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Business Loan Starts from 14.99%
Business loan is a funding support offered by Banks and NBFCs to meet the financial requirements of self-employed customers. It can be availed by individuals, MSMEs, business owners, entrepreneurs, and several other entities.
Business loans are mainly classified into two types, such as secured loans and unsecured loans. Secured loans are types of loans that require collateral/security that a borrower needs to deposit with the lender to avail a loan. However, in the case of unsecured loans, there is no need to submit any collateral/security with the bank, NBFC or any other lender.
Most of the financial institutions offer unsecured business loans, including Term Loans, Working Capital Loans, Loans under Govt. schemes, Overdrafts, etc. Leading banks offer secured loans in the form of Letter of Credit, Bill/Invoice Discounting, Equipment Finance, Machinery Loans, POS loans, etc.
The minimum loan amount offered starts from Rs. 30,000 that can be availed from Small Finance Banks (SFBs), Regional Rural Banks (RRBs) or Micro Finance Institutions (MFIs). Borrowers can avail collateral-free business loans for up to Rs. 1 crore from leading banks and NBFCs. Small business loans are also available for MSMEs and Start-ups at affordable interest rates from top banks.
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