14.99%-18.99%Interest Rate Range
0.50 - 2.5%Processing Rate Range
2 L - 75 LLoan Amount
1 Year - 4 YearsTenure Range
At Least 23 Years Old
Less Than 65 Years Old
Minimum Net Annual ITR 1.5 Lakh
Must have a 6 month old current account
Business must be 2 years old
No Collateral required
A business loan is the need of the hour. It helps in expanding the current business, starting a new project, buying new equipment, purchasing assets and so on. Banks like HDFC, ICICI, Bajaj SBI, Lendingkart, and IDFC offer business loans at the best interest rates. The interest rates and loan repayment tenure varies from bank to bank.
A business loan is financial assistance provided by the banks and NBFCs to meet the needs of the growing business. All types of businesses such as sole proprietorships, partnership firms, privately held companies, retailers, and self-employed individuals can avail these loans. Regardless of whether you are planning to expand your business or start a new venture, the banks will come to your rescue. Several financial institutions offer loans to start a new business. The banks and other financial institutions offer term loans and Flexi loans to suit the needs of the borrower. A bank business loan is offered up to Rs. 50 lakhs. However, credit history plays a crucial role in availing new business loans. A decent credit score makes the processing apart from attracting a better rate of interest.
Here’s all about 7 different types of business loans:
Features of best business loans:
Fixed Interest rate: The interest on business loans are fixed, usually between 14-24% a year. As the interest rate is constant throughout the year, the borrower can plan investment and business operations wisely.
Flexible Repayment Tenure: It is an attractive feature that helps businessmen to plan the repayment tenure based on his/her financial conditions.
Collateral free loans: One can avail best business loans without any security or collateral loans. You do not have to pledge any asset to get a start-up business loan.
Loan Amount: An individual can avail maximum loan of up to 50 lakhs.
Minimal Paperwork: An individual can also apply for online business loans by visiting the respective website. It requires minimal paperwork.
Benefits Of Business Loans:
The current rate of interest on business loans starts at 14.00% and processing fees is mostly 2% to 3% on loans. However, this varies from bank to bank. Check the business loan fees and interest rates with the financial institution before applying for a business loan.
Here’s a list of general documents required for business loans:
Real Finserv is India’s leading financial market service place that has helped individuals to avail business loans. You can submit your documents online and opt for a hassle-free loan process. With over 20 years of service and having served 10,000 plus customers, Real Finserv helps in managing finances. Now, you can easily apply for small business loans, private business loans, personal business loans, car loans, home loans, mortgage loans and medical loans.
The applicant must be between 21 years to 65 years of age. The business must have a Minimal Annual Income (ITR) of Rs. 2 lakhs per annum.
You can approach banks like ICICI, HDFC, Lendingkart, IDFC, Bajaj and other financial institutions for business loans.
You can fill up the online application form for a business loan. Submit all the relevant documents to complete the process. You may also visit the bank and apply for a business loan directly.
The credit score range for business loans is generally 750.
It depends on your existing liabilities, monthly budgets, financial prospects and other business factors.
Business loans became expensive after the implementation of GST as the GST is levied at the rate of 18%.
A borrower can opt for business loans without pledging any assets for start-up business loans.
A high credit score will help you attract better interest rates and also you will be able to process business loans smoothly.
A bank business loan is offered up to Rs. 50 lakhs. Your credit score plays a crucial role in processing business loans.
No, you can visit the website and apply for a business loan. Real Finserv is your go-to bank for all your financial assistance. You may get in touch with the team for further assistance.