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Business Loan

Whether your business is a start-up or ready for expansion, you need funds to scale your small business. Business loans assist with:

  • Ensuring smooth cash flows to meet recurring expenses like payroll, tax payments, office rentals and utility bill payments
  • Expansion of business to introduce new product lines, product offerings
  • Meet marketing expenses like sales promotions and advertising
  • Equipment financing for purchase of machinery to expand capacity or install fresh capacity for new product launches
  • Additional expenses during seasonal spikes in sales

Before applying for a business loan, it is imperative that you have a well-documented business plan that articulates milestones for success.

  1. Secured Business Loans: A three-year term loan for proprietorship, partnership, private limited companies and limited companies based on a sound balance sheet.
  2. Unsecured Business Loans: Working capital funding for proprietorship, partnership, private limited companies and public limited companies.

Secured Business Loans can be availed when you require long term funding towards acquisition of a long-term asset to the business. The said secured business loan can be availed by provided a collateral and the Rate of Interest shall be competitive and low.

Unsecured Business Loans can be availed towards short term requirement of funds if there is a gap of working capital for a term up to 36 months towards an asset purchase. The unsecured Business Loan can also be availed for a period of upt o 36 months if there are no collaterals to be offered to the financial institution.

  • Always have an appropriate estimate of the working capital.
  • Compare business loans from various banks. The eligibility criterion varies from bank to bank as also the requirements and formalities.
  • Check your credit score ahead of applying for the loan.

Bank

Business Loan Interest Rates

Processing Fee

Neogrowth

19.50%

2.5% of loan amount

SBI

11.20%

From 2% to 3%

HDFC Bank

15.65%

Starting from 0.99%, Max 2.50%

ICICI Bank

16.49%

Starting from 0.99%, Up to 2%

Citibank

16.00%

Up to 2%

RBL Bank

20.00%

3% of loan amount

Tata Capital

18.00%

From 1.50% to 2.50%

Lendinkart

18.00%

2% of loan amount

Bajaj Finserv

18.00%

Up to 2% of loan amount

IDFC First Bank

22.00%

2.00%

IIFL

13.00%

Up to 2%

Indusind Bank

14.00%

2.50%

Kotak Bank

16.00%

Upto 2%

Fullerton

16.00%

2%

Yes Bank

16.25%

Up to 2%

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