Business Loan
GET MAXIMUM ELIGIBILITY FOR YOUR BUSINESS LOAN
What is Business Loan?
As the name Suggest, Banks/NBFCs offer Business Loan without any collateral for the purpose of expansion/enhancement of your existing business.
Rate of Interest
As a Bank/NBFC doesn’t take any collateral, the Rate of Interest in case of Business Loan is generally higher than any other Loan. The Rate of Interest at present varies from 15% to 25% depending on the profile of the customer. However it has advantage of without any collateral & quick disbursement.
Business Loan Eligibility
Business Loan Eligibility depends on the following conditions :-
- Your total annual income
- Your existing liabilities.
- Your total work experience and experience in your current Business.
- Financial documents.
* Minimum Age at the time of Application should be 21 years
Banks takes into consideration various factors such as Annual Turnover/Receipt/Commission, Gross Profit, Net Profit, Average Bank Balance, Present EMI and Various other factors .
| Bank/NBFC/Fintech | Interest rate (p.a) |
|---|---|
| Kotak Mahindra Bank | 14% onwards |
| HDFC Bank | 16% onwards |
| Ziploan | 16% onwards |
| FlexiLoans | 16% onwards |
| Axis Bank | 17% onwards |
| Fullerton Finance | 17% onwards |
| Bajaj Finserv | 17% onwards |
| Yes Bank | 17% onwards |
| TATA Captial Finance | 17% onwards |
| ICICI Bank | 18% onwards |
| Lendingkart Finance | 18% onwards |
| Hero Fincorp | 18% onwards |
| IIFL Finance | 18% onwards |
| Indifi Finance | 18% onwards |
| NeoGrowth Finance | 18% onwards |
| RBL Bank | 19% onwards |
| SMEcorner | 19% onwards |
| U GRO Capital | 19% onwards |
| IDFC First Bank | 20% onwards |
| HDB Financial Services Ltd. | 22% onwards |
