Top 10 Business Loans in India 2019
Some point down the line every business needs external funding. Without raising funds from outside for a too long time, your business may not be able to take advantage of market opportunities. Even if your business is set up, it requires additional capital for smooth operation.
Keeping this in mind, almost all leading banks and NBFCs (Non-Banking Financial Companies) offer business loans to help you fulfil your business aspirations. The business loan can be used to meet a wide range of business requirements, including working capital needs, debt consolidation, purchase of machinery, supply chain financing, asset acquisition, etc.
Best business loans in India 2019Here are the top business loan providers in India.
State Bank of India business loan
State Bank of India offers a business loan for a variety of business requirements of large business groups as well as a small and medium enterprise (SME) engaged in manufacturing, service activity, wholesale/ retail trade along with self-employed individuals and professionals.
Key details of SBI personal loan are as under:
Minimum loan amount
10 lakhs
Maximum loan amount
20 crore; base on past performance or projected sales
Repayment tenure
Up to 15 years
Processing fees
1% of the limits subject to a maximum cap of 10 lakh
Interest rate
Varies from loan to loan
Why should you get a business loan from the State Bank of India?
The bank offers loan under various categories for your several business requirements
The bank has the largest network accessible for people residing across the country
Comparatively lower interest rates
Higher loan eligibility
ICICI Bank offers customized financial solutions for SMEs for their unique challenges and requirements at attractive interest rates. The bank offers an overdraft facility up to Rs. 25 lakh to existing bank customers. The notable features of ICICI bank business loans are as under.
Interest rate
For secured facilities: up to repo rate + 6.0 % (Non PSL)
For unsecured facilities: up to repo rate + 7.10%
Loan amount
The loan amount will be based on the future cash flows of the business
Processing fee
Up to 2% of loan amount + GST
Commission on Letters of Credit and Bank Guarantee
Up to 2% p.a. the commission shall be charged on a pro-rata basis based on the tenure and the loan amount of non-fund based facility
Loan tenure
Up to 72 months
Foreclosure charges
A prepayment premium of 4% shall be payable by the Borrower/s on the amount of limit set up in the system. No foreclosure charges for customers categorized under MSE
Why you should apply for ICICI Bank personal loan
The bank offers one of the best deals in the industry
Overdraft facility up to Rs. 15 lakh
Instant and hassle-free loan
Flexible tenure ranging from 12 months to 72 months
A wide range of business loans for SMEs
HDFC Bank is a leading private sector bank that offers various banking products at an attractive interest rate. The bank offers a business loan for a different type of requirements. You can take up to Rs. 50 lakh business loan without any collateral. HDFC bank offers hassle-free documentation and doorstep facilities. Important features of the HDFC bank business loans are as follows.
Interest rate
From 12.75% to 21.90%p.a.
Prepayment charges
No prepayment is allowed until first 6 EMIs
07-24 Months - 4% of principal outstanding
25-36 Months - 3% of principal outstanding
After 36 Months - 2% of principal outstanding
Processing fee
Up to 2.5% of the loan amount subject to a minimum of Rs. 2359 and maximum Rs. 88500
Loan amount
Upto Rs. 40 lakh (Rs. 50 lakh in select locations)
Loan tenure
From 12 months to 48 months
Why should you apply for HDFC Bank business loan?
Zero hidden charges, lowest processing fee, and convenient borrowing
Minimal paperwork and documentation
Dropline overdraft facility
Flexible tenure
Business loan balance transfer facility with ease
Tax benefits as per applicable laws
Fullerton India offers a business loan for your various business finance needs. With Fullerton business loan, you can enjoy a flexible repayment facility with minimal prepayment charges. Moreover, you can get a quick business loan up to Rs. 50 lakhs with minimal documentation and hassle-free disbursal. Key details about Fullerton business loan are as under.
Interest rate
From 13% to 21% p.a. depending on your eligibility
Foreclosure charges
Within 6 months from the agreement date: 0.04% of principal outstanding
07 -12 Months – 0.0 4% of principal outstanding
13 - 24 Months – 0.04% of principal outstanding
25 - 60 Months – 0.03% of principal outstanding
61 - 84 Months – 0.03% of principal outstanding
After 84 Months – 0.03% of principal outstanding
Processing fee
Up to 6.5% of the loan amount
Loan amount
Upto Rs. 50 lakh based on your income and other parameters
Loan tenure
From 12 months to 60 months
Why should you get a business loan from Fullerton India?
