Apply for instant business loans at attractive business loan interest rates starting from just 6.90% p.a. The processing fee is charged up to 3.5% per annum and the repayment tenure can go up to 25 years depending on the type of lender and business loan chosen.
|Business Loan Interest Rate and Fees, Apr 2021|
|Interest Rate||Starting @ 6.90% p.a.|
|Processing Fee||Up to 3.5%|
|Loan Tenure||Up to 25 years|
|Lowest EMI Per Lakh||Rs. 1,975 for 5 years|
|Prepayment Charges||Up to 4%|
Additional Info: Also, check PSB Loans in 59 Minutes is a quick business loan portal for start ups.
Below is the comparison between various business loan offers from top banks in India, according to current business loan interest rates and processing fees. This table will assist you with deciding the best and most affordable business loan available in the market right now.
|Banks||Interest Rates||Processing Fees|
|HDFC Bank||11.90% - 21.35%||Up to 2.50% + GST|
|ICICI Bank||Up to 11.10%||Up to 2% + taxes|
|IDFC First Bank||14.5% onwards||Up to 3.5%|
|SBI||7.25% onwards||Up to 1%|
|Kotak Mahindra Bank||17% onwards||Up to 2% + taxes|
|Bajaj Finserv||17% onwards||Up to 2% + taxes|
|HSBC Bank||7.5% onwards||Nil|
|Axis Bank||9% - 18.50%||Up to 2% + taxes|
|PNB Bank||6.90% onwards||Up to 0.50%|
|Federal Bank||9.20% - 16%||Up to 1%|
|IndusInd Bank||13% - 22%||Up to 3% + taxes|
|Central Bank of India||7.10% - 13.35%||Depends on scheme|
|Indian Bank||8.10% - 14.55%||Up to 1.15%|
|UCO Bank||8.85% - 11.85%||Depends on scheme|
|Bank of India||9.70% - 15.45%||Depends on scheme|
|South Indian Bank||7.25% - 16.75%||Up to 2%|
Compare current business loan interest rates on MyMoneyMantra.com to get affordable business loan EMI by getting the lowest interest rates. Current business loan interest rates start from as low as 6.90% p.a. A business loan is a financing option that can be used to start a new business or to expand an existing one. These loans are provided at the most competitive rates of interest to help businesses fund any expenses that are related to purchasing new equipment, purchase of inventory, overheads, expansion of the current premises, and so on. There are different types of business loans that one can avail to meet the exact requirement of the business. However, getting a business loan isn’t easy as it involves a complicated process. Our business loan experts can help you with the entire process, from application to disbursal. We are partnered with more than 100 banks, NBFCs, and other financial institutions. We have all the best business loan offers at attractive interest rates that suit all your business requirements.
Additional Info: Check Saksham Yuva Yojana in detail.
Business loans are loaded with beneficial features as mentioned below:
Additional Info: Check Startup Business Loan for new businesses.
The most common types of Business Loans available are as follows:
The common eligibility criteria for Business Loans are as follows:
The eligibility conditions for the loan vary with each bank, non-banking financial company (NBFC), or financial institution. It has an impact on the interest rate charged and the loan amount that is provided as well. The higher the eligibility of the individual, the better are the loan agreement terms.
Applying for a Business Loan with MyMoneyMantra is extremely simple. All you have to do is follow these steps:
Before you apply for a loan, calculating the EMI is extremely important. This helps you check the affordability of a loan. You can either calculate the EMI manually or using the MyMoneyMantra EMI Calculator. Using Business Loan EMI Calculator is the simpler option to calculate the EMI as it is quick and free from any errors. EMI Calculators are financial tools that you can get on most bank websites. These tools are completely free of cost. In order to calculate the EMI, provide the loan amount, the rate of interest, and the tenure of the loan. The exact EMI will be calculated and displayed on the screen instantly. EMI calculators use the formula mentioned above in order to calculate the EMI.
Get Kotak Mahindra Bank Business Loan up to Rs. 2 Crore online at interest rate starting from 16% p.a.
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Yes. There are special schemes that provide easy funding options to startups as well. Any company that is under 5 years old and has a turnover under Rs. 25 Crores can avail these startup loan schemes.
Business loan interest rates are usually negotiable based on several factors. A high credit score, the income generated by the business, and the collateral that you provide for a business loan can help you reduce the interest rates considerably.
Business loans are provided to sole proprietorship firms, partnership firms, limited liability partnerships, and corporates. These loans are reserved for any investment in the business, including making repayments towards overheads, expanding the business or purchasing equipment or goods for the business.
Any movable asset that has good value as per the loan amount that is sanctioned can be provided as security for the loan. This includes property, financial assets like Fixed Deposits and even LIC policies. With most banks, the hypothecation of assets that are purchased using the loan serve as primary security.
In some banks, it is possible to foreclose your business loan. However, it is recommended that you check the foreclosure fees for the loan before you do so. In case this amount is higher than the interest paid towards the loan, it is best avoided. You must also remember that foreclosing loans can affect your credit score negatively. You will also lose access to a large amount of funds when you foreclose any loan.
Yes, part payments are allowed by most banks on business loans. These part payments can be made after you have paid a few EMIs as per the terms of the bank. Some may also have restrictions on the number of part payments that you make on the loan each year.
Each time you apply for a loan, the credit score does reduce. However, when you make regular repayments towards any credit facilities availed, you can restore your credit score. Make sure that you do not miss on any EMI and make the payment on or before the due date to build a strong credit score.