Home General Business Loans: Which Loan is Best for Business?

Business Loans: Which Loan is Best for Business?

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which loan is best for business

A loan is among the most valuable ways to secure the finance of the business. There are lots of reasons why a business requires a loan or needs to borrow money from the bank or from another platform. Having lots of options is a good opportunity for all those who are looking to take financial help for their business. The loan is always helpful in serving the emergency cash when actually you need it. 

A business loan is not meant for meeting your daily expenses or going on a holiday. When a person takes any business loan they have to use the loan cash in expanding their business. If you wish to expand your business equipment, a loan can be the best option for you. There are lots of banks that offer loans up to 30 lakh without any collateral or pre-approved loan. Some of the banks provide these facilities with the comfort of ease. You just have to pay the right percentage of interest at a fixed interval of time. Here in this guide, we will be discussing which loan is best for business opportunities. So, be sure to go through all the listed information. 

4 best banks that serve you the best business loan

HDFC business loan

This bank is one of the highly-rated banks in terms of serving the best business loan to the customers. HDFC bank can deliver up to 40 lakh for expanding the business opportunity with any collateral or guarantor. It doesn’t ask for security which is the best thing about it. The approval of the loan is very quick and can be done in a few easy steps. Not only does HDFC provide the users with high loan amounts for their business apart from this it also provides attractive and exciting offers to its loan customers.

Their interest rate ranges from 15 to 21.20% yearly. All the loan balance transfer facility is granted by the bank. The pre-payment of the loan is only permitted after the 6 months of EMI paid. The eligibility for pursuing the loan amount from the HDFC bank can be easily checked through the process offline or online in just a second.

Some of the requirements that banks demand while pursuing the business loan are that the business must be in profit and make a minimum income of 1.5 lakh per year.

SBI business loan

When we personally talk about the SBI it is the largest bank in India. It covers a huge amount of branches across the country. The main motive of the SBI is providing business loans to customers who are willing to expand their business or willing to set up a new business.

All business owners, professionals, and even the self-employed can apply for the SBI business loan. SBI delivers a minimum of 10 lakh or a maximum up to 52 lakh of the loan amount to the customers. The loan amount requires 50% of the collateral and the interest of it combined with the marginal cost.

The requirement for taking the loan from the SBI banks is that an individual must have an account at any bank from the last 2 years. The business requires a monthly income of at least 1 lakh. The interest rate ranges from 9.05 to 16.30% with a duration of 60 months.

Axis bank business loan

Axis bank is constantly gaining attention from business owners because of the competitive rate of interest. Axis bank is popular for its well-known service to its customers. Axis bank offers business loans to all those who want to practise their services such as a doctor, CA, etc.

It offers a maximum loan of 50 lakh with an interest rate of 15 %. The loan amount doesn’t require any collateral or fixed deposit. To pursue the loan from Axis bank it is mandatory that the business owner should have a minimum turnover of 30 lakh and a minimum experience of 3 years.

The axis bank determines the interest rate by taking the business into consideration because it offers loans to all the working professionals. It requires an age group of 21-65 for pursuing any loan from the Axis bank.

IDFC’s first bank business loan

It is a perfect bank for taking any loan such as purchasing equipment for the industry or any business requirement. All you need is an IDFC bank. It is constantly serving the user’s demand that’s why the bank makes it easier to grab any loan amount.

It offers a loan amount of 1 lakh to 9 lakh for business purposes. The IDFC bank never asks for the collateral and the repayment of the loan solely depends on the type of business and income. The bank receives an interest rate of 16% to 24% per annum.

The most important thing is you can also get loan insurance so, whenever you meet with any disaster IDFC will take care of you.

Conclusion

We have provided all the information regarding taking any business loan and we have listed some of the top performer loaners. You can take the business loan according to your business profile or the requirement. Some banks require collateral while some are unsecured. Our recommendation is to think about the financial steps before pursuing any loan amount so it will be a flexible repayment for you.

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