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Introduction
Business loan is a credit facility offered to self-employed individuals, self-employed professionals, private companies and partnership firms, MSMEs, etc. for financing their working capital requirements, capital expenditure requirements and other business related activities.Banks and NBFCs offer secured and unsecured business loans to finance the business or business related activities of self-employed individuals, MSME borrowers, self-employed professionals, etc. Paisabazaar.com allows the prospective business loan borrowers to compare the features and interest rates offered by top lenders. The applicants can then apply for business loan online from the best options available based on their credit profiles.
Comparison of Business Loan Interest Rates 2024
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Bank/NBFC's
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Interest Rates(p.a)
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|---|---|---|
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Axis Bank
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10.75% p.a. onwards
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Flexiloans
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1% per month onwards
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HDB Financial Services Ltd.
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8% - 26% p.a.
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HDFC Bank
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10.75% - 25% p.a.
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Indifi
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1.50% per month onwards
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Apply Now
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Kotak Mahindra Bank
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16% - 26% p.a.
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Apply Now
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Lendingkart
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12% - 27% p.a.
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Mcapital
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2% per month onwards
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Tata Capital
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12% p.a. onwards
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Standard Chartered Bank
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8.95% onwards
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URGO Capital
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9% - 36% p.a.
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Tips to Lower Interest Rates on Business Loans
- Maintain a healthy credit score
- Offer collateral/security to secure your loan
- Maintain healthy cash flows
- Compare business loan offers from as many lenders as possible
- Refinance your existing loans having higher interest rates
- Check your eligibility for availing interest subsidies through government schemes.
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FAQ's on Buisness loan
You can check and compare all the leading Banks and NBFCs offering business loan deals under one online platform and choose the one, as per your business requirements, loan amount and repayment tenure.
The minimum loan amount has no limit to borrow whereas the maximum loan is up to Rs. 2 crores for unsecured business loans that are collateral free. Most of the financial institutions offers loans starting from Rs. 10,000.
It depends on the banks or lenders to offer fixed or floating interest rates. However, most banks prefer Fixed interest rates over Floating. Largely, the interest rates offered by Private sector banks is fixed.
There is no need to submit any collateral/security or asset in order to apply for an unsecured business Loan, except few secured business loans like a Letter of Credit, Cash Credit, POS loan, Bill Discounting, Equipment Finance, and Machinery loan that are secured business loans.
The minimum repayment period is 12 months, whereas the maximum repayment period is of 5 years, however, in may exceed as per business requirements.
The pre-closure or foreclosure for business loans shall vary from lender to lender and ranges from Nil to 5% of the balance principal outstanding amount.