Best Options in India to take Business Loan

Business loans are a short-term source of finance for your business. When you need funds for expanding your business or for maintaining its smooth operations, an online business loan comes in handy.

The loan does not ask for collateral security and is, therefore, issued quickly. Many businesses resort to a business loan for meeting their financial requirements.

Given the popularity of business loans in India, a plethora of banks and non-banking financial institutions offer attractive business loans.

Choosing the best loan amidst so many options is a difficult task. So, here is a list of five of the best options in India to take a business loan.

SBI Business Loan

SBI is a leading public sector bank which offers a range of financial services. Business loans offered by SBI are the best as they have the lowest interest rate. Here are the factors making SBI business loans the best available business loans –

• Interest rate is only 11.20% per annum which is the lowest
• Loans of up to Rs. 100 crores are available
• Part prepayment of the loan is allowed any time during the term of the loan
• Early foreclosure is also allowed after the first 6 EMIs

HDFC Bank Business Loan

This loan is offered by HDFC Bank which is one of the leading private sector banks in India. Business loans ranging from Rs. 50, 000 to Rs. 50 lakhs is allowed by the bank. The reasons which make this loan one of the best business loans include the following –

• Dropline OD facility to pay interest on the utilised amount
• The processing fee is quite low. It ranges from 0.99% to 2.5% of the amount of loan availed
• The lowest EMI per lakh is Rs. 2808 which is quite affordable
• Foreclosure of the loan is allowed if the first 12 EMIs have been paid.

Bajaj Finserv Business Loan

Bajaj Finserv is a reputed NBFC (non-banking financial company) which offers a range of loan products. Its business loan is also among the best business loans in the country for the following reasons –

• The loan can be foreclosed any time after paying the first EMI
• Prepayment of the loan is allowed any time during the repayment tenure at a very marginal interest rate of 1%
• The maximum loan amount available is Rs. 30 lakhs and the interest rate is 14%.
• Overdraft facility is available to save interest

ICICI Bank Business Loan

ICICI Bank needs no introduction as it is an established and reputed bank in the Indian financial market. The bank offers business loans of up to Rs. 40 lakhs at an interest rate of 15.50% per annum. Other salient features of the ICICI business loan are as follows –

• Repayment tenure is allowed for up to 5 years
• Foreclosure of the loan is allowed after the first 6 EMIs have been paid
• The bank has a wide network of 2660 branches making it easier to avail a business loan

IIFL Business Loan

IIFL is another non-banking financial company which offers attractive business loans. Loan is offered for up to Rs. 35 lakhs and the following are its salient features –

• Top up facility available on IIFL business loan
• Very low interest rate of 13% per annum
• Repayment tenure allowed under the loan is up to 60 months
• Foreclosure of the loan is allowed after the first 6 EMIs. If the loan is foreclosed after paying the first 12 EMIs, no foreclosure charges are levied.
• A low minimum business turnover of Rs.20 lakhs is required to avail the loan

So, choose your business loan from these best options and enjoy affordable EMIs.

 

Tags: Banking Services, business loan, SBA Loan

Category: Business Debt