Business Loan can be used for the expansion of an existing business or investing in a new one without pledging anything against the borrowed amount. The business loan can be offered to any person who is running a legitimate business with a decent earning can apply for a business loan.
Looking to find out which bank is best for Business loan. Different banks have different criteria and terms to validate the authenticity of his/her business. After authentication and validation, banks have the sole authority to decide the amount of loan and even whether it wants to offer the loan to borrower or not.
With more and more Business loan agents in Hyderabad, it can be rather confusing to find out which deal matches your exact requirement. Logintoloans will help you fulfill your financial needs by arranging Business Loans. We provide Business Loan based on the factors that banks provide the best deal for your requirement. We provide a platform that aggregated various types and categories of lenders to suit each requirement. We can’t say which bank is best for to get Business loan, it differs based on your requirement, eligibility and other factors. We help you do this through our interactive service which helps you compare and get the lowest interest rates for Business loan.
Types of Business Loans
Overdraft loans are usually based on some collateral or securities especially in terms of Bank Fixed Deposits. These are the loans at which most of the business owners look at to address financial concerns of the business.
Unsecured Business Loans
These unsecured business loans are issued by the banks and third party lending institutions to help the entrepreneur fund the working capital needs of the business. These loans are sanctioned mostly based on your previous credit history and repayment capability. For new business it generally requires a track record of profitability and success.
Working Capital Loan:
Working capital loans are short-term business loans usually provided to businesses as regular working capital. These loans are provided for growth and expansion, and for handling current day-to-day expenses such as advertising, payroll, inventory purchases, or renovations. In this type of a loan as well, interest is charged by the bank only on the utilized amount and not on the entire sanctioned amount.
Start-up Business Loans
Various Banks and financial institutions offer startup loans for small and medium sized enterprises. Start-up loans are provided for the business owners with exceptional business plans and revenue models. Generally these loans are a bit difficult to get sanctioned because the lenders sanction them only after studying about the educational background of the owner, feasibility of the business plan and many other aspects before sanctioning the loan.
Features & Benefits
Business loans in India can be availed in the range of Rs.50,000 and up to Rs. 75 Lakhs.
These loans are usually get approved fairly quickly and sans without any hassle process.
Doorstep Service - Fix an appointment with any of our representatives on phone and get assistance in completing loan related formalities
Gain quick approval on loans
Minimal paperwork and hassle free processing
Attractive interest rates
Self-employed individual/Limited or private limited firm/Manufacturer or service provider.
Practise certificate, Proof of ownership of the possessions which are used for business purpose, KYC documents of a co-applicant(if any).
Bank/ lender name
Not exceeding 2.5% of loan amount sanctioned. Min. Rs. 1000, Max. Rs. 25,000.
1% to 3% of loan sanctioned
15.50% to 24%
1.5% to 2% of loan sanctioned
Min. Rs. 999
Not exceeding 2.5% of loan amt
2.25% to 3% of loan sanctioned
Up to 5% of loan amount
Min. Rs. 270
Not more than 2.5% of loan amt.
Processing Fees below 2%
Standard Chartered Bank
Not more than 2.25% of loan amt
Processing fees Rs. 1000
Processing Fees 1.5%
Processing Fees 1.5%
Processing Fees Not more than 2.5%
Less Documentation and Quick Approval
In the developing countries like India, banks are willing to lend money to the entrepreneurs to encourage self-sustainability and growth of the economy. If you can show up a good credit score and show up the well-drafted business plan with good future prospects for the business, you can get the business loan approved quickly with less documentation.
There are a number of business loans available with varying interest rates and loan tenure. You can plan the repayment of the loan according to your repayment capability. This flexibility will help you keep away financial difficulties while servicing loans. You can choose to repay your business loan early with idle funds without the fear of pre-payment penalty.
Affordable Interest Rates
Business loans are huge most of the times, so lenders sanction them at affordable interest rates. The interest rates on these business loans vary from person to person and entirely depend on loan tenure, market situations, and borrower credentials.
Various Business Needs
Business loans are crafted by the lenders to assist various business requirements at best. These loans are sanctioned for the start-up business, working capital loans, equipment financing and other fill cash flow gaps in business.
How to increase the chances of business loan approval?
Hearing good news about your business loan getting approved is very exciting. Apart from our assistance, there is a workout at your end to increase the chances of business loan approval.
Have your business assets insured to increase the chances of business loan approval
Well, planned business plan with good future prospects will convince the lender easily.
Check your eligibility for the business loan and have all the stated documents handy for quick approval.
Your idea of business and presentation are very important for start-up loans.