.
To service your short term finance and working capital requirements, the RBL bank can provide business loans. The business loan provided by the RBL is the perfect finance solution for growing your business and financing your business expansion needs. A business loan can be availed to all the self-employed individuals, private limited companies, professionals, partnership firms and sole proprietorships with the profitable business for the past 3 years.
Searching for the customized financial solutions, then Fullerton India is the best partner for your business. The loan provided by the bank can help you to focus on growing your business instead of arranging the finances you need. If you are planning for business growth or starting a new enterprise, then provide you maximum flexibility to take care of your short-term and working capital needs.
If you have a partnership business, private limited company, or a sole trader, then consult with the HSBC bank for fixed or variable business loans that can suit your repayment terms. The loan provided by HSBC is funding for a wide range of business needs including the working capital, business expansion plans, and asset purchase. For applying for the business loan in HSBC, you don't need any current account in HSBC.
Now LIC HFL can provide business loans for a business extension, business modification, and renovation, commercial premises for carrying on own professional practice and the purchase of business equipment. For applying for the LIC HFL business loan, the individual need to the residents of India. After verification of the citizenship, the loan for the business professional can be sanctioned speedily
All people around us have different financial needs, so Bank of Baroda can provide you a wide range of loans to power your dreams. In addition to all, the bank of Baroda can be laid out a comprehensive suite of products especially for financing the working capital and other terms of finances. Banks can provide different terms of loans such as financing educational institutions, meet the financial requirements of setting up new nursing and engaging in industrial activities.
Among the several business loan providers, the Canara bank offers the business loan to accelerate your business and help you to reach the new heights of the business. Banks can provide several business loan schemes to serve the different purposes and requirements of the business. The bank can sponsor the business loan for the different candidates such as business individuals, proprietorship, partnership, and limited companies.
Financing the business at the proper time is a crucial part of business growth. The business loan offered by Aditya Birla Capital is unique without any security fees. The bank helps the business in an increasingly competitive financial requirement environment with the edge of funding business expansion, machinery purchase, and to start a new business. The Birla Capital can provide the loan in lesser time at attractive interest rates.
To drive the mission of empowering the undeserved financial needs of the business, the Arohan can offer business loans ranging from Rs. 10,000 to as high as Rs. 100 lakh. These financial institutions can provide loans for the necessary non-financial products to its customers at affordable costs. For covering the financial needs of the business, the business loans of Arohan can extend its operations and sustainability for all stakeholders.
Over time, the Capital first can sanction business loans that help you to start your new businesses and acquiring new shares from the shareholders. The loans provided by the Capital first are usually disbursed within 48 hours without any collateral or security. Business loans provided by them are not only useful for starting your new business but also used for meeting any of your business expenses.
With a unique business plan, the business owners take several steps to take the commercial world to a new level with a storm. Clix capital can provide business loans to reduce the gap between the business owner and business ambitions. Whatever the requirements of the business, the unsecured business loans offered by Clix capital have got you covered. Its business loans are funding you for both working capital needs and expansion plans.
In business, the finance should always seem to be a hurdle in its progress. Now the Deutsche bank can provide business loans for the seamless journey of your business success. As it is an unsecured business loan that can avail the loan effortlessly to fulfill your business financial desires. The loan can increase the business turnover and growth as well as a financial ratio with a high quality of management provided by the bank.
By providing financial solutions, the Edelweiss can help the business owners as well as the small enterprises to achieve their business aspirations. The business loan provided by Edelweiss can understand the importance of timely financing for the success of the business. All its business loan bespoke solutions can maximize the business opportunities that can work best to meet their evolving needs.
In the competitive environment and ever-growing economy, none of the business owners want to lose the business opportunities that come your way. The business loan offered by the Equitas not only helps you to meet your working capital needs but also fulfill the aspiration of expanding the business. The financial solution provided in Equitas meets the individual needs of the business and crafted for both small and medium enterprises.
Now the Fortune credit capital limit is funding the individual businesses to meet their financial intermediation except the insurance and pension funding. The FCCL can provide the loan by strongly focusing the technology and financial literacy for nurturing the business entrepreneurs through empowerment and trust. Loan providers can maintain professionalism and integrity while disbursing the loan.
For every small to large scale entrepreneur, growth and expansion of the business are the pivotal elements. So, the HDB finance service can provide funding for your business expansion as well as working capital for ordering the new machinery or setting new machinery for faster production. The finance service provider can understand the needs of the business and offer a customized solution within the shortest possible time.
Business loans offered by IDFC's first bank can help you to set up or expand your business in the long run. The loan providers can completely understand the requirements of finances in your business and existing firms in different phases of the expansion. All of its procuring business loans are very easy and simple to handle that can scale up the needs of your business and upgrade its equipment.
Managing financial health is the most important component of the business. So, the IIFL offers business loans that can not only manage the daily cash flow of the business but also provide an adequate range of funds for the receivables, meet the unplanned exigency, inventories and planned expansion. Its customized business loans can make all the differences to your profitability.
Indusind bank already proves to be the one-stop solution for all the banking needs. Now, it can also provide business loans which are the best and most preferred bank for business loans and other facilities. Thus, the bank can offer the lowest interest rates and provide online transaction service which is fast, flexible and a user-friendly solution with the privacy and transparency of confidential information.
