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6 Best Business Loan Providers in India 2019
6 Best Business Loan Providers in India 2019

Every business – small or big – needs funding from outside at several stages of its life cycle. Whether it is a start-up or even if your business is set up, it would need additional capital for smooth operation. Your business may fall behind and miss the market opportunity without external funding. 

Raising money from investors is not easy for all businesses, especially small ones. With a view to helping business owners regarding capital requirements, almost all leading banks and other financial institutions offer business loans to help business owners fulfill their business aspirations. Business loans can be availed to meet a host of financial requirements, including working capital needs, debt consolidation, purchase of machinery, supply chain financing, asset acquisition, etc. Here is a list of top 5 business loan lenders in India that offer a business loan at attractive rates and terms. 

HDFC Bank business loan

HDFC Bank is the largest private sector banking and financial company in India. With its pan India presence, the bank offers a host of loan products at an attractive interest rate. HDFC business loan is one of the top products offered by the bank; you can get a business loan up to Rs. 50 lakh without any collateral. Applying for a business loan with HDFC bank needs minimal documentation and the process is entirely digital. Here are some key features of HDFC business loan: 

Rack interest rate

12.75% to 21.70%p.a.

Prepayment charges 

No prepayment is allowed until first 6 EMIs

07-24 Months - 4% of principal outstanding

25-36 Months - 3% of principal outstanding

After 36 Months - 2% of principal outstanding

Processing fee

Upto 2.5% of the loan amount subject to a minimum of Rs. 2359 and maximum Rs. 88500

Loan amount

Upto Rs. 40 lakh (Rs. 50 lakh in select locations)

Loan tenure

From 12 months to 48 months

 

 Why should you get HDFC Bank business loans?

  • A collateral-free business loan up to Rs. 40 lakh (up to Rs. 50 lakh in select locations)

  • Dropline overdraft facility

  • Zero hidden charges, lowest processing fee and convenient borrowing

  • Flexible tenure

  • Business loan balance transfer facility with ease

  • Credit protection facility

State Bank of India business loan 

State Bank of India offers a business loan under various categories to meet the varied needs of large as well as small businesses. The business loan can be availed in the form of working capital finance, corporate term loans, structured finance, construction equipment loans etc. by a number of business groups involved in manufacturing, service activity, wholesale/ retail trade along with self-employed individuals and professionals. 

State Bank of India business loan has the following key features:

Minimum loan amount

10 lakhs

Maximum loan amount

20 crore; base on past performance or projected sales

Repayment tenure

Up to 15 years

Processing fees

1% of the limits subject to maximum cap of 10 lakh

Interest rate

Varies from loan to loan

Why should you get SBI business loans?

  • SBI business loans come under various categories for your several business requirements 

  • The bank is accessible to people across the county due to its pan India network

  • Comparatively lower interest rates

  • Higher loan eligibility

ICICI Bank business loan

ICICI Bank offers personalised financial solutions for SMEs for their unique challenges and requirements. Existing customers of the ICICI bank can get an overdraft facility up to Rs. 25 lakh.  The notable features of ICICI bank business loans are as under.

Interest rate

For secured facilities: up to repo rate + 6.0 % (Non PSL)

For unsecured facilities: up to repo rate + 7.10%

Loan amount

Loan amount will depend on the future cash flow of the venture

Processing fee

Up to 2% of loan amount plus service taxes

Commission on Letters of Credit and Bank Guarantee

Up to 2% p.a. commission shall be charged on a pro-rata basis based on the tenure and the loan amount of non-fund based facility

Loan tenure

Up to 72 months

Foreclosure charges

Up to 4% of the total limit set up in the system in case of a balance transfer. No foreclosure charges for customers categorized under MSE

Why should you get an ICICI bank business loan?

  • Loan assessment on the basis of future cash flow of the business 

  • Overdraft facility up to Rs. 15 lakh

  • Under the GSTSME scheme, no collateral required for loan up to Rs. 1 crore

  • Flexible tenure up to 72 months

  • A wide range of business loans for SMEs 

Axis Bank business loan

Axis Bank provides a business loan for varied business needs, including business expansion, business property, purchase of machinery, and a lot more. You can get a business loan up to Rs. 50 lakh at attractive interest rates, nominal processing fees, and without prepayment and foreclosure charges. Here are the key features of Axis Bank business loans:

Interest rate

Starting from 14.25% p.a. 

Processing charge

Up to 2% of the loan amount + GST as applicable

Loan amount

Up to Rs. 50 lakh

Prepayment/foreclosure charge

Nil

Collateral required

NA

Renewal processing fee

NA

Loan tenure

Upto 60 months

Why should you get Axis Bank business loans?

  • Minimum age requirement for a business loan

  • No foreclosure charges

  • One business loan for varied business needs

 

Fullerton India business loan

Fullerton India offers a business loan for a variety of business needs. Fullerton business loan comes with a flexible repayment facility with minimal prepayment charges. With Fullerton India, a business loan up to Rs. 50 lakhs can be availed with minimal documentation and hassle-free disbursal. Here are the key features of Fullerton business loan:

Interest rate

From 17% to 21% p.a. 

Foreclosure charges 

0 - 6 Months – not allowed 

07 -17 Months – 7% of principal outstanding

18 - 23 Months – 5% of principal outstanding

24 - 35 Months – 3% of principal outstanding

After 36 - 0%

Processing fee

Upto 6.5% of the loan amount 

Loan amount

Upto Rs. 50 lakh based on your income and other parameters

Loan tenure

From 12 months to 60 months

Why should you get Fullerton India business loans?

  • Flexible loan facilities

  • Serving capital requirements

  • Instant small business loans in 24 hours

  • Tailor-made business loan for various needs of your business

  • Collateral-free offerings

Kotak Mahindra business loan

Achieve your business milestones with Kotak Mahindra business loan. It offers a business loan ranging from Rs. 3 lakhs to Rs. 75 lakhs to help you diversify your business. The bank also provides funds against credit card receivables (FCCR) up to Rs. 3 crores.  Key features of Kotak Mahindra business loan are as under:

Interest rate

From 16% p.a.

Loan amount

From Rs. 3 lakh to Rs. 75 lakh

Loan processing charge

Upto 2% of the loan amount/ facility amount + GST and other applicable statutory levies

Prepayment charge

Lock-in period for 12 months (6% of the foreclosure loan amount). After 12 months, 5% foreclosure charge + GST on principal outstanding

Loan tenure

From 6 months to 48 months

Cheque bounce charges

Rs. 750 per instance

Why you should apply for Kotak Mahindra business loan

  • Business loan up to Rs. 75 lakhs

  • Hassle-free and quick approval

  • FCCR up to Rs. 3 crores

  • Collateral free, no security required

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