Business Loan are loans that are taken from the banks on the behalf of doing business like funding for a business, start-ups, purchasing long-term assets for the business, meeting working capital requirements. Banks will provide this kind of loan only if they met certain terms and conditions.
The following list contains the top 15 Business loan providers in India.
Table of Contents
Business Loan Comparision
| SL.NO | BANK NAME | LOAN AMOUNT | RATE OF INTEREST |
|---|---|---|---|
| 1 | HDFC BANK | Rs.50,000 – Rs.50,00,000 | 15-21.20% |
| 2 | SBI BANK | Rs.10,00,000 – Rs.52,00,000 | 9.05 – 16.30% |
| 3 | ICICI BANK | Rs.1 Lakh – Rs.40 Lakh | 10-11.1% |
| 4 | AXIS BANK | Rs.50,000 – Rs.50,00,000 | N.A |
| 5 | CITI BANK | Rs.10,00,000 – Rs.1,50,00,000 | N.A |
| 6 | IDFC BANK | Rs.1 Lakh to Rs.9 Lakh | 16% – 24% |
| 7 | KOTAK BANK | Rs.3 Lakh to Rs.75Lakh | 18% – 23% |
| 8 | STANDARD CHARTERED | up to 75 Lakh | 17.5% |
| 9 | TATA CAPITAL | Rs.5 Lakh – Rs.75Lakh | 19% |
| 10 | INDUSIND BANK | up to 15,00,000 | 14% – 23% |
| 11 | MAHINDRA BANK | up to Rs.40 core | N.A |
| 12 | KARNATAKA BANK | Max Rs.1500 Lakh | 11.33% onwards |
| 13 | MAGMA FINCORP | Rs.3,00,000 – Rs.2,00,00,000 | 17.5% – 21% |
| 14 | FULLERTON BANK | up to 50 Lakh | 17% onwards |
| 15 | CANARA BANK | Rs.10 Lakh – 200 Lakh | N.A |
1] HDFC Bank Business Loan
HDFC ranks at top 1 business loan providing bank in India their business loan rages Rs.50,000 to Rs.50,00,000.
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | 15-21.20% |
| 2 | Loan Amount | Rs.50,000 – Rs.50,00,000 |
| 3 | Tenure Period | 1 – 4 year |
| 4 | Repayment Period | 12 – 48 months |
| 5 | Business Experience | 5 years with 3 years in the current business |
2] SBI Simplified Small Business Loan
SBI is one the biggest bank in India that has more than 24000 branches and 59000 ATMs across the country.
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | 9.05 – 16.30% |
| 2 | Loan Amount | Rs.10,00,000 – Rs.52,00,000 |
| 3 | Processing fees | 1% on loan amount |
| 4 | Repayment Period | 5-15 years |
| 5 | Business Experience | 5 years |
3] ICICI Bank Business Loan
ICICI Bank is one of the largest private bank in India and theri loan range will be in between R.s1 Lakh and Rs.40 Lakh
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | 10-11.1% |
| 2 | Loan Amount | Rs.1 Lakh – Rs.40 Lakh |
| 3 | Processing fee | up to 2 % on loan amount |
| 4 | Repayment Period | max 7 years |
| 5 | Maximum Loan | up to 2 Crore |
4] AXIS Bank Business Loan
Axis bank provides business loans to manufacturere, retailer, trader, professional who are running their own business.
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | Depends of type of Business |
| 2 | Loan Amount | Rs.50,000 – Rs.50,00,000 |
| 3 | Processing Fee | 1.25% – 1.50% |
| 4 | Repayment Period | 15 years |
| 5 | Business Experience | 3 years |
5] Citi Bank Business Loan
Citi Bank Business loan best suited for that kind of business where business has its network in more than 100 countries.
