The business loan landscape in India is constantly evolving, with new players and products coming to the fore on a regular basis. This makes it tough for businesses to keep up with the latest developments and identify the best loan option for their needs.
To help you out, we’ve compiled a list of the top 10 business loan companies in India, based on factors such as loan amount, interest rate, repayment tenure, etc.
The Top 10 Business Loan Companies in India
1. Bajaj Finserv
The Bajaj Finserv business loan is a great option for business owners who are in need of quick and easy financing. This loan offers many benefits, including:
No collateral required: You can apply for this loan without having to put up any collateral, making it a great option for business owners who do not have any assets to offer as collateral.
Quick and easy approval: You can get approved for this loan very quickly and easily, which is ideal for business owners who need financing urgently.
Competitive interest rates: The interest rates on this loan are very competitive, making it a great option for business owners who are looking to save on interest costs.
Flexible repayment terms: You can choose from a variety of repayment terms depending on your repayment ability and preference. This makes it easy to find a repayment plan that works for you.
If you are a business owner in need of quick and easy financing, the Bajaj Finserv business loan is a great option to consider.
Bajaj Finserv is one of the most well-known names in the business loan space in India. The company offers business loans of up to Rs. 80 lakhs, with interest rates starting at just 9.75% to 30% p.a.
Loan repayment tenures can go up to 12 years, giving borrowers ample flexibility in terms of repayments. Bajaj Finserv also offers pre-approved offers on business loans, which make the application process faster and simpler.
2. HDFC Bank
HDFC bank business loan is a loan that businesses take to start or expand their businesses. The loan amount can be used for various purposes such as buying machinery, equipment, land, or buildings.
The loan is repayable over a period of time and has to be repaid in EMIs. The interest rate on a loan is determined by the bank and is generally lower than the interest rates on other loans. The loan amount and the repayment period can be customized per the business requirements.
HDFC Bank offers business loans with a loan amount of up to Rs. 75 lakhs and an interest rate of 10% to 25% per annum. The repayment tenure for this loan is up to 5 years. The processing fee for this loan is 2% of the loan amount plus GST.
Also Read: Top 10 Business Loan Apps in India
3. Kotak Mahindra Bank
Kotak Mahindra Bank Business Loan is a loan offered by Kotak Mahindra Bank to help small business owners with the capital they need to grow their businesses.
The loan can be used for a variety of purposes, such as expanding your business, buying new equipment, or hiring new employees. The loan is repaid over a period of time, with interest, and is typically used for short-term financing.
Kotak Mahindra Bank Business Loan is a term loan given to business entities for a variety of business purposes such as working capital, expansion, etc.
As per the bank, the interest rate on the loan starts at 16%-26% per annum. The maximum loan amount that can be availed is Rs. 75 lakhs. The loan tenure can go up to 7 years.
4. Tata Capital
The Tata Capital Business Loan is a great option for small businesses in need of financing. The loan amount can be used for a variety of purposes, including working capital, equipment purchases, and expansion.
The interest rate is competitive and repayment terms are flexible, making the loan affordable and easy to manage. Tata Capital is a well-established lender with a strong reputation, providing peace of mind and security.
A business loan from Tata Capital can help you get the funding you need to grow your business. You can choose a loan amount of up to Rs. 2 crores and a tenure of up to 5 years. The interest rate on a Tata Capital business loan starts at 12% to 22% per annum.
5. U GRO Capital
The U GRO Capital Business Loan is a great option for small businesses in need of quick funding. This loan provides up to Rs. 5 crores in financing, with repayment terms of up to 10 years. The U GRO Capital Business Loan is a great option for businesses with strong credit histories and a need for quick funding.
This loan is designed to help business owners grow their businesses and create jobs. The loan is for a term of 10 years and has a flexible interest rate of 9% to 36% p.a. with up to 4% processing fees.
Also Read: MSME Business Loan
6. SBI Business Loan
The SBI Business Loan is a great option for business owners in need of financing. The loan offers competitive rates and terms and is available for a wide range of business purposes.
Whether you need to purchase inventory, finance equipment, or cover operating expenses, the SBI Business Loan can provide the funds you need. The application process is simple and straightforward, and you can get pre-approved in as little as 24 hours.
The SBI Business Loan can be availed for a minimum amount of Rs. 1 lakh and a maximum of Rs. 20 crores. The loan tenure can stretch up to 5 years. The interest rate charged by SBI on its Business Loan is currently pegged at 6.70% per annum.
7. Lendingkart Finance
Lendingkart Finance is a business loan provider in India. It offers collateral-free business loans to small and medium enterprises (SMEs) and startups. The company was founded in 2014 by Harshvardhan Lunia and Mukul Sachin. Lendingkart Finance is headquartered in Bengaluru, Karnataka.
Lendingkart Finance Business Loan is an unsecured business loan that can be availed by small businesses for their working capital requirements. The loan amount starts from Rs. 25,000 and goes up to Rs. 50 Lakhs. The interest rate on a loan is 12% to 27% per annum.
The loan tenure is 36 months. There are no collateral or security requirements for availing of the loan.
8. IDFC First Bank
IDFC First Bank offers business loans to small and medium enterprises at competitive interest rates. The loan amount depends on the business’s turnover and credit history. The loan can be used for working capital, business expansion, and the purchase of machinery and equipment.
IDFC First Bank offers business loans of up to Rs. 75 lakhs for a tenure of up to 5 years. The interest rate on IDFC First Bank business loans starts at 9.80% to 21% per annum. IDFC First Bank business loans can be used for a variety of purposes, including working capital, business expansion, and more.
9. Fullerton India
Fullerton India Business Loan is a complete solution for all your business needs. It offers you the flexibility to choose from a wide range of loan products and services that best suit your business requirements. With Fullerton India, you can be sure of getting the best possible deal on your business loan.
Fullerton India Business Loan offers an amount of up to Rs. 50 lakhs for a tenure of 12 to 60 months. The interest rate on the loan starts at 17% to 21% per annum. The processing fee for the loan is 6.5% of the loan amount plus taxes.
Also Read: Instant Business Loan Online in India
10. ICICI Bank
ICICI Bank offers business loans to help small businesses grow and expand. The loans are available for a variety of purposes, including working capital, equipment purchases, and expansion.
The loans have competitive interest rates and flexible repayment terms. ICICI Bank also offers a number of other financial products and services to small businesses, including savings and checking accounts, credit cards, and merchant services.
ICICI Bank Business Loan offers an amount of up to Rs. 10 crores for a tenure of 12 to 60 months. The interest rate on a loan is 12.9% per annum. The processing fee is 2% of the loan amount plus GST.
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