Business loans are created to help small kind of business and any type of start up meet their capital requirement.There are 30+ banks and financial institution in the country that offers tailor-mode business loans at so interesting and attractive interest rat which will suit your business’s financial requirements.With the current state of business financing, it can be harder than usual to get a business loan. Fortunately, few lenders still seem to be going strong, and some of them let you use your loan for business reasons.
1)HDFC Bank Business growth loans Many private company,proprietors,self employed individual persons and partnership firms that are involved with many kind of business and trading,manufacturing,or services can apply for this loan,which is subjected to meeting lenders eligibility criteria.Those individuals who are looking to avail the loan they don’t need to submit any collateral security.A guarantor is also not required to avail and take benefits rom this loan.
In this loan scheme loan balance transfer facility is offered.Who wants to get benefits of these loans and prospective borrowers can check their eligibility online or at an HDFC bank branch in just a few seconds.Pre payment of this loan is permitted after 6 EMI are repaid.
PROCESSING FEE OF THESE LOAN:Upto 2.5% of the loan amount (subjected to a minimum fee of Rs.2359 and maximum fee of Rs.8850)
EMI(For Rs.5 lakh):
Rs.17579/-
REPAYMENT: 6,32,827
PRE-CLOSURE CHARGES:
• 07-24 months – 4% of the outstanding principal
• 25-36 months – 3% of the outstanding principal
• >36 Months – 2% of outstanding principal
INTERNAL CHARGESOverdue EMI interest 2% per month on the over due amount,will be subjected to a minimum fee of Rs.200.Stamp duties: As per the laws of the state that the borrowers resides in.Cheque swapping charges will be Rs.500/- Amortisation schedule charges:Rs.200/-The price of cheque bounce will be Rs.550/-
2)SBI Small Business LoanThe simplified small business loan from State Bank of India is a general purpoe loan.Business owner,professionals,and self employes individuals can take benefits from this loan.The total charges levied,including processing fee,inspection charges,documentation charges,remittance charges,and commitment charges,is just Rs.7500/- To get this loan minimum collateral of 40% is required for this loan.
In addition to this loan,State Bank of India offers 15 other business loans such as SME eBiz Loan,PM Mudra Yojana,Export Packing Credit,Lease Rental Discounting,Open Term Loan,Stand up India,SME Smart Score,SME credit card,Doctor Plus,Medical Equipment Finance,e Dealer Finance Scheme,e Vendor Finance Scheme,ABL & ABL CRE,Fleet Finance and Warehouse Receipt Finance.
PROCESSING FEE:The processing fee will be as per the lenders terms and condition.
EMI (For Rs.5 lakh):Rs.23,537/- REPAYMENT: Rs.5,64,882/- PRE-CLOSURE CHARGES: As per the lender’s terms and conditions.
3)FULLERTON INDIA BUSINESS LOAN:In this scheme the lender offers four types of business loans:Business loan,Busine loan for women,Busines loan for doctors,and business loan for chattered accountantants.Every scheme has their own unique features and my type of benefits.Buniess owners can avail Business Loan for any business funding requirements that may have risen.The Business Loan for Women is a very unique loan that has been designed only for women entrepreneurs.
Those Doctors who wants to open their own clinic the can take the Business Loan for Doctors.If you are looking to purchase new any kind of medical equipment you can also apply.The lender’s Business Loan for Chartered Accountants is a type of loan scheme that can be only availed by chartered accountants.
PROCESSING FEE: Up to 6.5% of the borrowed loan amount. EMI(for Rs.5 lakh): Rs.18706/- REPAYMENT: Rs.6,50,746
INTERNAL CHARGESCollection of cash or cheque: Rs.300 per collection, ECS/Cheque dishonour charges:Rs.30 per instance, SWAP CHARGES: Rs.500/-, Loan cancellation charge (if cancelled
