best 5 Private Bank gives business Loan easily? Easy Business Loan upto 20 Lakh

 

Business Loans by Private Banks

As there are many government banks and they provide loans through different schemes but some private bank also provide loans for different business purposes. Below are the details of business loans provided by some leading private sector banks:-

Best 5 Private Bank gives business Loan easily?

HDFC Bank – HDFC bank provides business loan for self employed business professionals (Doctor or Architect), self employed non-professionals and MSME. The loans are provided for business expansion, cash flow needs, new equipments, raw materials etc.

It provides business loans up to 40 lakh without any collateral or guarantee. Interest rate varies from schemes to schemes and they charges 0.99% processing fee. It also provides Overdraft facility for sudden business need ranging from 5 lakh to 15 lakh.

 

1.ICICI Bank – ICICI Bank also provide business loan for working capital, term loans, overdraft facility and customised loans as per requirement. To avail for this loan customer need to fill application form, provide KYC document and financial of business. Interest rate varies from schemes to schemes and they charge processing fee up to 2%.

 

2.Axis Bank- It provide business loan to entities with turnover around 30 lakh and business which are minimum 3 years old. It provide loan amounting 3 lakh to 50 lakh for tenure of 12 months to 36 months. They also have criteria that if individual owns the business the income should be more than 2.5 lakh per year and if non-individual the income should be more than 3 lakh per year. Document required to avail this loan is KYC document, application form, financial documents, and Business proof and bank account statements. The interest rate varies from loans to loans and processing fee is 2%.

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3.Kotak Mahindra Bank- It provide business loan amounting 3 lakh to 75 lakh. The eligibility to avail this loan is that business should be 3 years old with 40 lakh turnover and should be in profit in last one year. Also the applicant should be sole owner of the business. Interest rate varies from loan to loan and the processing fee is 2% maximum. They also charge documentation charges which differ with loan amount.

 

4.Indusind Bank – It provide business loan up to 50 lakh for different business purposes like working capital requirements or any short term cash needs. The eligibility to avail this loan is that business should have minimum turnover of 1 crore and paid up capital should be greater than 10 lakh. The document required to avail this loans are duly filled application form, KYC documents, Business continuity form, ownership proof, financial etc. The interest rate varies from time to time and the processing fee is around 3%.

There are many other private banks which provide business loan and details of which could be easily found by visiting the website of the bank. Other than processing fee and interest there are many other charges like stamp duty, statutory charge, pre closure charges etc. The stamp duty and statutory charge varies from state to state. Also some bank charges for different facilities like cheque book or for any other document which may be required by the borrower.

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