If you are an entrepreneur, the chances are that you would have needed an influx of cash at one point or other. Most businesses often require at least one quick injection of cash at some point, and this might create a need of a loan from the bank.
There are a lot of Business Loans available in India today, and choosing one out of these can be a hard affair. How do you know which one to trust and which one offers the best, both in terms of cost and the trust factor?
Read on to see which the top 10 are Business Loans in India and their features and benefits:
- Fullerton India Business Loan
Fullerton India is one of the best Business Loans in India and is provided by Fullerton India which was launched in 2007. The loans by this organisation are mainly oriented towards Medium and Small Enterprises and can cater to any sort of expense that the business may have. They also have the provision of a prepayment with charges, after completion of 6 EMIs. However, the business must have been profitable for at least 2 years, and the loan amount can be as high as 50 Lakhs for the business. The interest rates start at 13% per annum and the tenure is up to 20 years.
- HDFC Bank Business Loan
One of the premier private banks in the country, this bank has been giving out loans for decades now. The tenure for the loan can be flexible in this case and can be anywhere between 1 year to 4 years. Foreclosure is also possible, at charges ranging from 2% to 4% after 6 months. HDFC Business Loan Interest Rates for the loan start at 15.75% per annum, and you can get a loan of up to Rs. 40 Lakhs (and up to Rs. 50 Lakhs in some locations) without any collateral or security. The repayment tenure for this loan is 12-48 months.
- Aditya Birla Business Loan
Aditya Birla Finance Limited (ABFL) is considered to be one of the top NBFCs in India, owing to the quality of service to the customers and the trust factor the organisation has. ABFL offers both secured and unsecured business loans, depending on the background of the borrower in question. The tenure of the business loan varies according to the needs of the customer and ranges between 12 to 48 months. The maximum amount available for borrowing is Rs. 1 Crore. The rate of interest for the loan starts from 16% per annum.
- Capital First Business Loan
Capital First was recently given the credit rating of AAA, for its exemplary service in long-term debt financing to business owners. This means that their financial products can be trusted, making it comparable to other Banks’ products like Axis bank Business Loans. The loan amount available starts from as low as Rs. 3 Lakhs, to a maximum of Rs. 75 Lakhs. The loan tenure is flexible, from 1 year to 5 years, and the interest rates starting at 16% p.a.
- Axis Bank Business Loan
Axis Bank Business Loan is meant for both corporate and individual customers and offers a great amount of flexibility to the borrowers. These loans come at interest rates starting at 14.35%, depending upon various factors like credit rating and loan amount. The maximum tenure for an Axis Bank Business Loan is 3 years, and the loan amount can be as high as Rs. 50 Lakhs.
- Bajaj Finserv Business Loan
One of the largest NBFCs in the nation, Bajaj Finserv also has its business loan service for consumer and SME finance. The loan amount is Rs. 30 Lakhs for self-employed people, while it is Rs. 45 Lakhs rupees for MSME/SME. You will not need collateral for the loan, and flexi loans are available too. The interest rates are cheaper and start at 14%. The maximum loan tenure is 4 years.
- Kotak Mahindra Bank
A leading private sector bank, Kotak Mahindra Bank has multiple subsidiaries in the field too. The maximum loan amount for the business is up to Rs. 2 Crores and the loan tenure can range from 2 years to 5 years. The credit score of the applicant must be higher than 750, to get the loan. Interest rates for the loan start from 16% onwards.
- RBL Bank Business Loan
RBL Bank is one of the fastest growing banks in the private sector and has a Business Loan structure which is designed to help with short-term business needs and business expansion projects. The annual turnover of the business must be more than Rs. 1 Crore, and the borrower must have at least 5 years of experience in the same field. The terms of the loan vary according to the borrower and the business. You can get up to Rs. 35 Lakhs loan amount for tenure of 12-36 months and at interest rates starting at 16%.
- Magma Business Loan
Magma Business Loans, according to the organisation, are for the goal of “investing in the smallest dream.” The loans are collateral free, with a maximum tenure of 3 years for the borrower. The loan amount can be anywhere between Rs. 1 Lakh to 1 Crore. The interest rates for the loan start from 13.5%, in the case of the Magma Business Loan.
- Deutsche Bank
Deutsche Bank is one of the leading investment banks not just in India, but on a global basis. The bank provides a maximum loan of up to Rs. 50 Lakhs for business purposes, with quick disbursement of the amount. The interest rate for the loan ranges from 16.5% to 18%, and the maximum tenure for the loan is 3 years.
If you want to know more about business loans and want to apply for one, head to any of the banks mentioned above and get a loan sanctioned today.
