There are a lot of public and private banks that provide business loans to varied individuals. Getting the best loan depends on a lot of factors, and the best bank would be the one that provides the loan at lesser interest rates. To put it simply, if a bank agrees to give you a business loan at a lower interest rate than all other lenders, then that is the best bank for you to get the loan. However, it is not possible to say that would be the best bank for someone else.
Each bank has its own eligibility criteria for a business loan. If you are able to fulfil all the criteria, you are likely to get the best rates from the particular lender. Following are the eligibility criteria and features of some of the popular banks that provide business loans:
HDFC Bank
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All self-employed individuals can get the loan.
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Loan amount is up to Rs. 50 Lakhs.
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The minimum annual turnover should be Rs. 40 Lakhs.
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The applicant should have a minimum of 5 years of business experience and should be 3 years in the current line of business.
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The business should have minimum annual income of Rs. 1.5 Lakhs.
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The applicant should be a minimum of 21 years old and a maximum of 65 years old at the time of loan.
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ICICI Bank
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You should be a minimum of 25 years old and a maximum of 65 years.
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You should have a minimum annual turnover of Rs. 60 Lakhs.
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You should have a good credit score.
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Maximum loan amount is up to Rs. 40 Lakhs.
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Loan tenure is 3 years.
Tata Capital
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Loan amount is up to Rs. 50 Lakhs.
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Interest rate starts from 19% onwards.
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Tenure is up to 3 years.
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You should be a minimum of 25 years old and a maximum of 65 years.
Are you looking for a business loan at better terms and lower interest rate? Check your eligibility here for free.