Flexible loan facilities
Serving capital requirements
Instant small business loans in 24 hours
Tailor-made a business loan for various needs of your business
Collateral-free offerings
Diversify your business with a Kotak Mahindra Bank business loan. It offers a business loan ranging from Rs. 3 lakhs to Rs. 75 lakhs to help you fulfil your newer business milestones. The bank also provides funds against credit card receivables (FCCR) up to Rs. 3 crores. Important features of Kotak Mahindra Personal Loan are as under.
Interest rate
From 16% p.a.
Loan amount
From Rs. 5 lakh to Rs. 75 lakh
Loan processing charge
Up to 2% of the loan amount/ facility amount + GST and other applicable statutory levies
Prepayment charge
Lock-in period for 12 months (6% of the foreclosure loan amount). After 12 months, 5% foreclosure charge + GST on principal outstanding
Loan tenure
From 6 months to 48 months
Cheque bounce charges
Rs. 750 per instance
Why you should apply for Kotak Mahindra business loan
You can take a business loan ranging from Rs. 5 lakhs to Rs. 75 lakhs
Hassle-free and quick approval
FCCR up to Rs. 3 crores
No collateral or security required
Axis Bank offers great features and benefits on its business loans such as attractive interest rate, lower processing fees, no foreclosure charges, no prepayment charges etc. you can get a business loan from Axis Bank for a variety of business needs including business expansion, business property, purchase of machinery, and a lot more. Some important features of an Axis Bank business loan are as under.
Interest rate
From 14.5% p.a. onwards
Processing charge
Up to 2% of the loan amount + GST as applicable
Prepayment/foreclosure charge
Nil
Collateral required
NA
Loan amount
Up to Rs. 50 lakhs
Renewal processing fee
NA
Loan tenure
Up to 60 months
Why you should apply for axis bank personal loan
The minimum age requirement to get a business loan
Quick approval with minimal documentation
No foreclosure charges
Bajaj Finserv is a leading NBFC (Non-Banking Financial Company) that offers a number of financial products. It offers business loans at competitive interest rates to cover various business activities, including the expansion of business, acquisition of other business, purchase of high-value equipment for production, and working capital needs. Some notable features of the Bajaj Finserv business loan are as under.
Interest rate
Starts from 18% p.a.
Processing fees
Up to 2% of the loan amount
Foreclosure charges
4% + applicable taxes outstanding as on the date of full payment
Interest and principal statement charges
NIL
Loan amount
Up to Rs. 30 lakhs without collateral
Loan tenure
12 months to 60 months
Why you should apply for Bajaj Finserv business loan
Flexi loan facility
Hassle-free unsecured loans
Instant disbursal within 48 hours
The loan procedure is an entirely online process
Bank of Baroda offers business loans for corporates, MSME (Micro Small and Medium Enterprises), and self-employed individuals. It offers tailor-made loans under various categories such as working capital loan, short-term corporate loans, business finance, term finance and so on.
Why you should apply for Bank of Baroda business loan
Different scheme for different business
Attractive interest rate
Quick application process and fast disbursal
Tata Capital is one of the leading NBFCs in India. With more than 200+ branches across the country, it offers a number of financial products, including business loan. It lends unsecured business loans at the competitive interest rate for a wide range of business needs. The loan amount can range from Rs. 5 lakh to Rs. 50 lakh. Some prominent features of the Tata Capital business loan are as under.
Interest rate
Starts from 19% p.a.
Processing fees
Up to 2.75% of the loan amount + GST
Foreclosure charges
4.5% + applicable taxes on the principal outstanding
Loan cancellation charges
2% of the loan amount or? 5750 whichever is higher + GST
Loan amount
Rs. 5 lakh to Rs. 75 lakh
Loan tenure
12 months to 36 months
Why you should apply for Tata Capital business loan
Multiple product offerings
Hassle-free unsecured loans
Structured EMI options
Higher eligibility
The loan procedure is an entirely online process
Lendingkart business loan
Lendingkart is a non-deposit taking financial institution operating throughout the nation. It offers business and working capital loans to SMEs (Small and Medium-Sized Enterprises) and MSMEs (Micro Small and Medium Enterprises). Eligible businesses can get a business loan from Rs. 50,000 up to Rs. 2 crores for growth and expansion of the venture. Key features of the Lendingkart business loan are as under:
Interest rate
1 to 2% per month
Processing fees
1-2% of the loan amount (One time)
Foreclosure charges
NIL
Loan amount
Rs. 50,000 to Rs. 2 crore
Loan tenure
Up to 36 months
Why should you get Lendingkart business loan?
Higher eligibility
Flexible repayment and no prepayment charges
Instant online disbursal
No collateral required
Also check How to check bank account balance