Business Loan Interest Rates Comparison in India
| Bank | Business Loan Interest Rates | Processing Fee |
|---|---|---|
| Neogrowth Business Loan | 19.50% | 2.5% of loan amount |
| Capital First Business Loan | 21.00% | 2.00% |
| SBI Business Loan | 11.20% | From 2% to 3% |
| HDFC Bank | 15.65% | Starting from 0.99%, Max 2.50% |
| ICICI Bank | 16.49% | Starting from 0.99%, Up to 2% |
| Citibank | 16.00% | Upto 2% |
| RBL Bank | 20.00% | 3% of loan amount |
| Tata Capital | 18.00% | From 1.50% to 2.50% |
| Lendingkart | 18.00% | 2% of loan amount |
| Bajaj Finserv | 18.00% | Upto 2% of loan amount |
| IDFC Bank | 16.00% | Up to 2% |
| IIFL | 13.00% | Up to 2% |
| Bank of Maharashtra | 14.50% | 1% of loan amount, Min Rs. 1,000 |
| IndusInd Bank | 14.00% | 2.50% |
| Kotak Bank | 16.00% | Upto 2% |
| Fullerton India | 16.00% | 2% |
| IDBI Bank | 13.00% | 1% |
| Allahabad Bank | 11.15% | Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928 |
| Yes Bank | 16.25% | Up to 2% |
| PNB | 12.65% | 1.8% + taxes |
| OBC | 11.40% | 0.50% of Loan Amount |
| Indian Overseas Bank | 14.90% | Rs. 204 per lakh |
| Dhan Laxmi Bank | 13.15% | |
| DCB Bank | 10.70% | 2% |
| Andhra Bank | 15.75% | Case to Case |
| United Bank of India | 13.00% | 1.15% |
| Corporation Bank | 13.55% | 1.5%, Min Rs. 500 |
| Syndicate Bank | 12.65% | 0.5%, Min Rs. 500 |
| Bank of Baroda | 14.10% | Upto 1% |
Business Loan Eligibility
Banks use multiple factors to calculate the loan amount elibility of its borrowers. MyLoanCare Business Loan Eligibility Calculator uses the following factors to give you an estimate about your loan eligibility, amount of loan and best interest rate offer.
Business Loan Eligibility Calculator
| Parameters | Business Loan Eligibility Criteria |
|---|---|
| Eligible Entities | Self employed non professionals – Sole proprietors, partnership firms, private limited companies, public limited companies involved in the business of manufacturing, trading and services
Self employed professionals – Doctors, CA, CS, Architects. |
| Age | 21 - 65 years |
| Loan Amount | Rs. 50,000 to Rs. 100 Cr |
| Interest Rate | 13.50% - 21.00% |
| Loan Tenure | Up to 5 years |
| Business Vintage | For self employed professional - 3 years For self employed businessmen - 5 years |
| Annual Turnover | Rs. 1 Cr and above |
| Banking Stability | 6 months and above |
| CIBIL Score | 650 or above |
| Other Eligibility Conditions | Borrower should have a self owned house or work place |
Documents required for Business Loan
- Signed Application Form
- Identity Proof (PAN)
- Residential Address Proof
- Last 3 years ITR (self and business), profit and loss account, balance sheets certified/audited by a CA.
- Last 12 months bank account statement (self and business)
- Certificate and Proof of Business Existence
- Business Profile
- Office address - ownership/ lease / rent agreement/ utility bill
| Individuals | Firms, Partnerships | |
|---|---|---|
| Identity Proof | PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card | |
| Certificate and Proof of Business Existence | PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI | |
| Address Proof | Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old) | Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter |
