Business Loan – Check information about Loan Interest Rates, Eligibility, Documents, Processing Fee, Loan Tenure, Loan Amount, Loan Types.
Business Loan is an secured/unsecured loan offered by Banks and NBFCs in India for Salaried and Self-Employed Sole Proprietorship Firm, Partnership Firm, Limited Liability Partnership, Private Limited Companies, Unlisted Public Limited Companies, Trust and Societies (for educational institutes, Hospitals). Business Loan can be avail for Professionals such as Doctors, Engineers, and Chartered Accountants.
Business loan is basically used for fulfill the daily basic requirement of the business. Business loan can be used for the various purposes such as expansion of business, renovation, buying new tools and machinery, upgrade the latest technology, inventory, cash flow, increase in working capital. Availing a secured business loan require security or collateral to be kept as mortgage or guarantee but in un secured loan it do not require any kind of collateral, security and guarantor.
Why to Choose Business Loan ?
Types of Business Loan
Different Banks/ NBFCs in India offer Business Loan tailor-made to meet your needs of expansion of business, renovation, increase in working capital, inventory and cash flow etc. Some of these have been listed below.
Term Loan – A term loan is a loan from a bank for a specific amount in which there is a specified repayment schedule and a fixed or temporary interest rate. A term loan is often suitable for an established small business, with the ability to reduce sound financial details and the amount of payment and reduce the total cost of the loan. It may be short and long term.
Working Capital Loan – A working capital loan is a loan that is taken to fulfill the company’s everyday activities. These loans are not used to buy long term assets or investments, and instead, the company is used to provide working capital covering short-term operational needs.
OD Facility – Overdraft facility is a credit agreement with a bank that allows an account holder to use or withdraw more money than the money in his account to the approved limit.
Machinery Loan – Who are operating manufacturing units, can focus on increasing and expanding their businesses by taking advantage of our machinery loans to buy new or renovated machinery from manufacturers and / or authorised dealers.
Medical Equipment Loan – For purchase of standard medical equipment including CT scanners, color doppler, sonography machine, MRI machine, X-ray machine and other medical devices.
Construction Loan – Construction loan is any value added loan where the proceeds are used to finance construction of some kind.
Top Banks Providing Business loan – Interest Rate, Loan Amount, Loan Tenure, Processing Fee
|BANK/ NBFCs||LOAN||INTEREST AMOUNT||TENURE||PROCESSING FEES|
|HDFC Bank||Up To 50 Lacs||15.65% – 21.20%||12 – 48 Months||Up To 2.50%|
|ICICI Bank||Up To 40 Lacs||6 Months MCLR + 4.20%||Up To 60 Months||2% of Loan Amount + Taxes|
|Axis Bank||Up To 50 Lacs||11.00% – 20.00%||Up To 36 Months||2% + Services Taxes|
|Kotak Mahindra Bank||3 Lacs To 2 Crore||13.00% – 28.00%||12 – 60 Months||3% of Loan Amount + GST|
|Yes Bank||2 Lacs To 4 Crore||13.25% – 19.99% ( Fixed Rate )||12 Months To 60 Months||Up to 2.50% Of Loan Amount|
|Bank of Baroda||2 Lac To 10 Crore||09.30% – 11.10%||12 Months To 60 Months||Nil|
|State Bank of India||10 Lacs To 25 Lacs||11.20% Per Annum||12 Months To 48 Months||1% of Loan Amount|
|IDFC First Bank||Upto 40 Lacs||18.00% – 24.00%||12 – 60 Months||1% of Loan Amount|
|Bajaj Finserv||Upto 30 Lacs||18.00% onwards||12 Months To 48 Months||2% of Loan Amount + Taxes|
|Tata Capital||5 Lacs To 50 Lacs||13.75% – 25.90%||12 Months To 36 Months||2% of Loan Amount + Taxes|
|Ziploan||1 Lacs To 5 Lacs||23.00% -29.00% Per Annum||12/18/24 Months||3% of Loan Amount|
List of Business Loan Documents