Searching for the best bank to get financial help for your business, then Kotak Mahindra bank can understand every little requirement of your business which creates a huge difference for reaching your business goals smoothly. The business loan offered by the bank can help you to meet newer milestones of success. Its collateral-free customized business loan solutions can suit your business requirements.
With the business loans of Lending Kart, your business can maintain all the critical operations effortlessly and precisely. Customized business loans provided by the Lending kart can be tailored to meet the specific needs of the new business or startup. All these loans can offer you the opportunity to scale and give it to the competitive edge of success in today’s world. Loans are also free from the bureaucratic red tape that often has a straightforward disbursal process.
Like the other business loan providers, the Magma can provide business loans as well as unsecured business loans or collateral business loan fees up to Rs. 10 lakhs for the micro-enterprises. The loan provided by the Magma can be utilized for the working capital requirements, business expansion, purchase of the machinery and many more. The loan can be also sanctioned to the retailers, stockiest, etc.
Running a business without any finance is always a tough job. So, the Neogrowth can provide business loans to make your business process easier. Loans are mostly taken by the traders, manufacturers, and service providers for purchasing the raw materials or trading the goods from large corporates with turnovers greater than Rs. 250 crores. However, the loans are easy to obtain without any requirements of credit history or collateral.
Gain easy access for the funds of your business working capital and business expansion by connecting with the professionals of standard chartered business loan operations. Through the loans, you will get an opportunity to avail of a zero balance current account along with dedicated loan tenure. Especially, the guaranteed installment loans are catering to enterprises from the priority sector.
Now the people are taking loans for their dream business success and growth. Business loans provided by the Tribe tech private limited are starting from the Rs 1 lakh to Rs 20 lakhs without any collaterals or paperwork hassles. The loan provided by the tribe tech not only fulfills all of your business needs but also helps you to achieve the business funds faster such as within 72 hours or less.
If you want to build-up current assets and fixed assets for your business, then connect with the SBI business loans in the long term. In the business loan, the SBI can provide a drop-line overdraft facility for different types of business groups such as manufacturing, services activities with self-employed and professional individuals, wholesale/retail trade and many more. So, get secure business loans from the SBI loan sponsors.
A business loan is commonly used for business purposes to meet the needs of your growing business. If you want to expand your existing business, boost production or the machinery then business loan provided by the banks and finance companies seems to be the best option. Thus, business loans are available at attractive interest rates over a specific period of time. Business loans can be categorized into several types, such as:-
For most of the business loan applications, the credit score is always taken into consideration. On the other hand, your credit score will also affect the interest rates and other terms of the loan. Each lender of the business loan has its own set of credit score requirements for approving it such as:
For small business owners, getting business loans is the major problem due to the tight lending standards given by the bank and finance companies. Applying and approving business loans can be an easy process if you are prepared with these 5 steps:
If you have a small business and applied for a business loan of a high amount, then it might be rejected by the lenders. Yes, you can get a business loan with no money, but first, you have to understand why the lenders care about the cash flow in your business for approving the loan.For approving the loan with no money, you have to qualify for the financing solution available to you and focus on saving and running a lean business. Follow the 3 options for approving the loan with no money:
In the whole business availing process, the repayment mode of the business loan always seems to be an important step. The lenders like banks and financing companies who approve loans always make sure that the borrower can repay the whole amount on its fixed tenure. If you are not repaying the loan, then it will increase will debt as well as credit score.
The repayment mode of the loan can include both the principal and interest. Go through the following modes of business loan repayment to make the loan payment process easier.
Whether you are applying for a business loan through a bank or a financial institution, you should familiar with the requirements of all lenders. When you are fully prepared, then qualifying for the business loan is an easy process as well as save your time and frustration. Below points define the basic steps which help you to get the cash you need to grow for your business
A business loan is an unsecured loan that is commonly used for bearing the expenditures in the business. To avail the funds in the business, the borrower does not need to mortgage any of their assets. Moreover, the process of applying for business loans online is very simple and easier. The following steps define it precisely:
According to the recent market research, it has found that the minimum loan amount offered by the banks and finance companies in business loans is 1 lakh rupees and the maximum limit of the loan is as high as 40 lakh rupees. If you want to borrow an even higher amount of loan, then consult with the bank representatives regarding it.
After the loan is approved, you need to make yourself by paying the installments on time. Once the lender feels that you safely pay all the loan installments, then you got a chance to apply for a higher amount of business loan.
However, the business loan approval or sanction process will take a lot of preparation and documentation, but it is worth once you sanction the loan to fulfill all of your business requirements. Generally, the business loan will take from a few days to a few weeks for approval.
But in reality, the whole sanction process of the business loan completely depends on the loan lender or provider. If you are providing all the necessary documents and fulfill all the eligibility criteria of the business loan to the banks or finance companies, then the sanction process will not take longer than a week.
You can take up to ₹ 75 lakhs and more depending on your credit score.
Business loans can be used for many purposes which are relating to business operations. During the sanction of business loans, security things are used for depositing as a guarantee that a loan will be paid in full. If the loan is not paid in its tenure, then the security will cover the loan amount.
For the business loan, the property is used as a common asset for security that would be residential, commercial, or even rural property. Subsequently, many lenders will accept the balance sheet of the business as a security for the business loan such as the vehicles and equipment.