Business Loan @ 10.70%*
Moneybridge allows you to apply for a business loan online and receive the best offer from top banks depending on your circumstances. Moneybridge offers business loans from the top business loan providers like HDFC, ICICI, SBI, Bajaj Finserv and many more.
Benefits Of Business Loan –
- No Collateral Required
- Loan Up to 1 Crore
- Hassle Free Disbursal
- Unbiased Expert Advice
- Door Step Service
Interest Rates on Business Loans in 2020
| Bank | Interest | Processing Fee |
|---|---|---|
| Bajaj Finserv | 18.00% | Up to 2% of the loan amount |
| ICICI Bank Business Loan | 16.49% | Starting from 0.99%, Up to 2% |
| SBI Business Loan | 11.20% | From 2% to 3% |
| HDFC Bank Business Loan | 15.65% | Starting from 0.99%, Max 2.50%From 2% to 3% |
| Fullerton India | 17.00% | 2% |
| Citibank | 16.00% | Up to 2% |
| United Bank of India | 13.00% | 1.15% |
| RBL Bank | 16.25% | 1.80-2.20% of the loan amount |
| Tata Capital | 19.00% | From 1.50% to 2.50% |
| IDFC First Bank | 22.00% | 2.00% |
| IIFL | 16.00% | Up to 2% |
| Bank of Maharashtra | 14.50% | 1.00% of the loan amount, Min Rs. 1,000 |
| IndusInd Bank | 14.00% | 2.50% |
| Kotak Bank | 16.00% | Up to 2% |
| Indifi | 24.00% | 2 to 3% |
| Neogrowth | 19.50% | 2.5% of the loan amount |
| IDBI Bank | 12.25% | 1.00% |
| Allahabad Bank | 12.75% | up to 2.25% |
| Yes Bank | 16.25% | Up to 2% |
| PNB | 12.65% | 1.8% + taxes |
| OBC | 11.40% | 0.50% of Loan Amount |
| Indian Overseas Bank | 14.90% | Rs. 204 per lakh |
| Dhan Laxmi Bank | 12.90% | – |
| DCB Bank | 10.70% | 2% |
| Andhra Bank | 15.75% | Case to Case |
| Corporation Bank | 13.55% | 1.5%, Min Rs. 500 |
| Syndicate Bank | 12.65% | 0.5%, Min Rs. 500 |
| Bank of Baroda | 14.10% | Up to 1.00% |
The amount of interest rates changes depending on the banks or NBFCs. It may also be determined by the nature of your business, the size of the loan, and your credit history.
What exactly is business loan?
It is not easy to run a firm on the intended track if you own one. It can be challenging to keep the business moving at the proper speed. Sufficient labour, technology, adequate infrastructure, and financial resources are required for a successful business. To keep the firm on track, capital is always required. Banks and non-bank financial institutions (NBFCs) can provide you with a loan for your business.
A business loan is a type of financing that provides you with the finances you need to meet all of your company’s needs. A business loan can be used for a variety of objectives, including the purchase of new machinery, new technology, paying payments, and so on. This method will allow you to obtain the necessary funds. It’s a business loan that’s not secured. There is no requirement for collateral. This SME (Small Medium Enterprises) Loan is also available if you own a small business.
What is the purpose of business loan?
Businesses can raise funds by inviting shares and debentures or simply borrowing from banks and other lending institutions and the purpose of doing so could be different:
- Starting a new business or venture.
- In a new business, designing a new concept or product.
- Construction of a new building to improve workplace space.
- Expanding existing business
Key Features Of Business Loan
- Fixed Interest Rate – The interest rate on a business loan is fixed, which means it will remain constant during the loan term. Depending on the lender’s rates and the loan amount borrowed, the interest rate ranges from 14.99 percent to 48 percent.
- Repayment terms are flexible – A business loan offers borrowers a flexible payback period of up to 5 years, making it a better option than any other loan. The applicant can also choose a loan pre-payment or foreclosure option, in which he or she can pay off the loan in part or in full by paying additional fees set by the bank or NBFC.
- Loan Amount – A business loan of up to Rs 2 crore or more can be obtained depending on the needs of the business and the borrower’s eligibility. The loan amount is mostly determined by the applicant’s financial trustworthiness, previous repayments, and credit score, and financial institutions verify the applicant’s eligibility before providing the money. Furthermore, before authorising a loan, financial institutions like as banks and NBFCs examine the applicant’s credit history/score, identity evidence, business presence, and income details, among other things.
- Collateral Free Loan – Because business loans are unsecured, the applicant is not required to put up any collateral. However, under limited circumstances and for a small number of loans, equipment, machinery, or raw materials must be delivered as collateral. To obtain a business loan, the applicant does not need to provide any assets such as a car or a home.