Features and benefits of Business Loans

  • Some Banks and NBFCs offer both secured and unsecured business loans.
  • Interest rates vary based on credit profile, business type, loan type, and collateral.
  • Existing borrowers can get top-up loans.
  • Overdraft facilities are available for existing borrowers.
  • Pre-approved business loans with instant disbursal are offered.
  • Concessional rates are available for women borrowers.
  • Apply online for quick approval and swift disbursal with minimal documentation.
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Now the business loans are offered by the numerous banks and financial institutions which is specifically intended for the growth of the businesses. The business loans provided by the different financial providers have their own set of the loan amount, loan tenure, loan interest rates, and eligibility criteria. Thus, the customized online business loan provided by the lenders carries no hidden charges, quick approval with minimum documentation.

As per your business requirements, you need to choose the business loan with better interest rates and long tenure. Now many lenders can provide business loans that are beneficial and hassle-free. Through the business loans, you will develop several parts of the business such as increase the cash flow of the business, purchase or lease the office premises, machinery equipment, as well as upgrade the latest technology in the business.

Before you apply for a business loan, first you have to fulfill all of its eligibility criteria. Once the loan is approved by fulfilling all of its eligibility criteria, the loan amount can be disbursed within a working day. Whenever you are applying for the business loan, you have to follow the common 3 steps.

  • Fill up the business loan application form, available on the website of the specified lender.
  • To complete the loan application process, submit all the relevant documents, and fill it.

Once the loan is verified and disbursed, then you will get the money in 24 hours.


Compare & Apply for Best Business Loan in India

Do you need more funds for purchasing the specified equipment or machinery for your business or looking for sufficient funds to expand your business? To fulfill the critical needs of the business, each business individuals utilize the funds of the business loans. Now several banks and financial institutions can provide business loans in India with different interest rates and tenor. So, before approaching any of the lenders for applying for your business loan first do research on the eligibility criteria of the loan and the loan which suits your business a lot.

Thus, business loans are the best way to manage the financing needs of the business. Once you get a business loan, you can use it in several ways such as buying different equipment and machinery, research and development of technologies, stocking the inventory with and without any collateral and security. According to the needs of your business, the business loan amount can be approved by the lenders.

If you want to know what are the things that make your business grow, then consider the interest rate offered by the lender with the usability of the loan. When you are applying the business loan for a new business, compare the interest rates of the lenders, and choose the one with the lowest interest. Get to know about the other fee related to the loan approval process as well as the required documents.

Bank Interest Rate Processing Fee Max Tenure Max Loan Amount
State Bank of India Car Loan 11. 20% From 2% to 3% 1-4 Years "Minimu Rs. 5 lakh and Max Rs. 100 cr "
HDFC Bank Car Loan 10.00% – 22.50% p.a. Up to 2% of the sanctioned loan amount 1-4 Years "Up to Rs. 50 lakh (Rs. 75 lakh – Limited Offer Deal)"
ICICI Bank Car Loan 16.50% "Up to 2% (plus applicable taxes) of the sanctioned loan amount" 1 – 3 years  Min ₹ 1 Lakh and Max ₹ 40 La.
Aditya Birla Capital Car Loan 14% p.a. onwards 2% of the loan amount 1 –35 years Up to Rs. 15 lakh
Canara Bank Car Loan 10.5% - 18% 1% of the loan amount 1 – 7 years ₹50,000 – 10,00,00,000
UCO Bank Car Loan 8.85% - 11.85% 0.50% of the loan amount 1 – 10 years Rs. 2,00,000/- to Rs.2,00,00,000/-
Bajaj Fineserv Car Loan 15% to 25% p.a. "Up to 2% of sanctioned loan amount + taxes" 1-8 Years Max up to Rs. 45 Lakh
Punjab National Bank Car Loan 12.65% to 16.50%. 1.8% + taxes 1 – 5 years  Min ₹ 50,000 and Max ₹ 15 L...
Neogrowth Car Loan 14% Starting from 2% onwards 1-4 Years Minimu Rs. 5 lakh and Max Rs. 75 lakh

Check Business Loan Interest Rate

Interest rates of the business loan are subjected to change as per the guidelines of RBI. Before you are applying for a business loan, keep all the track records of the interest rates offered by the lenders, loan tenure, and other charges related to it such as the processing fees, foreclosure fees, and many more. So, it's always advisable to analyze the business loan interest rate for getting an affordable loan for growing or starting the business.

