Top 10 Providers of Unsecured Business Loans in India

Business loan is a means to finance one’s financial needs for their business. There are several banks and non-banking companies today that offer unsecured business loans in India. But, which ones are the most reliable and popular? How do you select a loan provider for funding your business? Below, we have listed out 10 top providers of business loan in India, so that you can get all the necessary loan information and choose the one that is most suiting to your requirements.

  • Deutsche Bank : 

Deutsche bank business loan is an unsecured loan. To be eligible for the loan, the business vintage should be at least 5 years.

  • The eligibility is also judged on robustness of the business model, financial ratios, company’s competence, and competitive scenario, quality of management, turnover growth, industry performance, and margins.
  • Loan amount is up to Rs. 50 lakhs.
  • Tenure is up to 3 years and processing is maximum 1 percent of the loan amount.
  • Interest rate is 18% to 24%.
  • Prepayment is allowed only after 9 months from the date of disbursal.

HDFC Bank

HDFC bank business loan is available for both small and large-sized firms. There is no guarantor or security required. The bank has credit protection plan as added benefit over the loan.

  • Loan amount is maximum Rs. 50 lakhs. Interest rate is as low as 15.65% up to 21.20%.
  • Processing fee is up to 2.5% and as low as 0.99% of the loan amount.
  • Tenure is up to 48 months.
  • No foreclosure is allowed.
  • Part closure can be opted for the first 6 months of the limit setting.
  • RBL Bank : 

RBL business loan can be availed by sole proprietorships, self-employed individuals, self-employed professionals, private limited companies, and partnership firms.

  • ICICI Bank : 

ICICI bank business loan are of variety of types. Minimum business vintage for existing companies is 3 years. The bank offers loan against credit card to merchants of up to Rs. 2 crore.

  • Kotak Mahindra Bank : 

Kotak Mahindra bank business loan has a feature of convenient payment option. Borrowing amount is between Rs 3 lakhs and Rs 75 lakhs.

Axis bank business loan is both for short-term and long-term business needs. The loan involves minimal documentation and quick processing.

Aditya Birla Finance offers loan for business without security or collateral. Minimum paperwork and flexible tenure are its unique selling points.

Edelweiss Finance business loan is for SME and other companies. Edelweiss business loan is for proprietorship firms, self-employed professionals, partnership firms, closely held limited companies, and private limited companies.

IIFL business loan is to meet financial requirements for a business. The borrower can get instant loan up to Rs. 10 lakhs.

TATA Capital business loan helps in fulfilling daily capital requirements and funds for companies. It offers SME and MSME loans.

The best business loan for you is one that is suitable to your requirement. Compare all the available options by analyzing the business loan offers from these top providers, and take an informed decision.

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