Most of the banks and NBFCs provide MSME loans to Micro, Small and Medium Enterprises. The interest rates on the MSME loans range from 8.50% to 17% depending on the business profile and internal policies of the lender. The best bank for MSME loans can be the one that caters to your requirement at lower interest rates. It purely depends on your business credit profile and the lender’s policies. The following are the interest rates offered on MSME loans by various lenders.
|Bank Name||Interest Rate|
|Andhra Bank||9.05% to 12.75%|
|Allahabad Bank||8.65% to 15.75%|
|SBI||9.1% to 15.65%|
|Indian Bank||9.25% to 15.1%|
|Central Bank of India||9.1% to 13.1%|
|Punjab National Bank||8.65% to 13.45%|
|Oriental Bank of Commerce||9.75% to 11.5%|
|UCO Bank||8.85% to 11.7%|
|Syndicate Bank||9.15% to 12.65%|
|Union Bank of India||9% to 13.75%|
The above interest rates mentioned are indicative, it may vary as per the lenders’ policies. If you are looking for a business loan, you may check your eligibility at CreditMantri.