Compare Business Loan Interest Rates from Top Banks/NBFCs – April 2023
| Bank/NBFCs | Interest Rate | |
| Axis Bank | 10.75% p.a. onwards | Apply Now |
| Flexiloans | 1% per month onwards | Apply Now |
| HDB Financial Services Ltd. | 8% - 26% p.a. | Apply Now |
| HDFC Bank | 10.75% - 25% p.a. | Apply Now |
| IDFC First Bank | 10.50% p.a. onwards | Apply Now |
| Indifi | 1.50% per month onwards | Apply Now |
| Kotak Mahindra Bank | 16% - 26% p.a. | Apply Now |
| Lendingkart | 12% - 27% p.a. | Apply Now |
| Mcapital | 2% per month onwards | Apply Now |
| NeoGrowth Finance | 15% - 40% p.a. | Apply Now |
| Tata Capital | 12% p.a. onwards | Apply Now |
| UGRO Capital | 9% - 36% p.a. | Apply Now |
Get Business Loan upto Rs. 1 crore within 72 hours Apply Now
Also Know: How the EMI is calculated in a business loan from bank?
Eligibility Criteria
If you are planning to avail a business loan in Chennai then you should also look through the eligibility criteria defined by the lender. Applicants are required to fulfill the eligibility criteria set by the lending institutions to avail business loans. Below mentioned is the basic eligibility criteria offered by lenders:
- Applicant’s age should be 21-65 years
- Applicant must have an experience of business for 3 years
- The enterprises’ minimum turnover should be Rs. 90,000 for three months
- The applicant must submit the last 3 years of their ITR statements
Documents required for Loan Application
One of the deciding factors of whether your application for the business loan will get accepted or not includes the availability and accuracy of the various documents required for availing the business loan.
- Duly filled application form
- Valid Identity Proof of Applicant
- Valid Residence Proof of Applicant
- Age Proof
- Financial documents to be submitted would depend on whether the loan is being availed for a new or existing business
- For existing businesses – financial statements, bank statements as well as proof of IT returns
- For new businesses – bank statements, as well as proof of IT, returns of the applicants
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FAQs
Ques. How fast can my business loan get processed?
Ans. It varies based on the loan provider. Usually, most loan providers offer instant loans as well as term loans.
Ques. Is it mandatory for me to submit collateral for me to avail a business loan?
Ans. It depends on the loan provider; however, most banks these days do not need collateral for the business loan. If you have a guarantor, you may not need to offer anything as collateral.
Ques. What if I miss an EMI payment?
Ans. If you miss an EMI payment, the bank will charge certain ECS bounce charges/penalties.
Ques. What is the turnaround time of a business loan?
Ans. Turnaround time depends on the applicant form and documents submitted and it varies from lender to lender.
Also Know: Details on Pradhan Mantri Mudra Loan