Always try to get a business loan that has the lowest level of interest rates. In general, the business loan interest rates are divided into two types such as flat rate of interest and reducing the rate of interest. Several factors affecting the interest rates of the business loan such as monthly revenue, CIBIL ranking, age of the business, collateral, and credit score of the business. Before you are finalizing the business loan, check the reliability of the loan lender and their minimum requirements.

Now the banks and financial institutions have a business loan EMI calculator on their website for calculating the interest rates and EMI of their loan. Apart from others, the business rate is calculated based on the following formula:

E = P * r * (1+r)^n / ((1+r)^n-1)

Calculate your Loan Interest

0 25L 50L 75L 100L
5 7.5 10 12.5 15 17.5 20
0 5 10 15 20 25 30

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Your Amortization Details (Monthly)

Your debt repayment schedule regular installments over a period of time

Year Principal(A) Interest(B) TOTAL PAYMENT(A + B) BALANCE

Top Banks & Their offer for Business Loan

The demand for a business loan is increasing day by day. If you are decided to apply for a business loan, then compare the business loans provided by the best bank or financial institutions. Now the top banks can grant the business loan at a low rate of interest. Before the whole process, you have to get complete details about the business loan from a bank and financial institution

When you are getting complete details about the different types of business loans, then check out the business account from bank to bank as well as make sure that all the banks are not at all equally created. Some of the banks in India have thousands of branches and provide online business loans to fulfill the requirements of the Individual to start and grow their business in a better way. All of them have their own set of repayment schedules and customer service related to business loans.

In addition to all, all the banks and financial institutions have their own set of application processes and timelines. Consider the several aspects of the loan for approving like the rate of interest, loan tenure, loan approving charges, and many more. The following points define the details about the banks and financial institutions that provide hassle-free business loans.

State Bank of India Business Loan

If you want to build-up current assets and fixed assets for your business, then connect with the SBI business loans in the long term. In the business loan, the SBI can provide a drop-line overdraft facility for different types of business groups such as manufacturing, services activities with self-employed and professional individuals, wholesale/retail trade and many more. So, get secure business loans from the SBI loan sponsors.

Key Highlights
  • The loan amount is minimum or above 10 lacs and maximum or less than 25 lacs.
  • Required collateral of a minimum of 40 % of the applied loan.
  • The repayment period of the loan needs to be up to 60 months.
  • The margin of 10% is charged through stocks and receivable statements.
State Bank of India Business Loan
Best Interest Rates Business Loan
Standard Chartered  Business Loan
Best Business Loan

Standard Chartered Business Loan

Gain easy access for the funds of your business working capital and business expansion by connecting with the professionals of standard chartered business loan operations. Through the loans, you will get an opportunity to avail of a zero balance current account along with dedicated loan tenure. Especially, the guaranteed installment loans are catering to enterprises from the priority sector.

Key Highlights
  • For a business installment loan, the interest rate is 17.25%.
  • The loan should be available to a maximum value of INR 75 lakhs.
  • Loan tenure could be ranged up to the term of 60 months.
  • No requirement of collateral to avail business installment loan.


Neogrowth Business Loan

Running a business without any finance is always a tough job. So, the Neogrowth can provide business loans to make your business process easier. Loans are mostly taken by the traders, manufacturers, and service providers for purchasing the raw materials or trading the goods from large corporates with turnovers greater than Rs. 250 crores. However, the loans are easy to obtain without any requirements of credit history or collateral.

Key Highlights
  • Do not require collateral to approve the loan.
  • Work constantly to keep you hassle-free for loan sanctioning.
  • Existing customers can enjoy top-up facilities with minimum documentation.
  • Offer direct deductions from sales and repayments don’t have to be manually done.
Neogrowth Business Loan
Best Interest Rates Business Loan
MAGMA Business Loan
Best Business Loan

MAGMA Business Loan

Like the other business loan providers, the Magma can provide business loans as well as unsecured business loans or collateral business loan fees up to Rs. 10 lakhs for the micro-enterprises. The loan provided by the Magma can be utilized for the working capital requirements, business expansion, purchase of the machinery and many more. The loan can be also sanctioned to the retailers, stockiest, etc.

Key Highlights
  • Loans can be disbursed without any primary or collateral security requirements.
  • Loan amount can be ranged from Rs. 3 lakhs to 10 lakhs.
  • Loan tenure is flexible and ranged from 12 to 36 months.
  • Applied candidates need to have clear banking and loan payment history.

