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Any person wanting to start a business or any individual wanting to expand their business need funds to do so. This is where individuals and entrepreneurs take loans at a previously agreed rate of interest and time. Without this working, capital businesses cannot run smoothly. There are 2 types of business loans
Secured loans - This is the case where individuals and entrepreneurs provide collateral like inventory, land, machinery etc. Here the interest rate will be less
Unsecured loans - This is the case where businesses take a loan without any collateral. The interest rates are high as the risk for the banks are high
The business loan could be for multiple reasons such as
The eligibility for business loans for self employed professionals are as follows
| BANK | INTEREST RATE | PROCESSING FEE |
| SBI | 11.20% Onwards | 1% of the Loan Amount |
| Axis Bank | 15.75% – 24% | 1.50% to 2.00 % + GST as applicable |
| ICICI Bank | 10.99% – 17.99% | Up to 2.25% per annum of Loan Amount plus GST |
| TATA Capital | 11.49% – 19.00% | Up to 2% on the Loan Amount |
| Punjab National Bank | One year MCLR Rate – 8.45% | 1.80% of the Loan Amount |
| 1. Loans up to Rs 10 Lakh for Individuals whose salary is being disbursed through PNB Branches only – MCLR + 3.55% | ||
| 2. Loan above Rs 5 Lakh & up to Rs 10 Lakh for applicants not having a salary account with PNB – MCLR + 4.55% | ||
| 3. Loan up to Rs 5 Lakh for applicants who are availing the Loan under check off facility (Including Defence Personnel) – MCLR + 5.55% | ||
| 4. For others up to Rs 5 Lakh – MCLR + 6.55% | ||
| Bajaj Finserv | 12.99% onwards | Up to 3.99% of the Loan Amount |
| Fullerton India | 20% to 40% per annum | Up to 6.5% of the Loan Amount |
| IndusInd Bank | 11.25% onwards | Up to 2.50% of the Loan Amount plus tax |
| Standard Chartered | Decided by the Bank on the basis of Loan Applicant’s credit history and Repayment Capability | Up to 2.25% of the Loan Amount |
| CITI Bank | 10.99% onwards (T&C Apply) | Decided by the Bank on the basis of Loan Amount and Eligibility Criteria |
| HDFC Bank | 15.00% to 20.99% | Up to 2.50% of the Loan Amount subject to a minimum of Rs 1,999/- and maximum of Rs 2500/- for salaried customers |
| Kotak Bank | 10.99% to 24% | Up to 2.5% of the Loan Amount + GST and other applicable statutory levies |
| HSBC | 10.99% p.a. to 17.5% p.a. | Up to 2.5% of the disbursed Loan Amount |
| Bank of Baroda | Having Relation with the Bank for 6 months – One year MCLR + SP + 3.00% to One year MCLR + SP + 6.00% (As per the risk rating of the Applicant) | 2% of the Loan Amount, Minimum Rs. 1000, Maximum Rs. 10,000 |
| Having relation with other Bank for 6 months – One year MCLR + SP + 5.00% to One year MCLR + SP + 8.00% (As per risk rating of the applicant) | ||
| Central Bank of India | MCLR (12M) + 3.00% | Rs 500 + S.T |
| Dena Bank | 13% to 14% | 1% of the Loan Amount |
| Union Bank of India | Under Tie ups | 0.50% of the Loan Amount, subject to a minimum of Rs 500/- plus applicable GST |
| Tie up : 1 year MCLR + 4.00% (Floating) | ||
| Non tie up: 1 year MCLR+5.00% (Floating) | ||
| Allahabad Bank | MCLR + 4.50% | 1.60% of the Loan Amount, minimum amount Rs 1068 |
| Bank of Maharashtra | 12.75% | 1% of the Loan Amount |
| Minimum Rs 1000/- | ||
| Andhra Bank | For State and Govt employees: Up to 36 months – 1 Year MCLR + 3.00% | Nominal |
| More than 36 months – 1 year MCLR + 3.50% | ||
| For Private Employees: | ||
| Up to 36 months – 1 year MCLR + 3.50% | ||
| More than 36 months – 1 year MCLR + 4.50% | ||
| Syndicate Bank | Unsecured: 1 year MCLR + 4.85% P.A. | 0.50% of the Loan Amount with minimum of Rs 500/- |
| Secured: 1 Year MCLR + 3.85% P.A. | ||
| YES Bank | 13.99% to 16.99% | Up to 2.50% of the Loan Amount subject to a minimum of Rs 999/- plus taxes |
| IDFC Bank | 12% to 19% | Decided by the Bank on the basis of Credit History and Repayment Capacity |
| Indian Bank | Where the Check off facility and undertaking by the Emoployer is available- 10.65% | 0.51% on the Loan Amount with a maximum of Rs 510 |
| Where Check off faciity and undertaking by the employer is not available but the salary is credited with the bank – 11.25% |
Be Alert Be Safe - Some fraudsters, imposing as Bank officials are making hoax calls to people and asking for their confidential information such as ATM Card no. /ATM PIN/CVV no. This information is solely used to cheat the customers in the name of ATM card expiry renewal, Loan Offers, data validation, job offers, prize, lottery winning and for other illicit purpose. We advise that We NEVER makes phone calls, sends e-mails/SMS asking customers to disclose their personal or security information such as username, password, one time SMS password(OTP), Card/PIN/CVV no.
Disclaimer* - Information is sourced from respective Banks websites. We don't provide Loans on our own but ensures your information is sent to bank which you have opted for and we do not charge any fee from our customers. Ackomoney has no sales team on its own and we just help you to compare loans. We do not provide any dsa of Banks. All loans are on discretion of the associated Banks