• Home
  • Business Loan

Business Loan

We have customized business loan plans just for you

I am a in My annual turnover is Rs and profit after tax is Rs I pay EMI of Rs / month I need a loan of Rs for years.

Banks

Sort

What is a Business Loan?

If you have a business that is in existence for at least 3 years, then you may qualify to apply for business loan online at loanbaba.com. You may want additional funds to pay for investments, costs, operations, expenditures related to your company. To meet these needs, you can take an unsecured business loan. For the loan, you can consider our website, as we offer best banks and NBFCs that provide the funds in India.

You can get funds up to Rs. 1 crore. Interest rate starts at 13%. Apply for business loan online by comparing top banks/NBFCs (non-banking financial company) to get quick quotes. No need to submit any security or collateral to the financial institute.

Why Choose a Business Loan?

If you generate returns on capital more than the actual loan payout, then you can consider applying for a business loan. You can take the loan for meeting innumerable expenses which are critical for your business. Some of the reasons why you may want to choose business loan in India are as follows:

  • To increase profits or revenue, you need to invest in timely manner. If you do not have sufficient funds to expand your business or invest in it, you can apply for funds.
  • Sometimes you may need business loan for peak seasonsto make the most of seasonal trends that help in growth of your organization.
  • You can take funds to upgrade or add to the facilities, equipments, premises etc.

Points to Consider Before Applying for Business Loan

Here are some of the factors to consider before you apply for an unsecured business loan, India:

  • You should compare business loan offers and providers at our website to understand the best loan offer suited for you.
  • Know the annual percentage rate (APR), which is the total cost of loan in terms of annual interest rate.
  • You need a good credit score to get your loan application approved. You can check your Credit score and report for freefrom CIBIL at our website and understand your business loan eligibility.
  • To get your application approved, you have to submit all the necessary documents. Know which are the documents required for business loan before you apply for the funds.
  • Understand all the terms and conditions for business loan online, such as interest rate, additional charges, repayment tenure, loan amount, etc.

Features and Benefits of Business Online Loans

Some of the key points and benefits of business loan at loanbaba.com are as follows:

  • You can borrow a minimum of Rs. 1 lakh as collateral free business loans and Rs. 1 crore as the maximum loan amount.
  • The funds can be only used for business related purposes.
  • The tenure is between 6 months and 5 years.
  • There are suitable loan amounts available for small and medium sized enterprises as well, besides large-scaled businesses.
  • We offer easy and simple online application and paperless process for business loan India.
  • Interest rate depends on your profile and other factors, but starts at 13%.
  • You can have co-applicants for the loan to improve your chances of getting the loan approved.
  • This loan can have co-applicants, which can help raise the approval chance for the loan.

Categories and Types of Business Loans

There are several types of loans for business that are provided by banks and NBFCs today. Some of the popular types of business loans are mentioned below:

  1. Term Business Loan for Business: The term loanfor business is for short tenure or long tenure. Short term funding is up to 1 year or 2 years. Long term loanbaba business loan can extend up to 5 years. These loans can be either unsecured or secured.
  2. Business Loan Overdrafts: This loan means you as a borrower can overdraw the amount from your current account. A suitable interest rate is charges in case the overdrawn amount is within the limits of the loan agreement.
  3. Letter of Credit: The financial institute issues a letter of credit to borrower. The letter states that the borrower will get complete payment when he/she meets all terms and conditions related to delivery and sale, as stated in the conditions. Some of the documents that hold importance in this type of loan for business are: documents regarding insurance, transportation, invoice, legal documents, lading bills, inspection certificate etc.
  4. Bill Discounting: You can apply for bill discounting if you have business loan urgent need. This scheme provides instant cash-back on bulk or large purchases by means of getting discount on credit sales. You have to submit important documents which justify the transactions, such as transportation receipts, invoice, lading bills etc.

Loans Online For Business: Women Entrepreneurs

For women entrepreneurs, there are special unsecured business loan from NBFCs and banks. The Business loans for women come at discounted interest rates. Females who want business loan under special schemes must be owner of at least 50 percent or more of the company. Such loans are granted to women who have exceptional entrepreneur skills and can fulfil certain eligibility requirements. Counselling, consulting, and training for business can be provided to customers of these loans.

Mudra Yojana Business Loan

The Indian government business loan schemes are provided specially for small and medium sized enterprises. These loans carry special interest rates and offers, and provided by almost every bank offering business loans. The funds from this loan are transferred to the applicant’s bank account.

