Expand Your Business With A Business Loan In India

For different purposes, entrepreneurs need loans. It is possible to use a business loan to purchase new equipment, fund running expenses, buy inventory, or assist with business expansion. Both start-ups may use Business Loan for firms that have been on the market for decades. At one point or another, it is common for corporations to raise funds. So, if you need a loan and have done some preliminary research, you will quickly discover that several options are flooding the market.

Here are some of the best business loans in India:

• SBI Business loan 

SBI (State Bank of India) provides various loans to companies engaged in trade, manufacturing, and services, including asset-backed loans. SBI is one of the largest SME finance companies in India, providing over 1.3 million SMEs across the country with a wide range of financial products and services.

• The SBI provides a minimum loan amount of Rs. 10 Lakhs.
• With the SBI Business Loan 2021, the full loan amount of Rs. 20 Crores can be utilized.
• Flexible tenure from 5 years to 15 years for repayment.
• Processing fee of 1% of the value of the loan, with up to Rs. 10 Lakh limits.
• The low-interest-rate offered ranges from 9.05 to 16.30 percent (different depending on the profile of the applicant).

• HDFC Business Loan 

Business loans from HDFC Bank are easy, fast, and also provide attractive offers to loan seekers. You can also use the free online business EMI calculator to pay for your business loan, from which you can understand the EMI. You can get a business loan up to Rs. 50 lakhs based on the eligibility of the borrower, which proves that the HDFC business loan is among the best and ideal loans for you and your company. HDFC Bank is now providing a quick loan approval with minimal documentation and paperwork.

• Interest rate: 15.65 percent per annum to 21.20 percent
• Processing fees: as appropriate, up to 2.50 percent + GST
• Minimum Amount of Loan: Rs. 50,000
• Maximum Loan Amount: Rs. 50 Lakhs
• Minimum length of tenure: 1 year
• Total length of tenure: 4 years

• RBL Bank Business Loan

The loan is one of the most common and ideal solutions when it comes to serving yourself with short-term requirements for finance and working capital.

• Minimum Sum of Loan- Rs 10 Lakh
• Total Loan Sum- 35 Lakh-
• It is an unsecured loan 
• Loan term of 12 months to 36 months option
• Interest Rate-16.25%
• The tenure of a loan ranges from Rs 9,085 to Rs 3,5288

• ICICI Bank Business Loan

ICICI Bank ranks as one of India’s top providers of business loans. It is made more valuable to borrowers by competitive interest rates, deals, and flexible tenure. One of the best features of the ICICI Bank Business Loan is its minimum interest rate and processing fee.

• Interest rate: 16.49%
• Application charge & fees: Up to 2% + GST as applicable
• Minimum amount of loan: Rs. 1 Lakh
• The maximum amount of loan: Rs. 40 Lakhs
• Minimum length of tenure: 1 year
• Total length of tenure: 5 years

• Axis Bank Business Loan

At lucrative interest rates, Axis bank offers company loans. The bank has different schemes that rely on the borrower’s eligibility to help grow existing companies as well as start-ups. The loan also offers flexible repayment term options with minimum interest.

• Interest rate: 16% onwards
• Production Costs & Fees: Up to 1.25% + GST
• Minimum Amount of Loan: Rs. 50,000
• Loan Amount Maximum: Rs. 50 lakhs
• Minimum length of tenure: 1 year
• Total length of tenure: 3 years

Business Loan Features in India

The features you can get with business loan 2021 are indicated below:

• The offered interest rate on a business loan depends mainly on the profile and credit score of the borrower.
• The repayment rate on a business loan is annual or monthly.
• The business loan can be managed from the access provided by the respective bank to online banking.
• You can get numerous loan options, as well as different schemes and deals that vary according to your eligibility.
• Compared to lending companies and financial properties, such as credit cards, the interest rate paid by the bank on a business loan is lower.
• You will also reap tax advantages as the benefit ratio is used to pay the business loan.

This is the table showing the common interest rate offered by the respective lenders:

Conclusion:

In the end regardless of the lender you want, always apply as much as you want for the loan.