Lendingkart Business Loan

With the business loans of Lending Kart, your business can maintain all the critical operations effortlessly and precisely. Customized business loans provided by the Lending kart can be tailored to meet the specific needs of the new business or startup. All these loans can offer you the opportunity to scale and give it to the competitive edge of success in today’s world. Loans are also free from the bureaucratic red tape that often has a straightforward disbursal process.

Key Highlights
  • Offer business loans of 50,000 up to 2 crores to eligible individuals.
  • Get the loan within 3 days as opposed to 8-10 days taken by the bank.
  • Loan tenure can be ranged from a minimum of 1 month to a maximum of 36 months.
  • Business loans promise zero hidden costs and charges for loan disbursement.
  • Machine learning tools can determine the lowest interest rates on business loans.
Lendingkart Business Loan
Best Interest Rates Business Loan
Kotak Mahindra Bank Business Loan
Best Business Loan

Kotak Mahindra Bank Business Loan

Searching for the best bank to get financial help for your business, then Kotak Mahindra bank can understand every little requirement of your business which creates a huge difference for reaching your business goals smoothly. The business loan offered by the bank can help you to meet newer milestones of success. Its collateral-free customized business loan solutions can suit your business requirements.

Key Highlights
  • Offer business loans ranging from Rs. 3 lakhs to Rs. 75 lakhs for all businesses.
  • Fund against credit card receivables with a loan amount up to Rs. 3 crores.
  • Processing fees of the loan can be a maximum of 2% of the loan/facility amount.
  • Applicant's minimum age needs to be 25 years and the maximum age needs to be 75 years.
  • The applicant has to be in business for the last 3 years with a minimum turnover of Rs. 40 lakhs.

IndusInd Bank Business Loan

Indusind bank already proves to be the one-stop solution for all the banking needs. Now, it can also provide business loans which are the best and most preferred bank for business loans and other facilities. Thus, the bank can offer the lowest interest rates and provide online transaction service which is fast, flexible and a user-friendly solution with the privacy and transparency of confidential information.

Key Highlights
  • Borrow up to Rs. 15 lakhs for any of the business purposes.
  • Flexible repayment options can be ranged from 12 to 60 months.
  • Lower re-payment charges with quick loan disbursal.
  • Instantly check the loan eligibility of the online loan request option.
IndusInd Bank Business Loan
Best Interest Rates Business Loan
IIFL Business Loan
Best Business Loan

IIFL Business Loan

Managing financial health is the most important component of the business. So, the IIFL offers business loans that can not only manage the daily cash flow of the business but also provide an adequate range of funds for the receivables, meet the unplanned exigency, inventories and planned expansion. Its customized business loans can make all the differences to your profitability.

Key Highlights
  • Credit facility of the business loan up to Rs. 50 lakhs.
  • Tenure of the business loan can be ranged from 12 to 48 months.
  • Flexible repayment options without any collateral.
  • Quick approval of a loan with minimum documentation.

IDFC First Bank Business Loan

Business loans offered by IDFC's first bank can help you to set up or expand your business in the long run. The loan providers can completely understand the requirements of finances in your business and existing firms in different phases of the expansion. All of its procuring business loans are very easy and simple to handle that can scale up the needs of your business and upgrade its equipment.

Key Highlights
  • The loan supports businesses with big to small and borrows from Rs. 3 lakhs to Rs. 75 lakhs.
  • For obtaining the business loan no security or collateral is required.
  • Tenure on loans makes loan repayment easy and has tenure between 1 and 5 years.
  • Borrow more money by using the top-up facilities for existing borrowers.
IDFC First Bank Business Loan
Best Interest Rates Business Loan
HDB Financial Services Business Loan
Best Business Loan

HDB Financial Services Business Loan

For every small to large scale entrepreneur, growth and expansion of the business are the pivotal elements. So, the HDB finance service can provide funding for your business expansion as well as working capital for ordering the new machinery or setting new machinery for faster production. The finance service provider can understand the needs of the business and offer a customized solution within the shortest possible time.

Key Highlights
  • Approved loan of HDB finance service is up to 30 lakhs.
  • Loan tenure can be ranged from 12 to 60 months.
  • Provide an attractive rate of interest without any collateral.
  • Convenience for the doorstep service with minimum documentation.

Fortune Credit Capital Ltd. Business Loan

Now the Fortune credit capital limit is funding the individual businesses to meet their financial intermediation except the insurance and pension funding. The FCCL can provide the loan by strongly focusing the technology and financial literacy for nurturing the business entrepreneurs through empowerment and trust. Loan providers can maintain professionalism and integrity while disbursing the loan.

