01 Feb 2019 | 4 min read
The growing number of entrepreneurs and businesses showcase that the ecosystem is becoming favorable for small and medium industries (SMEs). Various factors that boost the growth of start-ups and one of them is business loans that help in creating a favorable environment for SMEs and MSMEs (Micro, Small & Medium Enterprises).
When it comes to low-interest-rate business loans for SMEs-MSMEs, there are various banks and financial service companies. These companies’ customer-friendly policies are making easy for every SME and MSME to expand their business.
Companies are nowadays expanding their product lines or adding new things to their business. All these require finances so that the system runs seamlessly. Whether it is about updating the technology or marketing or even hiring new talent, there is a need for a business loan so that the SMEs and MSMEs can work in their desired direction for growth. This capital requirement is not only to help the business grow but at the same, it helps in gaining a competitive edge in the market. As a business owner, you would need money to strategize your move and plan it, so that you remain ahead of the competition. So, if you want a business loan, compare business loan best offers here.
Small business loans for SME-MSME are the simplest and the most cost-effective way to borrow money for business growth. It aids entrepreneurs to bridge the gap between what the company is and where it should be. A business loan is like a fuel for SME and MSME so that there is a continuous flow of funds ensuring seamless growth of the industry.
Companies offer business loans for special needs. These specific loans are targeted to solve a particular business objective:
Have you checked this business loan calculator
When it comes to business loan providers, then there are some banks and financial service providers. Here we bring you some of the best options that you can opt for. Well, before applying, you must know that both banks and NBFCs provide business loans.
Kotak Mahindra is a renowned bank. It offers myriads of loan products, and the business loan is one of them. A business loan is easy to avail and has an easy application process.
Processing Fee is non-refundable and is up to 3% of the loan plus the GST
Documentation Fee- The maximum amount is Rs. 5000 plus taxes
Documentation- For a quick approval of a business loan from Kotak Mahindra, one needs to submit the following documents:
Business growth is the aim of every businessman and to achieve this, it is imperative that the business stay updated and equipped with all the skills that give them a competitive edge. A business loan is a great way to achieve the same. HDFC Bank offers a business loan for SME –MSME for up to Rs. 50 lakhs and there is no need for a guarantor or security.
Eligibility- To avail business loan from HDFC, the applicant must be eligible. Here is the list for eligibility parameters for the same:
Documentation- For a quick approval of a business loan from HDFC Bank, one needs to submit the following documents:
HDFC offers business loan at the interest rate of 15.65% - 21.20%
Loan Processing Charges- It is up to 2.50% of the loan amount which should be a minimum of Rs. 2539 and the maximum loan processing charge can be Rs. 88,500.
DHFL is a renowned name when it comes to business loans. It offers loans at attractive interest rates, and easy application procedure makes DHFL a popular choice amongst individuals who are looking to expand their business.
Eligibility- DHFL has specified specific eligibility parameters that the applicant needs to meet so that their loan can be quickly approved. The following are eligible for a business loan:
Documentation- To apply for a business loan from DHFL, the applicant must submit a duly filled application form along with the following documents:
Conclusion- Various other options are available in the market. All you need to do is to cross-verify if the loan provider is providing the business loan which is most competitive and has easy repayment options so that you can solely focus on the expansion of your business. You can apply through Afinoz and earn cash back at your loan. For more details, fill this blog form and let us help you.