The start-up and business sector in India are booming right now. With the new government taking control with the ‘Make In India’ scheme, more and more companies are being built to help turn over the business and manufacturing industry in the country.
While this is a great step towards making the nation independent and completely developed, these new businesses and start-ups still need to look out for working capital and funding to get their products rolling out. Even established companies are constantly looking for business loans to keep their company running smoothly and without a glitch in the payment process. To do this, a good business loan is required.
With a number of banks across the country giving loans in competitive interest rates, here are five of the best banks and NBFCs you can compare business loan rates from:
If you are strictly looking to go for a working capital loan, then ICICI has a great option for you. The Smart Business Loan provided by the bank is an unsecured loan in the form of an overdraft facility. The overdraft limit ranges from 2 lakh to 25 lakh depending on your needs. For interest rates, it gets better because you will need to pay a minimum of 5% of the amount used in the overdraft facility every month and there is interest charged only on the outstanding amount.
It’s great for private companies, partnership firms, and public limited companies.
2. Fullerton India
Being one of the most prominent loan facilities in the country, it is not surprising that it has a number of business loan solutions. With a working capital loan for companies that are at least three years old and services and business loan for SME companies being at least eight years, you can choose the loan that suits your needs the best. With long and short term solutions available, you can definitely fill their application form and compare the loan rates issued.
3. Kotak Bank
The business loans available at Kotak bank work great as working capital finance for SME companies in the country. The documentation is minimal, and the process of applying and approval is quick, which definitely helps you get the right kind of loan in a jiffy. With loans starting from 3 lakhs, the interest rate at Kotak starts at 14% and extends to 20% depending on your company, the amount and of course the time.
4. Axis Bank
This might be one of the most diverse sets of loans yet. From working capital and structured finance to supply chain management and more, you can avail of different specific loans at Axis Bank. With short term and long term options available, you can definitely go for the loans that suit your preference and business the best. The interest rates depend on the loan you prefer, your company turnover and of course your credit score, collateral and more. With so many products, it is definitely worth checking out.
5. RBL Bank
RBL Bank has a business loan that ranges from 10 lakhs to 35 lakhs. Without any collateral required, this can be a great opportunity for those whose businesses have been established for at least three years. It also has easy repayment options and time flexibility that makes it easy to pay back the loan. Having a simple loan process, this is another bank you should definitely look for.
With these many good loan opportunities to choose from, you can certainly take your business to new heights. Next time you are choosing a bank for business loan, don’t just compare business loan rates but look at other offerings too. Choose wisely and get going.