Business loan is one of the great ways to increased various business needs. It is a loan for 1-3year which is given by banks and can be used for short term cash flow requirements, working capital purposes or any other else.
Best banks for Business Loan in India
1)HDFC Bank Business Loan
This bank gives fast approval and it is perfect for a business loan. It provides attractive offers to customers. The minimum loan provided by the bank is Rs. 50,000 to up to Rs. 50lakh and the loan rate depend upon the loan amount.
- It offers loan at lower rates if you have significant business experience.
- Loans are disbursed fastly, payment can be made in easy ways, documentation is minimal and interest rates is reasonableness.
2) ICICI Banks Business Loan
ICICI bank is a top private sector bank in India. It offers loan at competitive rates of interest and decentralized operations of the bank to ensure faster processing. This bank has designed the loan pattern which is agreeable and suits the business requirements effectively for users.
- The bank provides loan as low as Rs.1lakh to Rs.10crore.
- Overdraft facility is available.
- In this bank, EMI is fixed that you pay after each month towards repayment of the loan.
3) SBI Bank Business Loan
SBI is the better banker for most public sector association. It provides the loan to businessmen and self-employed for financing the working capital requirements of the business.
- Bank gives loan after checking the bank statement and tax return.
- It requires a minimum business track record for 36 months.
4) Kotak Mahindra Bank Business Loan
It is one of the most appreciated financial institutions rapidly growing in India. The bank gives whole solutions for unlimited wants of individual and & non- individual users. It gives loan to the borrowers whose annual turnover is at least Rs.50,00,000.
- Easy repayment options.
- There is a requirement of minimal paperwork and speedy approvals.
5) Indusland Bank Business Loan
IndusInd Bank has engaging advantages from quick approval of loans, to pleasant interest rates along with longer loan tenures. These banks are competitive, customized to suit each of your business needs and quick in processing.
- Minimum of 3 years vintage will be required for the business loans.
- IndusInd bank offers business loan at the rate of interest ranging from 14%p.a to 23%p.a.
6) Axis Bank Business Loan
Axis Bank Business loan is one of the best ways to finance your business needs. The business loan in Axis Bank is specially designed credit facility based on EMI and free of collateral security requirements.
- AXIS Bank business loan could be a backbone to grow your small or large-scale company.
- Adjustable tenure ranging from 12 months to 60 months.
7) IDFC Bank Business Loan
The interest rate at which loan is offered is also lower than the other banks comparatively. The process is fast hassle-free and smooth.
- It offers comfortable tenure of 1 year to 5 years which makes it more comfortable for the applicants to borrow.
8) Bank of Baroda Business Loan
It gives the lowest business loan of Rs. 1 Lakh to Rs. 2 Lakh and offers loan tenure up to 36 months.
- You can prepay part of your loan anytime after paying 1 % prepayment charges.
- While taking a commercial loan, a very low processing fee of about 1% to 1.5% of the loan amount.
9) Federal Bank Business Loan
Federal Bank offers Business Loans for qualified and licensed professionals at competitive interest rates. The loan scheme focuses on providing financial support to the entrepreneurs who are either willing to begin a new project or want to extend their present business units.
- Minimal documents are needed in order to apply for a Business Loan.
- Fast process of loan disbursal.
10) Bajaj Finserv Business Loan
This bank gives fast and easy business finance up to Rs. 30 lakh for small businesses at low-interest rates. Interest is charged only on the withdrawn amount, which helps you to reduce your EMI by 45%. These features make Bajaj Finserv great and hassle-free business loan provider.
- No collateral needs to be submitted when applying for this loan.
- Within 24 hours, loans are approved.
Overall, there are many banks which provide schemes and programs to motivate business person sets ups to make use of these.