Here is a list of the top 10 best business loan banks & NBFCs on the basis of their respective features. If you wish to explore the best business loan banks in 2020, kindly check the table below;
|Bank Name||Eligible Loan Amount||Rate of Interest|
|Edelweiss Finance||Up to ₹ 25 Crore||20.45% to 24.50%|
|HDFC Bank||Up to ₹ 50 Lakh||15.65% to 21.20%|
|Axis Bank||₹ 50,000 to ₹ 15 Lakh||Starts at 14%|
|Bajaj Finserv||Up to ₹ 30 Lakh||18.00% to 40%|
|ICICI Bank||Up to ₹ 10 Crore||12.99% to 16.65%|
|Kotak Mahindra Bank||Up to ₹ 2 Crore||16.99% to 20.99%|
|IndusInd Bank||Up to ₹ 15 Lakh||10.60% to 18.00%|
|Yes Bank||Up to ₹ 4 Crore||13.25% to 19.99%|
|Fullerton India||Up to ₹ 50 Lakh||13% to 16.00%|
|Aditya Birla Finance||Up to ₹ 15 Lakh||16.50% to 18.50%|
These banks and NBFCs offer the highest quantum of business loan at the lowest interest rates in the market. Most of the NBFCs offer the highest quantum of loan as compared to other leading banks.Why compare the business loans on offer?
Applying for a business loan might be a very tedious task as it involves a lot of calculations and unique inputs as every business is somewhat different from the others.
4 Tips to find the best business loan –
Finding a business loan has never been this easier before, finding the best and most suitable business loan is now at your fingertips. Here’s how;
Most institutions offer business loans depending on the nature of business, a loan specific to your needs might help you with benefits like long repayment tenure and low interest rate under specific conditions
The presence of right documents regarding the health of your business are a must, if in case there are any missing documents or certain fillings that are incomplete you must ensure that by the time of application they are duly filled and the documentation is complete
Business loans are hard to access without proper documents and proven credit history. In case you are short of documents or do not have a collateral try applying for an online lender instead of a nationalized bank. However, in case you have a good repayment history, established institutions might offer a good amount of loan at a low rate of interest
Your business expenses might squeeze your working capital and hamper the business operations. While choosing a loan, enquire about the overall Annual Percentage Rate (including interest, charges and fees) as most lenders do not provide an accurate figure at the start, only after you start repaying you experience the growing expenses of your loan
How to get the best business loan interest rates from your bank?
All the lending institutions offer a wide range when it comes to interest rates and repayment tenure. To get the best business loan interest rates, consider the following points;