Business Loan Charges in India

The processing fees other charges and prepayment etc. depends on the NBFC or bank scheme.  One can see all the NBFCs and Banks that provide business loans at the site and choose the suitable one to fulfil all the organization’s requirements.

Eligibility Criteria for Business Loan Online

If you want to choose “online business loan apply” service, then you can consider loanbaba.com. But, before applying, do go through some of the important eligibility criteria for business loan.

  • You should be able to meet minimum business profit and turnover requirement per annum, as given by the financial institute.
  • Your age should be between 21 years and 65 years till the loan completion.
  • The business must have at least been in existence for 3 years.
  • The loan can be provided to self-employed individuals, manufacturers, service providers etc, or the application can also come from private limited or limited company.
  • You need to submit Income Tax Returnstatement of the past 3 years.

Documents Required to Apply for Business Loan

If you want to apply for unsecured business loan, then do go through the following documents you have to submit.

  • Identity proof such as PAN CardVoter ID cardAadhar Card, etc.
  • Ownership proof of possessions utilized for business purposes
  • Bank account statements, practice certificate etc.
  • Last 3 years income taxstatements
  • Your KYC documents and that of the co-applicant
  • Recent passport size photographs and residence proof

Business Loan Interest Rates in India

The interest rate of business loan India will vary from a financial institute to other; however, it is based on some crucial factors given below:

  • Your age and profile
  • Your Credit score
  • Company’s and your financial position
  • The chosen loan scheme
  • In case of secured business loans, the security submitted
  • Your relationship with the fund providing bank or NBFC

Business Loans Interest Rates of Top Banks

Bank Loan Amount Business Loan Interest Rates* Lowest EMI per lakh for Max Tenure

SBI Bank

Rs. 1 Billion Max 11.20% - 16.30% Rs. 2,187 for 60 months

HDFC Bank

Rs. 50 Lakhs Max 15.50% - 18.30% Rs. 2,405 for 60 months

ICICI Bank

Rs. 40 Lakhs Max 12.15% - 16.65% Rs. 2,237 for 60 months

Axis Bank

Rs. 50 Lakhs Max 15.50% to 24% Rs. 2,405 for 60 months

RBL Bank

Rs. 10 Lakhs Max 20.00% - 22.00% Rs. 2,649 for 60 months

Kotak Bank

Rs. 75 Lakhs Max 16.00% - 19.99% Rs. 2,432 for 60 months

Capital Float

Rs. 50 Lakhs Max 16.00% – 24.00% Rs. 2,432 for 60 months

Lendingkart

Rs. 1 Crore Max 18.00% - 27.00% Rs. 2,539 for 60 months

Bajaj Finserv

Rs. 30 Lakhs Max 14.00% - 20.00% Rs. 2,327 for 60 months

Standard Chartered

Rs. 50 Lakhs Max 11.49% onwards Rs. 2,199 for 60 months

Deutsche Bank

Rs. 50 Lakhs Max 18.00% onwards Rs. 2,539 for 60 months

Edelweiss

Rs. 50 Lakhs Max 14.00% onwards Rs. 2,327 for 60 months

Understand the factors that impact the interest rate for business loan- click

Checklist to Apply for Business Loan

You can fund all your company needs with business loans. But to be prepared for your loan application, you need to consider the following checklist.

  1. Eligibility: You can get free guide and advice from us to understand your eligibility for business loan. Every bank and NBFC may have some common and different eligibility criteria.
  2. Interest Rate and Other Charges: You should find out the interest rate and charges applied by chosen banks or NBFC business loan schemes. Other charges can include those related to penalties on late payment, prepayment, processing charges etc.
  3. Foreclosure: Can you opt for foreclosurefor your business loan? If so, then what are the charges and rules for it?
  4. Repayment History: Your current and past financial history will be a factor in determining your credit worthiness. Keep all the documents ready to verify your CIBIL score/credit score and profit/revenue from the business.
  5. Loan Amount and Tenure: How much of loan can you get? What is the best loan period and what affects the loan amount? Get all answers to such questions on our website, by comparing business loan offers in real-time.
  6. Documentation: Know all the documents needed for completing tour business loan application online.
  7. Processing Time: At loanbaba.com, it takes less than 2 minutes to fill the loan application. The disbursal and processing is quick but bases on the approval time and rules under the financing institution.

