Business Loan Interest Rate & Charges
In-Budget Interest Rates – No Hidden Charges!
A business loan can be useful at any stage of your business operations. Applying for a Business Loan in Our Partnered NBFCs is beneficial due to the attractive interest rate offered – which starts at 11.5%. Such convenient interest rates allow you to manage your business finances comfortably without getting overburdened. Before applying for a loan, you must plan it by considering all the crucial aspects like EMIs, loan tenure, etc.
A business loan can be useful at any stage of your business operations. Applying for a Business Loan in Our Partnered NBFCs is beneficial due to the attractive interest rate offered – which starts at 11.5%. Such convenient interest rates allow you to manage your business finances comfortably without getting overburdened. Before applying for a loan, you must plan it by considering all the crucial aspects like EMIs, loan tenure, etc.
Business Loan Processing Fees
The processing fee is the amount that is charged by the financial institution through which you would receive the loan approval. Generally, this is the amount charged against the administrative processes carried out for your loan process – it is usually in the range of 0-2% (without taxes) – but, the final details may vary.
What is Prepayment?
When you repay your loan entirely before the decided loan tenure, this is known as prepayment. While there are many financial institutions that charge nothing for this, there are some that charge prepayment fees as well.
Planning a Business Loan
This is very crucial for you to gain a clear picture of the EMI amount you are capable of paying. For this, consider all the monthly transactions involving your finances – your income, your expenses, everything! And yes, you can always use an EMI calculator for your convenience.
Factors Considered For Business Loan Interest Rate & Other Particulars
Because there is no guarantee given to the financial institution/lender, the loan applicant's documents (credit score and profile too) are the only factor that provides the required confidence to the lenders. Usually, the following are the factors that are taken into consideration:
- CIBIL Score/Credit Score
- Repayment History
- Ongoing Loan/Debts
- Current Income