Key Highlights
  • Flexible repayment options without any collateral.
  • Quick approval of a loan with minimum documentation.
  • Borrow money by using the top-up facilities for existing borrowers.
  • Convenience for the doorstep service with minimum documentation.


Fortune Credit Capital Ltd. Business Loan
Best Interest Rates Business Loan
Equitas Small Finance Bank Business Loan
Best Business Loan

Equitas Small Finance Bank Business Loan

In the competitive environment and ever-growing economy, none of the business owners want to lose the business opportunities that come your way. The business loan offered by the Equitas not only helps you to meet your working capital needs but also fulfill the aspiration of expanding the business. The financial solution provided in Equitas meets the individual needs of the business and crafted for both small and medium enterprises.

Key Highlights
  • Loan tenure can be ranged from 12 months to 35 months.
  • The rate of interest of the loan ranged from 17.39% to 21%.
  • Offer the speed loan processing with simple documentation.
  • Repay the loan with easy equated installations and excellent customer service.

Edelweiss Business Loan

By providing financial solutions, the Edelweiss can help the business owners as well as the small enterprises to achieve their business aspirations. The business loan provided by Edelweiss can understand the importance of timely financing for the success of the business. All its business loan bespoke solutions can maximize the business opportunities that can work best to meet their evolving needs.

Key Highlights
  • An unsecured business loan can be ranged from Rs. 3.5 lacs to Rs. 25 crores.
  • A secured loan can be ranged from Rs. 5 million to Rs. 250 million.
  • An unsecured loan has the tenure up to 48 months and secured loans have 180 months.
  • An equipment loan can be ranged from Rs. 5 lacs to Rs. 25 million for 60 months.
Edelweiss Business Loan
Best Interest Rates Business Loan
Deutsche Bank Business Loan
Best Business Loan

Deutsche Bank Business Loan

In business, the finance should always seem to be a hurdle in its progress. Now the Deutsche bank can provide business loans for the seamless journey of your business success. As it is an unsecured business loan that can avail the loan effortlessly to fulfill your business financial desires. The loan can increase the business turnover and growth as well as a financial ratio with a high quality of management provided by the bank.

Key Highlights
  • Offering to the individual who has a minimum of 5 years in the same line of the business.
  • The loan amount can be ranged from Rs. 10 Lakhs to Rs. 50 Lakhs.
  • The loan is disbursed for business expansion and working capital needs.
  •  Loan tenure can be ranged from the tenure of 15 months to 36 months.

Clix Capital Business Loan

With a unique business plan, the business owners take several steps to take the commercial world to a new level with a storm. Clix capital can provide business loans to reduce the gap between the business owner and business ambitions. Whatever the requirements of the business, the unsecured business loans offered by Clix capital have got you covered. Its business loans are funding you for both working capital needs and expansion plans.

Key Highlights
  • Cater to your financing needs without any collateral hassles.
  • Offer a loan repayment period from 12 to 36 months.
  • Keep out the whole loan disbursement work with minimal documentation.
  • Business loans ranging from Rs. 5 lakhs to Rs. 50 lakhs to meet business needs.
Clix Capital Business Loan
Best Interest Rates Business Loan
Capital First Business Loan
Best Business Loan

Capital First Business Loan

Over time, the Capital first can sanction business loans that help you to start your new businesses and acquiring new shares from the shareholders. The loans provided by the Capital first are usually disbursed within 48 hours without any collateral or security. Business loans provided by them are not only useful for starting your new business but also used for meeting any of your business expenses.

Key Highlights
  • The interest rate of the loan can be ranged from 11.99% to 19.99%.
  • The loan amount is also ranged from 10 lakhs to 75 lakhs.
  • Loan tenure can be ranged from 1 year to 5 years.
  • Offers top-up loans on existing business loans case-by-case basis.
  • The loan can be repaid through monthly installments within the chosen tenure.

Arohan Business Loan

To drive the mission of empowering the undeserved financial needs of the business, the Arohan can offer business loans ranging from Rs. 10,000 to as high as Rs. 100 lakh. These financial institutions can provide loans for the necessary non-financial products to its customers at affordable costs. For covering the financial needs of the business, the business loans of Arohan can extend its operations and sustainability for all stakeholders.

