Email Us : [email protected] Call Us : (+91) 89566 71706

Which is the Best Bank to get a Business loan in India?

Which is the Best Bank to get a Business loan in India?

Aug 01, 2020By Admin

Have you been finding working capital funds? Need funds to get the required tools? Looking to expand your business? Business owners do need business loans to use the funds to meet these critical needs. Yet you have to pick the correct bank for it before you move out to a bank and apply for a loan. Yes, many banks have a different kinds loan that covers various industries.

We've come up with an alternative banks to apply for a business loan Here:

HDFC Bank business loan: Hdfc  Bank  offer significant benefits such as overdraft facilities and flexible term options on business growth loans. The maximum amount you can lend is Rs. 50 Lacs, between 12 and 48 months for which the tenure is. Of this business loan the total amount is 75,000 rs. The interest rate starts at 15%. Although you won't expect any prepayment until you repay the six-month EMIs.

Features:

- Maximum Loan  Up to Rs . 50 Lakh

- No guarantor or collateral needed

- Balance Transfer Facility

- Flexible tenure and simple process.

State Bank of India Business Loan: SBI is able to provide business loans not only to big businesses but also to small and medium sized enterprises. You should receive both secured and unsecured loans, too. There are many other loan schemes offered by the Government. Those are schemes like Stand-up India, PM Mudra Yojana, CGTMSE, and PMEGP, etc. The interest rate for CGTMSE is the lowest, i.e. 8.25%. The bank is therefore able to provide asset-backed loans starting at 10.70%.

Features:

- Drop-line Overdraft facility

- Competitive Rates Related to MCLR

- Collateral Security: 40% minimum collateral

- Repayment up to 60 month duration.

Fullerton Business Loan:  Fullerton India is providing loans to self-employed people and entrepreneurs to fund their business' growth or working capital needs. This bank's business loan is eligible for an amount ranging from Rs. 1 to Rs. 50 Lacs. The interest rate can go from 19% upwards for this. The term of the loan you applied for will come within 12 to 48 months. The qualifying requirement for age for this falls between 27 and 65 years. Similarly, company turnover will have a minimum of three years.

Besides that, there are other programs for the self-employed. In addition, there are a number of special loans available to chartered accountants, physicians, women etc. In fact, you are receiving the pre-payment and foreclosure facilities.

Features:

- Simple and Secure online process

- Quick approval and minimum documentation

- No collateral

- Flexible loan facilities

Tata Capital Finance Business Loan: The amount that you can borrow is between Rs . 3 and Rs. 50 Lacs. In addition, term for the duration of the loan varies from 12 months to 36 months. Though Interest rates, range from 17% to onwards. This banking institution will provide loans, equipment loans, and capital loans to SMEs and MSMEs. Tata capital provides fast and trouble-free finance with flexible options for repaying the loan to keep you in business .Speaking regarding qualifications, the company must have a business history of at least 3 years. In addition, a stable profit and growth over the last two years is significant.

Features:

- High Eligibility

- Structured EMI option

- Competitive interest rates

- Minimum Documentation

- Quick Approval

So, you must be considering other factors apart from the interest rate before applying for a business loan. It is necessary to understand your needs, as a matter of fact. Use the schemes that fit best. We look forward to having these valuable ones and can decide what loan to go through.

Get Your Free Credit Report

Your credit report is one of the most important factors when it comes to deciding your eligibility for a particular loan.

We provide credit reports for free so you can understand the health of your credit history.

Get Credit Report
Top