There are top 2 private banks for get a business loan fast & easy!
This bank provide you business loan on affordable rate of interest . If you want to Grow your small firm or large-scale company with business loans get loan form hdfc bank. They offer among the best business loans with complete transparency and competitive interest rates. Hdfc bank business loans do not require any security. Its time to Apply for a business loan from HDFC Bank to get funds up to Rs 50 lakhs, and enjoy easy documentation and doorstep service and fast disbursal within 48 hours while enjoying unmatched benefits.
HDFC Bank Business Loan Interest Rate RangeRates & Charges 15.50% to 18.30%. Loan Processing Charges are Up to 2.50% of the loan amount subject to the minimum of Rs. 1,000/- & Maximum of Rs. 75000/- , Charges for late payment of EMI are 2% per month on EMI / Principal overdue subject to the a minimum amount of Rs. 200/- include Stamp Duty and other statutory charges As per applicable laws of the state
Bank offers loan at lower rates in case you have maximum business experience. Minimum business existence to get a loan from ICICI Bank is 30 months. Age also plays an important role to know your eligibility and repayment capacity. ICICI Bank offers loan to those who are at least 20 years old at the time of loan approval and maximum 65 years at the time of loan maturity.ICICI Bank gives you loan of minimum Rs. 1 Lakh to upto Rs. 30Lakh. Interest rate for high loan amount can be lower resulting in lower EMIs and interest. IT will offer you loan at lower interest rate in case you have higher monthly revenue. Bank gives you loan to the borrowers whose annual turnover is at least Rs. 10 Lakh. Higher the interest rate, higher will be the EMIs. For a 40 months loan from ICICI Bank at an interest rate of 17.50% per annum, EMI will be Rs. 3,067per Rs. one lakh loan amount. At an interest rate of 18.50% for the same loan, the EMI will be Rs. 3,450
Please insure that 5 Point for a Business Loan
- Present a good business plan – A business plan that clearly brings out what your business entails is a quintessential requirement for banks.
- Check your Credit Score – You need to be aware of your credit score before applying for any loan.
- Know how much you need and why: Lending institutions have a categorization called good reasons and bad reasons, depending upon what you need the money for.
- Compare all your lending options– Once you are through this, you need to conduct a thorough research of what all borrowing options do you have? Make a list of banks and lending institutions that are extending the kind of loans you are in need of.
- Get your documents in order- Getting a business loan gets way easier and disbursal is quicker, if you have all documentation in place. The most common ones include your ID proofs, balance sheets, address proofs, cash flow statements, requisite business documents and permits, and income statements.