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | not disclosed |
| 2 | Loan Amount | Rs.10,00,000 – Rs.1,50,00,000 |
| 4 | Processing fee | 2% on loan amount |
| 5 | Tenure Period | 12 -120 months |
| 6 | Pre payment charges | 4% |
6] IDFC First Bank Business Loan
IDFC First bank provide the business loan to meet the working capital of the company and loan amount ranges form 1-9 Lakh
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | 16% – 24% |
| 2 | Loan Amount | Rs.1 Lakh to Rs.9 Lakh |
| 3 | Processing fee | 2.49% of loan amount |
| 4 | Repayment Period | 4 years |
| 5 | Foreclosure fee | 5% |
7] Kotak Bank
Kotak Mahindra Bank is teh 4th largest private bank in India, it has around 650 + branches in all over India. Kotak mahindra business loan starts from Rs.3 Lakh to Rs.75 Lakh
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | 18% – 23% |
| 2 | Loan Amount | Rs.3 Lakh to Rs.75Lakh |
| 3 | Processing fee | up to 2% |
| 4 | Repayment Period | 48 months |
| 5 | Business Vintage | 3 years |
8] Standard Chartered Bank
Standard Chartered Bank business loan is best option for the begineers because the loan application process is very simple, quick.
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | 17.5% |
| 2 | Loan Amount | up to 75 Lakh |
| 3 | Tenure Period | 4 years |
| 4 | Repayment Period | up to 36 months |
| 5 | Business Experience | 5 years with 3 years in the current business |
9] Tata Capital
Tata Capital is one of the popular business loan in India for which it’s loan amount starts from Rs.5 Lakh and maximum of Rs.75 Lakh
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | 19% |
| 2 | Loan Amount | Rs.5 Lakh – Rs.75Lakh |
| 3 | Tenure Period | 12-36 months |
| 4 | CIBIL Score | 700 or more |
| 5 | Age | 25 to 65 |
10] Induslnd Bank
Induslnd Bank provide the business loan to help small growing businesses and it has 380+ branches in all over India.
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | 14% – 23% |
| 2 | Loan Amount | up to 15,00,000 |
| 3 | Processing Fee | 0.5% – 2% |
| 4 | Repayment Period | 12-60 months |
| 5 | Pre – payment charges | 4% post 12 EMI Clearance |
11] Mahindra Finance
Mahindra Finance providers the business loan in the form of MSME loans to its customer and the interest rate starts from 14% onwards.
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | N.A |
| 2 | Loan Amount | up to Rs.40 core |
| 3 | Processing Fee | 2%-3% of loan amount |
| 4 | Repayment Period | 36 months |
| 5 | Customercare Toll Free | 022 6652 6000 |
12] Karanataka Bank
Karanataka bank is one of the leading bank in providing the MSME loans across the India
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | 11.33% onwards |
| 2 | Loan Amount | Max Rs.1500 Lakh |
| 3 | Processing Fee | Above or up to Rs.25000 |
| 4 | Repayment Period | 120 months (term loan) 34 months (working capital OD) |
| 5 | Cash Margin | 25% of loan amount |
13] Magma Fincorp
Magma Fincorp provides the business loan for small and medium sized enterprise businesses which are engaged in trading and manufacturing services.
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | 17.5% – 21% |
| 2 | Loan Amount | Rs.3,00,000 – Rs.2,00,00,000 |
| 3 | Tenure Period | 12 – 48 months |
| 4 | Prepayment Period | Allowed after 6 months |
| 5 | Collateral | Not required |
14] Fullerton
Fullerton provide the loan for doing business which can meet the working capital of the company.
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | 17% onwards |
| 2 | Loan Amount | up to 50 Lakh |
| 3 | Processing Fee | 6.5 % |
| 4 | Repayment Period | 12-60 months |
| 5 | Collateral | Not required |
15] Canara Bank
This is one of the largest bank that has been aquired by the Indian Government. Canara Bank provides business loan in the form of MSME loans.
| SL. No | Requirements | Fees and Charges |
|---|---|---|
| 1 | Rate of Interest | Based on business type |
| 2 | Loan Amount | Rs.10 Lakh – 200 Lakh |
| 3 | Age | 20-50 years |
| 4 | Repayment Period | 1-7 years |
| 5 | Security | 50% of loan amount |
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