Comparison of Business Loan by Banks
|Lender||Interest Rate||Loan Tenure|
|HDFC Bank||15.65% p.a. to 21.20% p.a. (Rack interest rate)||12 months to 48 months|
|IIFL||18% p.a. to 25% p.a.||12 months to 48 months|
|Fullerton India||13% p.a. to 16% p.a. (floating)||12 months to 48 months|
|DHFL||As per the lender’s terms and conditions||Up to 5 years|
Likewise, people ask, how does a bank calculate interest on a business loan?
Business loan EMIs are calculated using a very easy formula.
- E = EMI amount.
- P = Principal amount.
- r = Rate of interest at which you will be borrowing the loan.
- n = tenure of the loan over which you will be repaying the loan.
Beside this, what is the minimum interest rate for business loan?
Banks Offering Loans at Low Turnover
Lendingkart offers the lowest business loan interest rate to small business owners starting from 12.00%. The bank charges a processing fee of 2% to 3% of loan amount and allows borrowing the fund for a maximum tenure of 3 years.
Which loan interest is low in India?
Lowest Personal Loan Rates Comparison
|Banks||Interest Rate||Processing Fees|
|ICICI Bank||10.25%||Upto 2.25% of Loan Amount|
|Kotak Bank||10.25%||Starting from Rs.999|
|HDFC Bank||10.25%||Upto 2.50% Min ₹ 999|
5 Best Banks for Business Loan in India 2021
- HDFC Bank Business Growth Loans. HDFC Bank offers business loans up to Rs. …
- SBI Simplified Small Business Loan. SBI business loans is a facility for the MSME business. …
- IDFC First Bank Business Loans. …
- Citi Banks Business Loans. …
- Axis Bank Business Loan.
Best for lower interest rates
Secured personal loans often come with lower interest rates than unsecured personal loans. That’s because the lender may consider a secured loan to be less risky — there’s an asset backing up your loan.