Hello friends, as you all know that business loans have to be taken to expand any business or start any new business or we take a business loan according to our needs.
We choose Business Loan as the best option to improve many types of business needs or financial matters.
You get a business loan at a fixed interest rate, which you have to repay within a certain fixed limit.
Contact the bank for a startup loan.
If you also want to take a business loan from any bank, then know what is its process.
- Create a detailed business plan.
- Tell your business plan to the bank you want to take a loan from.
- After that decide how much loan you need.
- Find out about your credit score.
Let’s Start: 5 Options Business Loan For Startups
So friends, today I will tell you about the best five options available in India to take a business loan so that you can also get the option of taking a better business loan.
All the business loan options I am going to tell you about the option of taking this business loan have been taken according to the personal rating of the public. So let us know in detail about all those business loan options one by one.
1. SBI Business Loan
We talk about India’s largest government and global bank that gives the business loans, so let’s know about the terms and conditions related to SBI bank business loans.
If we talk about SBI, then this bank provides business loans ranging from 10 lakhs to 20 crores. To repay this amount, the bank gives its customers the time limit from 5 years to 15 years, this time limit can be more or less in terms of amount or in terms of instalment.
This bank charges you only a 1% processing charge on loans up to a maximum of 10 lakhs. SBI Bank charges an interest of 9.05 to 16.30 (Related to MCLR) on Business Loan.
The bank provides business loans to the company related to trading, manufacturing and services.
2. HDFC Business Loan
Now we will talk about India’s largest and most developed private banking services, whose name is HDFC Bank, this bank also does business loans the fastest, let’s know in detail about the terms and conditions related to the business loan of this bank. !
By the way, HDFC Bank, the country’s largest private bank, gives business loans ranging from 50000 to 50 lakh rupees for business. This bank gives you a period ranging from 1 year to 4 years to repay the business loan, this period can be more or less according to the amount and instalment.
In this bank, you will have to pay a 2.50% processing fee + GST as a service charge. HDFC Bank charges you interest from 15.65 per cent to 21.20 per cent in Business Loan.
It is very easy and fast to take a business loan from HDFC Bank, this bank also brings attractive offers for its customers from time to time.
3. Aadhaar Cash Online: Business Loan
If you are looking for a short term business loan, then taking a business loan from aadhaarcashonline.com can prove to be the best option for you. Aadhaar Cash lets you easily get a loan of 10 lakhs to 35 lakhs as a business loan.
To repay this amount, Aaadhar Cash gives its customers a time limit of 5 years to 15 years, this time limit can be more or less according to the amount or according to the instalment.
Aadhaar Cash Online charges you only a 1% processing charge on loans up to a maximum of 10 lakhs. SBI Bank charges an interest of 9.05 to 16.30 (Related to MCLR) on Business Loan. Aadhaar Cash provides business loans to the company related to trading, manufacturing and services.
You can also read our detailed article on aadhaar cash online personal loans.
4. ICICI Bank Business Loan
Now I will tell you about one of the biggest business loans in India, ICICI Bank, which offers the most attractive interest rate and flexible tenor. So let’s know about the terms and conditions of taking a business loan from this bank-
ICICI Bank allows you to disburse business loans from 1 lakh to 40 lakh easily, and this bank offers a tenure of 1 year to 5 years to repay this loan. The interest of up to 16.49 per cent is charged in this bank.
In ICICI Bank Business Loan, a 2% processing fee is charged along with GST.
5. Axis Bank Business Loan
Now we talk about another big private banking sector that provides us business loans easily, Axis Bank also gives business loans in a very short time and flexible interest rates. So let’s know about the terms and conditions related to the business loan of this bank –
Axis Bank delivers business loans ranging from 50000 to 50 lakhs in very few documents. This bank gives you a business loan for 1 to 3 years at an initial interest rate of 16 per cent.
The service charge of this bank is 1.25 + GST which is much less than any other private bank.
However, getting a loan for a startup is difficult to work on if your business idea is not understandable because banks do not understand what is your business model? and how you can earn money and repay the loan amount to the bank. so make a business plan that is easily digestible for banks.
What is the difference between a personal loan and a business loan?
Business loans, both secured and unsecured, can give a boost to your business by helping you get funds to meet various business needs. These can range from expanding the business, improving infrastructure or meeting working capital expenditure.
What happens if the bank loan is not repaid?
If the case is registered and you are proved guilty in the court also, then you can be jailed for up to 7 years.
But this is not in common practice. It is true that banks do not approach the court for recovery of money because in this case, they have to bear some extra charges which also becomes a burden for the bank.