Key Highlights
  • Maintains high integrity in its delivery, products, and processes.
  • Provide Zero tolerance for unethical practices.
  • Focus on the loan profitability, sustainability, and growth of the business.
  • Transparent in communication with all the stakeholders and employes.
Arohan Business Loan
Best Interest Rates Business Loan
Aditya Birla Capital Business Loan
Best Business Loan

Aditya Birla Capital Business Loan

Financing the business at the proper time is a crucial part of business growth. The business loan offered by Aditya Birla Capital is unique without any security fees. The bank helps the business in an increasingly competitive financial requirement environment with the edge of funding business expansion, machinery purchase, and to start a new business. The Birla Capital can provide the loan in lesser time at attractive interest rates.

Key Highlights
  • The maximum loan amount provided by the bank is Rs. 1 crore.
  • Interest rates can be unchanged throughout the loan tenure.
  • The loan has flexible tenure from 12 months to 48 months.
  • For disbursing the loan no security or collateral is required.
  • Repayment of the loan can be performed through easy EMI.

Canara Bank Business Loan

Among the several business loan providers, the Canara bank offers the business loan to accelerate your business and help you to reach the new heights of the business. Banks can provide several business loan schemes to serve the different purposes and requirements of the business. The bank can sponsor the business loan for the different candidates such as business individuals, proprietorship, partnership, and limited companies.

Key Highlights
  • No collateral is required for sanctioning the maximum loan value of 1 crore.
  • All the applied loans are sanctioned within a reasonable time.
  • The loan amount is disbursed from the 50,000 to 1 crore.
  • Tenure of the sanctioned loan is 7 years.
  • Loan interest rates are lower means the interest rate is 9.25%.
Canara Bank Business Loan
Best Interest Rates Business Loan
Bank of Baroda Business Loan
Best Business Loan

Bank of Baroda Business Loan

All people around us have different financial needs, so Bank of Baroda can provide you a wide range of loans to power your dreams. In addition to all, the bank of Baroda can be laid out a comprehensive suite of products especially for financing the working capital and other terms of finances. Banks can provide different terms of loans such as financing educational institutions, meet the financial requirements of setting up new nursing and engaging in industrial activities.

Key Highlights
  • Offer business loans with tenure up to 36 months.
  • Provide the lowest interest rates of 14.10% on the loan.
  • Lowest loan EMI which is affordable for the business to pay.
  • Partly disbursed loans availed under the trance of the EMI scheme.

LIC Housing Business Loan

Now LIC HFL can provide business loans for a business extension, business modification, and renovation, commercial premises for carrying on own professional practice and the purchase of business equipment. For applying for the LIC HFL business loan, the individual need to the residents of India. After verification of the citizenship, the loan for the business professional can be sanctioned speedily

Key Highlights
  • Loan tenure provided by the LIC HFL is around 10 years.
  • The loan amount can be utilized for the repayment of existing loans.
  • Under the loan scheme, financial assistance is provided for the business requirements.
  • The loan amount can be finalized under the requirements of the business.
LIC Housing Business Loan
Best Interest Rates Business Loan
HSBC Bank Business Loan
Best Business Loan

HSBC Bank Business Loan

If you have a partnership business, private limited company, or a sole trader, then consult with the HSBC bank for fixed or variable business loans that can suit your repayment terms. The loan provided by HSBC is funding for a wide range of business needs including the working capital, business expansion plans, and asset purchase. For applying for the business loan in HSBC, you don't need any current account in HSBC.

Key Highlights
  • Pay interest monthly or quarterly over a repayment period between 12 months and 20 years.
  • An interest-only period of up to 24 months is available.
  • A business loan is suitable for limited companies, sole traders and partnership business.
  • Loan amount can be varied as per the business and offer over 20 lacs.
  • Monthly repayments will be higher to ensure your loan will be repaid by the end.

Fullerton India Business Loan

Searching for the customized financial solutions, then Fullerton India is the best partner for your business. The loan provided by the bank can help you to focus on growing your business instead of arranging the finances you need. If you are planning for business growth or starting a new enterprise, then provide you maximum flexibility to take care of your short-term and working capital needs.

Key Highlights
  • Flexible loan facility and withdraw loan amount with zero repayment charges.
  •  Unsecured small business loans in less than 24 hours.
  • Get quick and easy business finance up to 50 Lakhs.
  • Get a higher loan top-up amount of up to 60 months loan payment tenure.
  • Do not need to provide a guarantor or pledge your assets to get the loan.
Fullerton India Business Loan
Best Interest Rates Business Loan
Yes Bank Business Loan
Best Business Loan

Yes Bank Business Loan

In general, the business loans are the unsecured finance that can be used by the customers to avail of the collateral-free funding for their business requirements. Now Yes bank can provide business loans to the sole proprietorships, self-employed professionals, and limited liability partnerships as well as closely held companies for working capital, purchase of new machinery, business expansion and many more.

