Workloans is a free of cost service of borrowers, Get Cashback Upto on 5,00 All types Loan

>

Businessman

Compare Best Business Loan

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%

As per the current rates, Corporation Bank offers the lowest business loan rate of interest of 13.50%. These rates can vary depending upon your annual turnover, number of years in business, loan amount you have applied for and your repayment capacity. Higher the loan amount, lower will be the rate of interest.

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. workloansrepresentatives will coordinate with you and partner banks throughout the loan process to ensure that you get quick and easy approval with minimal paperwork.

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

Factors that determine eligibility for Business loan are

  • Eligible Age – Banks consider borrowers with age of 21 years to 65 years
  • Loan Amount – Loan amount of ₹ 50,000 to ₹ 100 Cr can be availed on business loan. Higher the loan amount, higher the chances to get low interest rate.
  • Loan Tenure – Business loans are unsecured loans and are given for a shorter period. Generally, these loans are given for a tenure of 1 year to 5 years.
  • Income Tax Returns (ITR) – A self employed can get a business loan, only when it has filed regular ITRs for the past few years. Banks consider borrowers who have filed ITRs of 2 years or more as eligible to get a business loan. Banks evaluate your monthly income and repayment capacity based on details submitted in the ITRs.
  • Revenue / Turnover - Revenue is the income that a business enterprise has earned from the sale of goods and services to customers. It is also termed as sales or turnover. In case of doctors, this sales or revenues is measured in terms of Gross Annual Receipts. Most banks and NBFCs ask for a minimum annual turnover of ₹ 1 Cr to be eligible for business loans without collateral. However, there are a few NBFCs and banks which lend to businesses or self employed with turnover of less than Rs. 10 lakh as well.
  • Business Vintage and Growth – Business vintage and growth is an important factor consider by banks and NBFCs to take a decision to give you loan. It gives the bank or NBFC an assurance that your business is authentic, stable and can generate profits to repay their loans. Banks typically look for a business stability or profitability of minimum 3 years for self employed professionals. In case of other businessmen, banks and finance companies require a minimum business continuity or existence of 5 years Banks and NBFCs also specify the minimum growth rate of 10-15% in sales or turnover for the last 3 years to be eligible for a business loan. Further, your business or enterprise should be profitable in the last 3 years.
  • Banking Stability – Banks and NBFCs a check bank statements of minimum 6 months of your operational banking accounts to approve your loan. Banks will evaluate your banking stability and repayment capacity based on your average account balance. Banks will also consider your outbound and inbound cheque bounce information to take a view on your credit track record.
Image

Looking for a Loan's,Apply Online Get upto 5,00 cashback

Contact Us

Call Us Today:
+919318485907