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The Best offers we can find in Comparing Interest Rates with Fees and Charges

Top 10 Best Business Loan lenders 2020

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.

  • If you are looking for a start-up loan, you must compare various loans on the basis of structured or unstructured finance, and those loans which do not require detailed documents
  • Women entrepreneurs looking for business loans must compare the interest rates as many institutions offer lower rate of interest only to women
  • An applicant must look for business loans that offer tax benefits with respect to the organization as well as the individual
  • Select and compare various types of loan on offer like standard business loan, term loan, overdraft facility on the basis of interest rates

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;

  • Determine your business need

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

  • Clean and Clear documentation

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

  • Choose a suitable lender

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

  • Align APR with your business returns

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;

  • Always try and avoid putting multiple loan applications to a single bank or institution, as each query regarding your credit history is well documented
  • In case of partnership firms or companies, include all related individuals as each individual’s CIBIL score might influence the rate of interest

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