Raising funds is the hardest part of starting your business.
As much as a better idea is needed for any business to be successful and run it, so is the recruitment involved in it. At present, the repo rate of the Reserve Bank is very low and due to this the interest rates of all types of retail loans have also come down. If you also want to take a loan to start a business, then we are telling which bank is getting loan at cheap rates.
The country’s largest public sector bank SBI is offering business loans at very low interest rates. For the amount from 50 lakh to one crore, the bank is giving interest at the rate of 11.2 percent in March. However, the bank also charges a processing fee of 2 to 3 per cent on this. Despite this, the interest rates will remain low as compared to other banks. This loan is being given by the bank for a period of 5 years.
HDFC Bank, the largest private sector bank, has also offered loans at affordable rates. In March, loan is being given by the bank at the rate of 16 percent. A processing fee of Rs 499 is also being charged by the bank on the loan. HDFC Bank is giving loans up to Rs 75 lakh for 6 to 48 months.
Axis Bank, the second largest private sector bank, is also offering business loans at an introductory rate of 15 per cent. Loan up to 50 lakhs is being given by the bank for business, the duration of which can be from 12 months to 36 months. The interest rates may vary depending on the type of business and the loan amount.
ICICI Bank is also offering business loans at an introductory rate of 16 per cent. If you have a better business idea, then you can get a loan of up to Rs 40 lakh from the bank. It will take 6 to 48 months to repay it. The interest offered by the bank will also depend on the loan amount and the mode of business.
