7 Best Business Loans in India to Help You Grow Your Business
Are you a business owner in India looking for a loan to help grow your business? If so, you are in luck. There are a variety of business loans available in India that can help you get the financing you need to take your business to the next level. In this blog post, we will discuss the 7 best business loans in India to help you grow your business. From online lenders to traditional banks, we have the information you need to find the perfect loan for your business. Keep reading to learn more about the best business loans in India.
1) Flexi Loan from Bajaj Finserv
Bajaj Finserv offers an innovative financing solution for businesses of all sizes, known as Flexi Loan. This loan provides you with a flexible credit line with which you can borrow up to Rs. 30 lakhs. It’s an unsecured business loan that is accessible via an online portal and allows you to pay only interest-only EMIs throughout the loan tenure.
Flexi Loan also has a pre-approved limit which you can use whenever you need it. The best part is that you donβt have to pay any pre-payment charges if you decide to close the loan before the end of the tenure. Furthermore, Bajaj Finserv offers additional benefits such as zero collateral, no hidden fees and minimal documentation.
If you are looking for a reliable financing option to start or grow your business, then Flexi Loan from Bajaj Finserv is an ideal choice. With this loan, you can get quick access to funds and manage your cash flow better.
2) Business Loan from HDFC Bank
HDFC Bank is one of the most reliable and trusted financial institutions in India. It offers a wide range of business loan products that cater to different business needs. One of their most popular business loan products is the Business Loan from HDFC Bank.
This loan offers flexible repayment options, competitive interest rates, quick loan disbursal and attractive features such as moratoriums, loan top-up facility, etc. The loan can be availed for any legitimate business need, including working capital requirements, expansion, modernization, etc.
The amount available through the loan ranges from Rs. 10 lakhs to Rs. 50 lakhs, and you can get the loan within 48 hours of applying for it. The repayment period for this loan varies between 12 months and 48 months.
To apply for the loan, you need to have a good credit history, have an income of at least Rs. 5 lakhs and have a minimum of 5 years in business. You also need to provide documents such as PAN card, bank statement, financial statements, and proof of residence.
With the HDFC Bank Business Loan, you can easily manage your businessβ cash flow and grow your business in no time. So, if you are looking for a reliable and quick business loan, the HDFC Bank Business Loan is the right option for you.
3) Loan Against Property from Axis Bank
Axis Bank offers a Loan Against Property (LAP) to help small business owners in India grow their businesses. This loan allows you to use your property as security to access finance. With this loan, you can access up to Rs. 1 crore in capital with competitive interest rates. This loan is best suited for business owners looking for a large amount of financing for their business.
The repayment period for the loan can range from 12 to 60 months and you can choose to make repayments through equated monthly installments (EMIs). Additionally, you have the option to make prepayments without incurring any additional charges.
The application process for a Loan Against Property from Axis Bank is simple and straightforward. All you need to do is submit the relevant documents, such as bank statements, income proof, property documents and KYC details, along with your application.
With this loan, you can ensure that your business has the necessary capital to take it to the next level.
4) Unsecured Business Loan from Fullerton India
5) Term Loan from SBI
SBI (State Bank of India) is one of the largest banks in India, and its term loan is one of the best business loan options for entrepreneurs and businesses. A term loan from SBI provides businesses with a lump sum amount that can be used for any purpose, such as purchasing machinery or inventory, expanding operations, and more.
The main benefits of opting for a term loan from SBI are:
- Flexible repayment options β SBI offers flexible repayment options such as daily, weekly, monthly and quarterly payments. This allows you to choose the payment schedule that suits your budget and cash flow requirements.
- Low interest rates β SBI offers competitively low interest rates on its term loans, making them more affordable than other types of loans.
- Easy application process β The application process for a term loan from SBI is easy and straightforward. You can apply online or visit any branch of SBI to apply for the loan.
- Long repayment period β SBI offers a long repayment period of up to 5 years, which helps to reduce your monthly EMIs.
- No collateral requirement β Unlike other types of business loans, you donβt need to provide any collateral to avail a term loan from SBI.
If youβre looking for a convenient and cost-effective way to finance your business needs, then a term loan from SBI is an excellent option. With its flexible repayment options, low interest rates, easy application process and long repayment period, this loan can help you meet all your financial requirements.
6) Collateral Free Loan from Lendingkart
7) Small Business Loan from Indiabulls Dhani
Indiabulls Dhani is a digital platform that provides easy and quick access to small business loans to help small businesses in India. With the help of Indiabulls Dhani, entrepreneurs can get up to Rs. 15 lakhs as loan with minimal paperwork and a hassle-free application process. Indiabulls Dhani caters to small businesses and entrepreneurs who have limited access to traditional sources of finance.
The loan process at Indiabulls Dhani is quite simple. All you need to do is fill an online application form, provide the required documents and submit it. Once your application is approved, the loan amount will be disbursed within 2-3 working days.
The repayment terms are quite flexible at Indiabulls Dhani. You can choose from loan tenure options ranging from 12-36 months, based on your repayment capacity. Apart from this, you can also take advantage of various flexible repayment options such as monthly EMI, weekly EMI and single lump sum payment.
Indiabulls Dhani also offers competitive interest rates for small business loans. The interest rate starts from 14% per annum and may vary depending on the size of the loan and other factors. Additionally, there is no processing fee or pre-payment penalty associated with the loan, so you can be rest assured that there will be no hidden costs.
Overall, Indiabulls Dhani is a great option for entrepreneurs and small business owners who are looking for quick and easy access to funds. With competitive interest rates and flexible repayment options, you can be sure that you will get the best deal for your business.
