Business Loan in India

You can avail a startup business loan in India from a bank or a financial institution to raise funds to start an own business or expand your existing business. The rate of interest charged by the bank will depend on the loan amount availed by you and the repayment tenure.

Business Loan Details

Interest Rate                                  Starting at 14.00 % p.a.

Loan Amount                                 Up to Rs.75 Lakh

Loan Tenure                                  Ranges from 12 – 60 months

Processing Fee                            Up to 2.50% of the loan amount + GST

Things to consider when looking for a Business Loan in India

Business owners and startups looking to get such a loan should ensure the following:

Make a crisp and detailed business plan.

State clearly how you intend to use the loan amount in your business loan plan.

Summarise the objectives and goals of the business along with a chart that will highlight the potential returns and growth of the venture.

Give a clear approximation of the funds.

Eligibility Criteria for Startup Business Loan

The eligibility criteria to avail startup business loans may vary from lender to lender but the generic ones have been listed below:

  • Age of the applicant should not be less than 21 years while the maximum age should not exceed 65 years.
  • The applicant must be a citizen of India.
  • Applicants should have a business plan.
  • Applicant must have a stable income and at least in the last 2 years generated profits