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Types of Loans for Small Businesses

Know about all types of business loans in India



Overdraft

Here the bank would allow the customer to borrow a pre-determined amount(@ pre-agreed interest rate) against your current account.


Term Loan

Available in varying tenures from 3 years to 10-15 years. They can be secured (they hence have a lower interest rate) or unsecured in nature.


Bill Discounting

You can avail instant cash back on your large purchases or discount on the credit sales from your bank. You need to submit underlying documents like invoices or lading bills.


Letter of Credit

It is a letter from a buyer's bank guaranteeing that the seller will recive the payment on time and for the correct amount.Typically arises in international trade.

Compare Business Loan Interest Rate

A summary of business loan interest rate in India:

BANK/NBFC Interest Rate Processing Fees
HDFC Bank 11.49% onwards Not exceeding 2.5% of loan amount sanctioned. Min. Rs. 1000, Max. Rs. 25,000
State Bank of India State Bank of India 1% to 3% of loan sanctioned
Axis Bank 15.50% to 24% 1.5% to 2% of loan sanctioned
Tata Capital 12.50% onwards Min. Rs. 999
ICICI Bank 11.49% onwards Not exceeding 2.5% of loan amt.
Bajaj Finserv 11.49% onwards 2.25% to 3% of loan sanctioned
Fullerton India 15% onwards Up to 5% of loan amount
Punjab National Bank 12.25% onwards Min. Rs. 270
IndusInd Bank 13% onwards Not more than 2.5% of loan amt.
Standard Chartered Bank 11.49% onwards Not more than 2.25% of loan amt.
RBL Bank 12% onwards Processing fees Rs. 1000

Note: Charges vary from bank to bank. These are only indicative and subject to periodic change.

Must Read: Best Banks to get business loans in India

Business Loans - Frequently Asked Questions

Q. What is Business Loan

Often, businesses need funds to purchase raw matrials, buy equipments and machinery, to pay off suppliers and so on. Liquid fund is said to be the life-blood of any business. Without the availablity of this kind of liquidity, a business may find it difficult to operate. Inability to pay suppliers and crditors can lead to loss of reputation of the business in the market. This can also hurt its growth and expansion prospects.
A Business Loan is for commerial lending purpose. This is specifically for funding business needs described above. By nature, it is an unsecured loan, that is, loan is granted without pledging anything against the borrowed amount. The interest rate is fixed and the loan can be paid back over an agreed time along with the interest.
There are various types of business loans, each depends on the kind of business need. Accordingly, banks and NBFC's too have customized loan products to suit business loan requirement. There are specialized loans for women entrepreneurs, for SME and MSME's and loan for business with small capital as well.

Q. How to get a business loan?

One can easily apply online for a business loan by filling up the online application form here at Crefite. A company representative will then contact you with a pre-approved loan offer. You can also apply offline by simply giving us a call at +91 9769691905 and we would help you with rest of the business loan application procedure.
Documents Required: The following documents are required to successfully apply for an SME Loan:

Looking for a personal loan?Read about How to get a personal loan here

Q. How to get a business loan without collateral?

All major private banks and financial institutions like NBFCs provide unsecured loans to businesses across India. Most of these are quick business loans with fast approvals. One other feature is that are generally short-term in nature. So the maximum tenure is up to 5 years. One has to comply with their eligibility criteria and documents to avail the business loan.These are :

So make sure all your documents are in place before applying for a business loan.
Apart from banks and NBFCs, there are a large number of private lenders and private financers who provide unsecured loans to businesses in India. These private lenders have their own criteria in place for approving a loan.

Q. Business Loan Charges

You can expect banks to charge the following at the time of processing your business loan application :
1. Loan Processing Charge
2. Stamp duty charge
3. Pre-EMI charges(if any)

Must Read: Top 5 Reasons To Take Out A Business Loan

Q. Business Loan Eligibility Checker

In order to get a business loan from a bank in India, you need to meet the following criteria:

  1. 1. Self-employed, individual, Limited or private limited firm, Manufacturer or service provider.
  2. 2. You must be aged between 21 to 65 years.
  3. 3. You should be in business for at least 3 years
  4. 4. Your business turnover must be at least 50 lakhs per annum with minimum 2 lakhs of profit.
  5. 5. You must submit the last 3 years of ITR statements.
  6. 6. Your business partner can be a co-applicant in your business loan application

Q. Documents Required For Business Loan

Here is the list of documents that needs to be submitted for availing any kind of commercial business loans, SME loan or working capital loan:

  1. 1. Last 3 years Income Tax statements Bank account statements
  2. 2. Business proof /Practise certificate/ Proof of ownership of the possessions which are used for business purposes
  3. 3. Your recent photographs
  4. 4. Identity proofs such as Aadhar Card, Voter ID Card, PAN Card
  5. 5. Residence proof
  6. 6. KYC documents of a co-applicant

Q. What is the process to apply for a business loan

Applying for a business loan is different than that of personal loan. Here, one's faces a lot of bank rules and loads of paperwork. We outline for you the steps involved in taking a business loan.

Firstly, identify the Purpose Of The Loan

There are different types of business loans like term loans, short term loans, equipment financing, line of credit, invoice financing, merchant cash advances and business credit cards to name just a few. Depending upon your business requirement, the business loan product would also vary. Hence, before applying for a loan, one must be sure to ascertain for what business purpose is the loan required.

Secondly, get your Books Of Records sorted

Availing business loans calls for adhering to tough banking norms. In order for the bank to approve your loan, you must have proper books of accounts. Particularly, bank would need the following records from you:

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