Why you take the loan for your Business?
Each business is unique & have specific requirements. Business loan is offered by various banks & financial institutions across the country are customized…
By TEAM ROKADAA.COM
What Is A Business Loan?
Each business is unique & has specific requirements. A business loan is offered by various banks & financial institutions across the country that are customized & customer-centric. These are made to offer the business owners a wide array of financing alternatives.
The small business loan is the safest & easiest option to appropriately finance the business objectives. Banks & financial institutions offer tailor-made loans based on the nature, scope & goal of the requirements.
Rokadaa brings special Doctors Program for MBBS, BDS & Above qualification Interest rate starts from @10.99%, Loan up to 5 Years.
Features
Business loans can be availed in the range of Rs.1,00,000 to Rs. 2 Crore. These loan applications normally get approved quickly without any hassle during the process. Most banks & financial institutions provide the customer with the promise of unsecured lending solutions when it comes to business loans. The business loan comes with the added benefit of services, like SMS, Web Chat, Phone Banking, etc. Some banks extend exclusive higher loan amounts to self-employed customers. With minimal paperwork & flexible repayment options, more & more business owners are leaning on a business loan to fund the business need.
Benefits
Unsecured business loans enable businesses to fund exact exigencies & repay the loan amount in easy EMI. These loans are availed for different reasons, including business expansions, working capital, etc.
Banks & financial institutions offer business loans to customers with the flexibility of the doorstep service. Furthermore, business loans in India normally do not expect any collateral, guarantor, or security from an applicant.
Some banks offer customers a facility of business loan within a minute, either online or through their branches. These speedy approvals assure that customers do not waste their time waiting to hear from banks for the status of their loan application.
Business loans are destined to help small businesses to meet their capital & other requirements. Generally, the following categories of people can avail the business loan.
Who Can Avail Business Loan?
Following Entities Can Avail The Business Loan
- Proprietorship
- Partnerships
- Closely Held Limited Companies
- Private Limited Companies
- Limited Liability Partnerships
Applicants Have To Fulfil Following Criteria In Order To Be Eligible For Business Loan
- No Minimum Turnover
- Min 3 years experience in the current business
- Min 3 years of business experience
- Business should make a profit for last 2 years
- Min Annual Income is Rs.1.5 Lacs
- Min age of the applicant is 21 years
- Max age of the applicant is 65 years at a time of loan maturity
Business Loan Interest Rates 2021
Read below the comparison sheet for Personal Loan Interest Rates. Rokadaa.com has consolidated all the information regarding the latest rate of interests in one place. This loan comparison will surely help you to apply for a personal loan. Please keep visiting this section to remain updated.
Comparison chart for the rate of interests and loan amount
To help its customers get the best interest rates on Business loans Rokadaa.com has consolidated all the information regarding the latest rate of interest at one place. Keep visiting this section and remain updated.
Information for comparison of the rate of interests and loan amount
| Banks/Finance company | Min. Salary Per month in Rs | Rate of Interest Between | Loan Amount Provides Between | Turnover |
|---|---|---|---|---|
| HDFC | 2.5 Lac | 15% – 18% | 1 Lac – 50 Lac | Min 1 Cr |
| RBL Bank | 2.5 Lac | 16% – 22 % | 1 Lac -50 Lac | NA |
| Kotak Mahindra | 2.5 Lac | 16% – 21% | 3 Lac – 75 Lac | Min 40 Lac |
| ICICI Bank | 2.5 Lac | 16% – 21% | 1 Lac -40 Lac | Min 30 Lac |
| Fullerton INDIA | 2.5 Lac | 19% – 28% | 1 Lac – 15 Lac | NA |
| Magma Fincorp | 2.5 Lac | 19% – 22% | 1 Lac – 25 Lac | NA |
| Capital First | 1.5 Lac | 19% – 28% | 1 Lac – 15 Lac | NA |
| Axis Bank | 1.5 Lac | 19% – 28% | 1 Lac – 40 Lac | Min 40 Lac |
| Doctor Loan | 2.5 Lac | 11% – 15% | 2 Lac – 1 Cr | NA |
