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Business Loans

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COMPARE BUSINESS LOANS FROM TOP BANKS IN INDIA

With small business loans up to Rs.30 lakh, funding for your small business is now just 24 hours away. Use the funds to invest in infrastructure, expand operations, upgrade to the latest plant and machinery, maintain inventory, or to even increase working capital. These customised loans can give your business the much-needed boost to help your enterprise scale to new heights with enhanced competitiveness and profitability.

Top Features of FinanceKaart Business Loans

INTEREST RATES COMPARISON FOR BUSINESS LOAN FROM DIFFERENT BANK/NBFC

Bank/NBFC

Lowest Interest Rates

Processing Fee

SBI Business Loan

11.20%

From 2% to 3%

HDFC Bank Business

Loan 15.50%

Starting from 0.99%, Max 2.50%

ICICI Bank Business

Loan 12.15%

Starting from 0.99%, Up to 2%

Citibank

15.99%

Starting from 2%, Up to 3%

RBL Bank

20.00%

3% of loan amount

Tata Capital

13.50%

From 1.50% to 2.50%

Lendingkart

18.00%

1% of loan amount

Bajaj Finserv

14.00%

Upto 2% of loan amount

Kotak Bank

16.00%

Upto 2%

Bank of Maharashtra

14.50%

1% of loan amount, Min Rs. 1,000

Capital First

16.00%

1.99%

IndusInd Bank

14.00%

2.50%

Bank of Baroda

14.10%

Upto 1%

Fullerton India

16.00%

2%

IDBI Bank

13.00%

1%

Allahabad Bank

11.10%

Rs. 229 – per lac, Min Rs. 2,038 Max Rs. 22,928

PNB

12.60%

1.8% + taxes

OBC

11.95%

0.50% Loan Amount

Indian Overseas Bank

14.09%

Rs. 204 per lakh

Dhan Laxmi Bank

13.15%

DCB Bank

10.70%

2%

Andhra Bank

15.75%

Case to Case

United Bank of India

14.15%

1.15%

Corporation Bank

13.55%

1.5%, Min Rs. 500

Syndicate Bank

14.45%

0.5%, Min- Rs.500

WHAT IS BUSINESS LOAN?

Businesses require an adequate amount of capital to fund startup expenses or pay for expansions. As such, companies take out business loans to gain the financial assistance they need. A business loan is debt that the company is obligated to repay according to the loan’s terms and conditions.It is kind of Unsecured Loan.

DOCUMENTS REQUIRED TO BE ELIGIBLE FOR BUSINESS LOANS

In order to apply for a business loan, you will require the following documents-

  • PAN Card for company, firm or individual
  • Proof of ID, in the form of, copy of Aadhar Card, Passport copy, Voter’s ID copy, driving license.
  • Proof of address, in the form of, copy of Aadhar Card, Passport copy, Voter’s ID copy, driving license.
  • Bank statement (last 6 months)
  • Latest ITR along with computation of income, balance sheet and P&L account for the last 3 years. All financials must be CA certified or audited.
  • Proof of continuation (ITR/Trade License/Establishment/Sales Tax Certificate)
  • Sole Proprietorship Declaration or certified copy of Partnership Deed
  • Certified true copy of Memorandum and Articles of Association

DIFFERENT TYPES OF BUSINESS LOANS

Business needs are different and this means when you are looking to raise debt, there can be a range of options available to you. We list a few types of loans that you can consider when looking for money. The list is not exhaustive, but should give you a fair idea about the choices.

Working Capital
Working capital loan is one taken to overcome short-term shortage of cash. This is generally used to when cash in the business is not enough to take care of the day-to-day operations of the company. Working capital loan is a great way to overcome the seasonal shortfall of cash, irregular cash flow or to cater to a sudden spurt in business.

Term loan
These are standard loans where you apply for a apply for credit for a specific purpose and get a lump sum amount. These are long-term in nature and often utilized for capital expenditure. The tenure is fixed, the amount of loan available is generally higher and depending on the credit profile of the business, the rate of interest can be lower. Lenders prefer term loans to be backed by collateral, but in some cases it can be unsecured in nature.

Invoice financing
Invoice discounting and financing is a powerful tool to raise capital. This can provide a great way for small businesses to find working capital. There is often a time lag between when a business raises an invoice and when it finally gets paid. In such a situation you can approach a bank or a financial institution to provide you a loan against the invoice. About 80% of the invoice amount is given as a loan and the remaining 15% becomes due when the invoice is paid in full by the customer.

Pradhan Mantri Mudra Yojana (PMMY)
Pradhan Mantri MUDRA Yojana (PMMY) is a scheme specifically for the MSME industry in the non-farm sector. These loans are given by Commercial Banks, RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs. The loans under this scheme is available under three products – Shishu, Kishore and Tarun to signify the stage of growth / development and funding needs of the enterprise.

Stand Up India
This scheme is targeted at entrepreneurs from the Scheduled Caste (SC) or Scheduled Tribe (ST) and Woman borrower to set up a venture (not meant for enterprises which has already started operations). In case of non-individual enterprises at least 51% of the shareholding and controlling stake should be held by either an SC/ST or Woman entrepreneur.

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