Key Highlights
  • A business loan can be sanctioned smoothly without any collateral.
  • Offer flexible and longer tenure from 12 to 60 months.
  • Loan can be provided by the bank up to Rs. 50 Lakhs.
  • Highly flexible loan interest with speedy documentation.

Bajaj Fineserv Business Loan

Looking for small business loans up to Rs.30 lakhs, then Bajaj Fineserv can provide business loans in just 24 hours. The business loans offered by the Bajaj Fineserv can be used for numerous purposes such as investing in the infrastructure, upgrading to the latest plants and machinery, increasing the working capital, or maintaining the inventory. The loan provided by them can give your business the much-needed boost.

Key Highlights
  • Offer business loans up to Rs.30 Lakhs for small business needs.
  • A loan can be approved less than 24 hours with easy eligibility criteria of two documents.
  • Repay funds as per your business cash flow at nil payment charges.
  • The convenience of accessing your business loan statement anytime from anywhere.
  • Loans are collateral-free means you don’t need to put your personal or business assets.
Bajaj Fineserv Business Loan
Best Interest Rates Business Loan
Tata Capital Business Loan
Best Business Loan

Tata Capital Business Loan

If you want to revamp your business such as launching a new product store, increasing the working capital, and buying new machinery for business to outperform your competitors, the Tata Capital can provide you the customized business loans that can suits your business plan precisely. The bank can provide quick and hassle-free funding with flexible options to repay the loan easily and secure your business future.

Key Highlights
  • Loans are flexible and can be custom-built as per your business requirements.
  • Customize the monthly loan repayment installments that suit your company’s cash flow.
  • The loan range can be started from 5 lacs to 75 lacs.
  • Bank can offer long loan tenure that can be 12 months to 36 months
  • Loan interest rates are commonly starting at 19%.

HDFC Bank Business Loan

With quick and easy business growth loans, you can easily grow your company faster. In addition to all, the HDFC can provide business growth loans with an overdraft facility and flexible tenure options. The business loan provided by the bank can fulfill your every business needs from business expansion and working capital to the child's education or home renovations. It only changes the interest on the amount utilized.

Key Highlights
  • Provide the business loan to up to lacs and 50 lacs in selected locations
  • No guarantor or security person is required for approving the loan.
  • Get the flexible loan tenure of 12 to 48 months.
  • Interest loan is very low as 15.75% on the existing loan transfer.
  • Applicant should be at least 21 years at the time of loan application and 65 years at the time of loan maturity.
HDFC Bank Business Loan
Best Interest Rates Business Loan

Business Loan Eligibility

The business loans can be available to the individual with or without security. In reality, the whole process can be dependent on the business loan eligibility criteria fixed by the banks and financial institutions. Now all the lenders offer business loans for both the small and big businesses for performing several tasks such as growing the existing one or starting a brand new.

If you have all the necessary documents and fulfill the eligibility criteria of the lender, then you will get an instant business loan within a few days. All the banks have their own set of eligibility criteria, go through all the banks, and choose the most beneficial among them. Here are the lists of eligibility criteria that you have to fulfill for availing the business loan.

  • Applicants need a minimum of 21 years old and a maximum of 65 years old.
  • Business needs to make a huge amount of profit from the last 2 years.
  • The turnover of the business should be 1.5 lakhs per annum.
  • The net income of the business should be more than 1.5 lakhs per annum for the loan up to 15 lakhs and 3 lakhs per annum for above 15 lakhs.
  • For the concern of the income, a minimum of 25% stake needs to be clubbed to the income.

Features And Benefits of Getting a Business Loan From EazyBank Loan

Business owners need a certain amount of money for starting or growing their own business. So, they always have issues related to access sufficient funds for their business. For many individuals, getting a business loan is a difficult task. Thus, the banks and the financial institutions can provide funds in the business loan.

Now EazyBank loan can provide all the details of the business loans on their website offered by different banks and financial institutions. The following points define the features and benefits of considering the details provided by the EazyBank Loan.


