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Business Loan

Compare Best Business Loan Interest Rates

Bank Business Loan Interest Rates Processing Fee
SBI Business Loan 11.20% From 2% to 3%
HDFC Bank Business Loan 15.65% Starting from 0.99%, Max 2.50%
ICICI Bank Business Loan 16.49% Starting from 0.99%, Up to 2%
Citibank 16.00% Upto 2%
RBL Bank 16.25% 1.80-2.20% 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 First Bank 22.00% 2.00%
IIFL 16.00% Up to 2%
Bank of Maharashtra 14.50% 1.00% of loan amount, Min Rs. 1,000
IndusInd Bank 14.00% 2.50%
Kotak Bank 16.00% Upto 2%
Fullerton India 16.00% 2%
Indifi 24.00% 2 to 3%
Neogrowth 19.50% 2.5% of loan amount
IDBI Bank 12.25% 1.00%
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 12.90%  
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 1.00%

How to get a business loan?

You can choose to apply for a business loan through the traditional channel of visiting a bank branch or through a DSA. However, if you are looking for quick business loans without collateral, you can simply apply online at workloans. You can compare loan interest rates online and also use online Eligibility Calculator to get a rough estimate of your business loan eligibility. Once you fill your basic personal, business and income details, you will get a list of best bank business loan offers. Once we receive your details and also the bank offers you are interested in, we will work closely with our partner banks to ensure that you get best business loans at cheapest rates. workloans representatives will coordinate with you and partner banks throughout the loan process to ensure that you get quick and easy approval with minimal paperwork.

Types of Business Loans

Secured Loans for Businesses

These loans are those which are taken against some type of personal guarantee or any valuable asset as collateral. Inventory loans, equipment loans, term loans and loan against property are secured business loans.

Unsecured Loans For Businesses

In many situations, businessmen and self employed prefer to take unsecured business finance with no collateral requirement because of the following reasons:

  • Short turnaround time of 5 -15 days as compared to secured loans
  • No collateral or security required to get this loan
  • Reduces your dependence on friends, relatives or money lenders for borrowing for urgent or seasonal business expenses

This page contains detailed information about business loan without collateral. To know about secured business loan, you can visit our loan against property page

Business Loan Eligibility

Banks use multiple factors to calculate the loan amount elibility of its borrowers. workloans 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 ₹ 50,000 to ₹ 100 Cr
Interest Rate 13.50% - 24.00%
Loan Tenure Up to 5 years
Business Vintage For self employed professional - 3 years
For self employed businessmen - 5 years
Annual Turnover ₹ 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
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