Top Providers of Business Loan India

There are several top providers for business loan in India. Every bank or NBFC may have some common offers and different plans related to interest rate, charges, eligibility etc. However, some of the providers with whom you can apply for business loan at loanbaba.com are: SBI bank, Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra, RBL Bank, Capital Float, Standard Chartered, Bajaj Finserv, Edelweiss, and Deutsche Bank.

Business Loan EMI Calculator

We provide free-of-cost business loan EMI calculator, which is dynamic. This tool promptly tells you the EMI (equated monthly instalment) to pay through the loan tenure.

  • At our website, you can access amortization schedule which conveys the complete payment schedule charted.
  • EMIamount will be a combination of both principal and interest amount, for every month.
  • On the calculator, provide loan amount, and utilize the slider to fix on an interest rate and tenure, to know the exact EMI for payment.

Why Opt for Loanbaba To Apply for Your Business Loan?

As a one-stop destination for your business funding needs, loanbaba.com provides you a variety of business loan offers from top banks and NBFCs in India. You will find funds of right amount for your business.

  • On our website you can easily compare, select, and apply for loan with banks and NBFCs.
  • We offer your collateral free business loans quickly.
  • We have transparent policies and strive to provide accurate details of loan schemes.
  • You will find maximum business loan amount at flexible tenure, and lowest interest rate.
  • Your privacy is taken care of as no information you share with us is shared with any unconcerned party.
  • You can get all the business loan schemes at one platform and complete the online application in less than 2 minutes.
  • No hard copy of documents required, you can submit the documents online itself.
  • Get instant help from our team for any loan related queries or support from our live chat service.
  • You do not have to visit our office or any branch of the financial institution, but the whole loan application is done online. Funds are disbursed right to your bank account.

Factors that Influence the Business Loan Amount

Some of the factors that influence your eligibility to attain the business loan amount are mentioned in the following:

  • Your repayment capacity
  • Yearly profit earned on the business
  • Generation of revenue and cash flow of the business
  • Number of years the company has been in operation
  • Profit earned by the business over a certain period

Guidelines to Compare Business Loans at Loanbaba.com

It is simple and easy to compare business loans online at loanbaba.com. Our website as a user-friendly interface, which help you get information about best banks and NBFCs for unsecured business loans in India.

  • Provide particulars about yourself and the business in the application form
  • Compare business loan offers on the website
  • Use the business loan eligibility and EMI calculator to know if you are eligible for a certain loan scheme, and how much you need to repay per month, respectively.
  • addFrequently Asked Questions for Business Loans in India

    1. How much time it takes to get loan for business from banks and NBFCs?

    The time taken for loan amount disbursal varies from one financial institution to other. It also depends on documents submission in timely manner. If you had applied for the loan on a working/business day, there is a greater chance of processing the loan sooner.

    2. It is possible to get a small business loan without security/collateral?

    You can easily get small unsecured business loan from banks and NBFC. You do not have to submit any assets as security. However, your business must meet the eligibility criteria. You can apply for unsecured loan for business at loanbaba.com.

    3. How to apply for my business loan?

    Apply for business loan online at loanbaba.com:

    • Simply fill the loan application form, which may demand few particulars about you and the business.
    • Compare, select, and apply from top providers of business loans in your city and drop your loan application online.
    • No need to visit our office or bank/NBFC branch. All the procedure will be completed online.
    • You do not have to pay us anything additional for our services. It is completely free of any financial obligation.

    4. Will the business loan carry fixed interest rate or floating interest rate?

    Most of the business loans carry fixed interest rates. To know the interest rate type: fixed or floating on your loan, compare the loan offers at loanbaba.com for more information.

    5. How to speed up the process for business loan application?

    Follow below mentioned steps to get your business loan application processed faster:

    • You should maintain a good credit historyand score. It will assist you in gaining trust of the financial institutes about your credit worthiness, and help in getting the loan application approved in timely manner.
    • Do not apply for a loan amount that you cannot repay. The bank or NBFC will check your repayment capacity and will approve the loan amount, which is suited for your profile.
    • Provide all necessary documents such as your residence proof, ID proof, age proof with the company documents. The documents need to be uploaded online.
    • In case you have a good rapport with the chosen financial institute, it can speed up the loan application approval.
    • You can increase your chances of securing business loan by adding a co-applicant to improve your eligibility factor for loan approval.

Business Loan Reviews


Overall Rating

/5

reviews

Rating Breakdown

5
4
3
2
1

Most Helpful Reviews

Top