  • Promote different payment options with a repayment plan as per your business cash flow.
  • Help you to avoid the financial difficulties by serving the loan with low-interest rates.
  • As per the business profitability, monthly installments can be lower or increased.
  • To meet the operational expenses of the business provide working capital loans.
  • Highly flexible loan options and types to avail of a loan for the business facilities.


  • To avail the loan, none of the income or collateral documents need to submit by the individuals.
  • All the loans meet the requirements of the business owners to sustain the progress of their business.
  • Flexible loan options depending on the size of the business to fill a short-term financial gap.
  • Provide business loans to all types of businesses such as start-up, small, medium, and large at a very competitive interest rate, nominal charges as well as without any hidden fees.
  • As per the agreed terms and conditions, the overdraft facility can be provided by the bank and financial institutions.


Business Loan Fees & Interest Rate

Business loans are provided by banks and financial institutions with the lowest interest rates of 10% to 27%. The loan process will need some fees and charges for approving. Go through the points to know about the different fees and interest rates charged by the bank.

  • The processing fees of the loan are from2% to 3% of the total loan amount.
  • The bonus charged on the business loan is from 500 to 3000 inclusive of all the applicable taxes.
  • Take cheque swapping charges and amortization schedule charges on the loan amount.
  • Before approving the loan, the lenders will charge overdue EMI interest charges and other legal charges.
  • Most of the banks and financial institutions charge some amount of fees for insurance premiums to protect the financial risks in case of any emergencies.
  • Bank typically takes the repayment and foreclosure charges in case repaying the loan in advance up to 5%.
  • Apart from the other charges, the lenders also charge loan variant charges as well as document charges.

Documents Required For a Business Loan

Through business loans, one can grow the business in a better way, manage the cash flow, and upgrade the business requirements. Before approving the loan, the banks and financial institutions have their own set of requirements, criteria, and eligibility factors. The following points define the documents required for the business loan:

Common documents of the business loan

  • Identity proof of the person such as PAN card/driving license / Aadhaar card / Passport.
  • Address of the individual such as Telephone bill/electricity bill/trade license/sales tax certificate/ration card.
  • As an income proof need to provide bank statement of last two years.
  • Provide last 2 year financial documents along with balance sheet of business and profit & loss statement.
  • Provide other mandatory documents such as sole proprietorship declaration and certified true copy of memorandum & articles of association.
  • Need the proof of business continuation and the last 3 years of the audited financials.

Documents for self-employed partnership firms

  • Identity proof of private limited company such as sales tax/service tax / VAT / IT return and many more.
  • Proof of the individual identity needs to be submitted with the authorized signature of two or more partners.

Documents for self-employed professionals

  • Identity of the sole proprietorship
  • PAN ID / IT return of the concerned department.
  • Need individual identity proof such as passport, driving license, photo PAN card, and Voter's identity card.
  • Proof of residence address such as driving license, passport, voter’s identity card.

Documents for self-employed non-professionals

  • Identity of the sole proprietorship.
  • Three years of the income tax return and sales tax return.
  • Latest three months creditors statements.
  • Last 6 months bank statement for the term loan.

Types Of Business Loan

Now more types of business loans are available online for providing funding opportunities to the business. Due to these reasons, you have to make informed decisions while choosing the best loan options for streamlining your loan application process and use the fund to grow the business in a better way. Go through the following points to get the best types of business loans for your growth.

Business lines of credit

Business lines of credit are generally divided into 3 types such as the unsecured business lines of credit loan has higher interest rates, secured business lines of credit loan utilize the collateral such as a piece of equipment and short term business lines of credit loans can be a good fit for the younger businesses.

Term loans

Similar to other loans, many online lenders like banks and financial institutions can offer term loans. In this loan, you will get a set amount of time and make the set of monthly payments until the loan has been repaid in full with the interest.

Equipment loans

Equipment financing loans are the best option alternative for businesses. Thus, the equipment loans are commonly used for funding major purchases of the business such as vehicles, machinery, office equipment, and kitchen equipment. The loan helps you to qualify your business for the loan at a better rate.

Invoice financing

In invoice financing, you will use your invoice outstanding for getting the cash in advance from the lender. Through the process, the lender will give you an advance of the invoice percentage by holding the remaining percentage.

Business credit cards

For certain businesses, a credit card can be a great option for financing. Now many lenders can finance your business with a credit card. So, business owners can use business credit cards for seeking the necessary funds for their business.


