Where can I get a business loan from?

No matter what the size of your business is, every business at some stage faces financial problems. External funding is required to run a business smoothly. Due to a lack of external funding for a long time, your business may lag behind and you may miss the market opportunity. 

All businesses can’t raise money from investors, especially small ones. However, most of the businesses can get loans from banks and NBFCs for their financial requirements. Business loans can be used to meet a host of financial requirements such as debt consolidation, purchase of machinery, working capital needs, supply chain financing, asset acquisition, etc. Here are some of the top lenders that offer business loans. 

Before applying for a business loan, you must compare rates and terms offered by multiple lenders, such as ICICI Business Loan vs SBI Business Loan, or HDFC Business Loan vs ICICI Bank Business Loan.  

HDFC Bank business loan

HDFC Bank is India’s largest private sector banking and financial company. It has pan India presence and offers a host of financial products to its customers in India and foreign. A business loan is one of the top products offered by the bank. A business loan up to Rs. 50 lakh can be availed from HDFC Bank without any collateral. The loan application process at HDFC Bank is completely digital and requires minimal documentation. 

Here are some key features of HDFC business loan: 

Rack interest rate	12.75% – 21.70%p.a.
Processing charges	Up to 2.5% of the loan disbursed subject to at least Rs. 2359 and Rs. 88500
Prepayment charges	Prepayment not allowed until first 6 EMIs 07 to 24 Months: 4% of principal outstanding 25 to 36 Months: 3% of principal outstanding Post 36 Months: 2% of principal outstanding
Loan amount	Up to Rs. 40 lakh (in select location – Rs. 50 lakh)
Loan tenure	From 12 months – 48 months

 Benefits of HDFC Bank business loans?

• Higher business loans up to Rs. 50 lakh without collateral
• Dropline overdraft facility
• Transparent policies and no hidden charges
• Low processing fee
• Flexible tenure up to 48 months
• Easy business loan balance transfer facility 
• Credit protection facility

SBI business loan 

SBI Business loan is available under different categories for the specific needs of a large number of businesses. SBI business loan is offered in different forms such as working capital finance, structured finance, corporate term loans, construction equipment loans etc. for multiple business groups engaged in manufacturing and service activity, wholesale/ retail trade, as well as self-employed individuals and professionals.  

Important features of State Bank of India business loan:

Loan amount	Rs. 10 lakhs – Rs. 20 crore (based on the past performance or projected sales
Loan tenure	Up to 15 years
Processing charges	1% of the limits capped at Rs. 10 lakh
Interest rate	Depends on the loan scheme

 

Benefits of SBI business loan?

• SBI business loans are available under different categories for the specific needs of several businesses 
• Pan India network of the bank makes it accessible to people across the county
• Affordable interest rates
• Higher loan eligibility

ICICI Bank business loan

SMEs (Small Medium Enterprises) can get personalized financial loan solutions from ICICI Bank for their unique challenges and needs. Existing ICICI Bank customers are eligible to get an overdraft facility up to Rs. 25 lakh. Here are the key features of ICICI bank business loans.

Interest rate	For secured loan solutions: up to repo rate + 6.0 % (Non PSL) For unsecured loan solutions: up to repo rate + 7.10%
Loan amount	Will depend on the future cash flow of the business
Processing charges	Up to 2% of loan amount + GST
Commission on letters of credit or bank guarantee	A commission of up to 2% p.a. shall be charged on a pro-rata basis  Commission will be based on the tenure and the loan amount of non-fund-based facility
Loan tenure	Up to 6 years
Foreclosure charges	For balance transfer: Up to 4% of the total limit set up in the system Foreclosure charges will not be applicable for customers categorized under MSE

ICICI bank business loan benefits

• Eligibility for business loans evaluated based on the future cash flow of your venture 
• Overdraft facility up to Rs. 15 lakh
• No collateral required for business loans up to Rs. 1 crore under the GSTSME scheme
• Customer-friendly loan tenure up to 72 months
• Multiple business loans for SMEs 

Axis Bank business loan

Axis Bank offers a business loan for a variety of financial requirements of businesses, such as the expansion of business, business property, purchase of machinery etc. Axis Bank business loans are available up to Rs. 50 lakh at attractive interest rates. Here are the key features of Axis Bank business loans:

Interest rate	14.25% p.a. onwards
Processing charge	Up to 2% of the loan amount + GST
Loan amount	Up to Rs. 50 lakh
Prepayment/foreclosure charge	No foreclosure charges
Renewal charges	Nil
Loan tenure	Up to 60 months

Benefits of Axis Bank business loans?

• Unsecured business loan
• Business loan for young borrowers
• Relatively low processing fees
• No foreclosure charges
• Multipurpose business loan

Fullerton India business loan

Fullerton India’s business loan is one of the best business loans in India. Business loans can be availed for varied business requirements. Fullerton business loan has a flexible repayment loan tenure. Get a business loan up to Rs. 50 lakh with minimal documentation and hassle-free disbursal. Key features of Fullerton business loan are as under:

Interest rate	From 17% – 21% p.a.
Foreclosure charges	No foreclosure allowed in the first 6 months  07 -17 Months: 7% of principal outstanding 18 – 23 Months: 5% of principal outstanding 24 – 35 Months: 3% of principal outstanding After 36 – 0%
Processing fee	Up to 6.5% of the loan
Loan amount	Up to Rs. 50 lakh subject to income or relevant terms
Loan tenure	12 – 60 months

Benefits of Fullerton India business loans?

• Flexible loan facilities
• Serving capital requirements
• Business loans in 24 hours
• Customized business loans for several financial requirements 
• Collateral-free offerings

Kotak Mahindra business loan

Kotak Mahinda Bank extends business loans for borrowers to help them meet their business milestones. Business loan ranging from Rs. 3 lakhs to Rs. 75 lakhs can be availed from Kotak Mahindra Bank for diversification of your business. In addition, Kotak Mahindra Bank offers up to Rs. 3 crore as funds against credit card receivables (FCCR). Key features of Kotak Mahindra Bank business loan are as under:

Interest rate	Starting 16% p.a.
Loan amount	Rs. 3 lakh to Rs. 75 lakh
Processing charge	Up to 2% of the loan solution + GST + other applicable statutory levies
Prepayment charge	During the lock-in period of 12 months: 6% of the loan amount being prepaid.  After 12 months: 5% on foreclosure loan amount + GST and applicable statutory levies
Loan tenure	From 6 – 48 months
Cheque bounce penalty	Rs. 750 per instance

Benefits of Kotak Mahindra business loan 

• Higher loan up to Rs. 75 lakhs
• Hassle-free and instant approval
• Fund against Credit Card Receivables (FCCR) up to Rs. 3 crores

These are some of the tops business loan lenders. In order to find the right lender, you must compare business loans, such as ICICI Business Loan vs SBI Business Loan. Based on your requirements and eligibility, you can apply with a lender that offers you the best deal.