Bank Loan FAQs

A business loan is commonly used for business purposes to meet the needs of your growing business. If you want to expand your existing business, boost production or the machinery then business loan provided by the banks and finance companies seems to be the best option. Thus, business loans are available at attractive interest rates over a specific period of time. Business loans can be categorized into several types, such as:-

  • Bank loans.
  •  Asset-based financing.
  • Advance business cash.
  • Mezzanine financing.
  • Invoice-financing.
  • Cash flow loans.
  • Micro-loans.

For most of the business loan applications, the credit score is always taken into consideration. On the other hand, your credit score will also affect the interest rates and other terms of the loan. Each lender of the business loan has its own set of credit score requirements for approving it such as:

  • 680 or higher for traditional bank.
  • 630 for equipment financing.
  • 600 for short-term financing.
  • 550 for merchant cash advances.

For small business owners, getting business loans is the major problem due to the tight lending standards given by the bank and finance companies. Applying and approving business loans can be an easy process if you are prepared with these 5 steps:

  • Ask yourself, why you need the business loan like for starting the business, managing the business expenses, grow the business, and for safety cushions.
  • Determine which type of business loan is beneficial for your business and fulfill your business requirements.
  • Find out the best way to qualify for the business loan such as the credit score, income, modes of payments, and many more.
  • Gather all of the documents needed by the lenders for approving your business loan without any hurdles.
  • At the final phase, submit the online application by filling all the requirements, upload the documents, and get sanctions within a few working days.

If you have a small business and applied for a business loan of a high amount, then it might be rejected by the lenders. Yes, you can get a business loan with no money, but first, you have to understand why the lenders care about the cash flow in your business for approving the loan.For approving the loan with no money, you have to qualify for the financing solution available to you and focus on saving and running a lean business. Follow the 3 options for approving the loan with no money:

  • Business credit cards.
  • Equipment financing.
  • Invoice financing.

In the whole business availing process, the repayment mode of the business loan always seems to be an important step. The lenders like banks and financing companies who approve loans always make sure that the borrower can repay the whole amount on its fixed tenure. If you are not repaying the loan, then it will increase will debt as well as credit score.

The repayment mode of the loan can include both the principal and interest. Go through the following modes of business loan repayment to make the loan payment process easier.

  • Post-dated cheques.
  • Standing instruction.
  • Electronic clearing service.

Whether you are applying for a business loan through a bank or a financial institution, you should familiar with the requirements of all lenders. When you are fully prepared, then qualifying for the business loan is an easy process as well as save your time and frustration. Below points define the basic steps which help you to get the cash you need to grow for your business.

  • Maintain a well-defined credit score.
  • Determine the lender’s requirements.
  • Gather all the financial and legal documents.
  • Plan and develop a strong business strategy.
  • Provide the necessary collateral to the lender.

A business loan is an unsecured loan that is commonly used for bearing the expenditures in the business. To avail the funds in the business, the borrower does not need to mortgage any of their assets. Moreover, the process of applying for business loans online is very simple and easier. The following steps define it precisely:

  • To apply it, first, you need to fill up the business loan application available on the website.
  • Fill all the essential information in the application form related to business loans.
  • ubmit all the relevant documents required by the lender to complete the fill up the process.
  • After the whole process, the loan is sanctioned in a few days or a week and sends you the money in your bank account.

According to the recent market research, it has found that the minimum loan amount offered by the banks and finance companies in business loans is 1 lakh rupees and the maximum limit of the loan is as high as 40 lakh rupees. If you want to borrow an even higher amount of loan, then consult with the bank representatives regarding it.

After the loan is approved, you need to make yourself by paying the installments on time. Once the lender feels that you safely pay all the loan installments, then you got a chance to apply for a higher amount of business loan.

However, the business loan approval or sanction process will take a lot of preparation and documentation, but it is worth once you sanction the loan to fulfill all of your business requirements. Generally, the business loan will take from a few days to a few weeks for approval.

But in reality, the whole sanction process of the business loan completely depends on the loan lender or provider. If you are providing all the necessary documents and fulfill all the eligibility criteria of the business loan to the banks or finance companies, then the sanction process will not take longer than a week.

You can take up to ₹ 75 lakhs and more depending on your credit score.

Business loans can be used for many purposes which are relating to business operations. During the sanction of business loans, security things are used for depositing as a guarantee that a loan will be paid in full. If the loan is not paid in its tenure, then the security will cover the loan amount.

For the business loan, the property is used as a common asset for security that would be residential, commercial, or even rural property. Subsequently, many lenders will accept the balance sheet of the business as a security for the business loan such as the vehicles and equipment.