Chandigarh is a union territory and capital city of Punjab and Haryana, renowned for its planned structure, third highest per capita income and cleanliness. Chandigarh is one of the leading outsourcing and IT services destinations across the nation. Like other major cities, Chandigarh also specializes in providing business loans at competitive interest rates with flexible repayment options.
Compare Business Loan Interest Rates from Top Banks/NBFCs – Jan 2021
Banks / NBFCs | Interest Rate |
SBI | 8.30% onwards (SME Loan) |
Canara Bank | 9.60% onwards |
Corporation Bank | 10.3% onwards |
HDFC Bank | 15% onwards |
Kotak Mahindra Bank | 16% onwards |
ICICI Bank | 16% onwards |
IDFC First Bank | 16% onwards |
IIFL Finance | 16% onwards |
Lendingkart Finance | 17% onwards |
FlexiLoans | 17% onwards |
Axis Bank | 17% onwards |
Fullerton India | 17% onwards |
ZipLoan | 18% onwards |
Hero Fincorp | 18% onwards |
Bajaj Finserv | 19% onwards |
RBL Bank | 19% onwards |
Indifi Finance | 22% onwards |
NeoGrowth Finance | 24% onwards |
Bank of Baroda | Based on your Business’s Profile |
PNB Business Loan | Based on your Business’s Profile |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank, NBFC and RBI. GST and service tax shall be levied extra on the mentioned fee & charges.
Business loans offered by financial institutions can be availed by the following entities of Chandigarh:
Individuals, traders, retailers, manufacturers, self-employed, sole proprietorship, partnership firms, private limited and public limited firms, NGOs, co-operative societies, etc.

Apply for Business Loan @ 11.90% onwards per annum Apply Now
Eligibility Criteria
- Minimum age limit of the applicant should be at least 21 years and maximum age should be 65 years at time of loan maturity
- Indian citizen with no criminal record
- Good Credit Score
Business Loans are categorized in two categories by financial institutions, such as secured business loan and unsecured business loan.
Secured Business Loan: In this type of category customers need to submit collateral to avail loan. However, the interest rate is low as compared to other types of business loans and even the loan amount offered is high.
Unsecured Business Loan: Collateral or security is not required to be submitted to the lender. Interest rate is comparatively on higher side and loan amount depends on the business requirements.
Purpose of Business Loan
Business Loans can be used for various purposes, such as business expansion, meeting working capital requirements, purchase of machinery and equipment, buying raw materials, managing cash flow, paying office rent and salaries, hiring new staff, purchase of inventory or stock, debt consolidation, etc.
Types of Business Loans offered in Chandigarh
- Term Loan
- Working Capital Loan
- Overdraft
- Letter of Credit
- Bill or Invoice Discounting
- Demand Loan
- Small Business Finance
- Micro Loan
- Merchant Cash Advance
- Equipment Finance
- Construction Machinery Loan
- Commercial Real Estate Loan
- Business Credit Card and many more
- Mudra Loan
Business loans can be offered to any individual who is running a legal business with good turnover. Generally, most of the private and public sector banks and NBFCs have different criteria and terms and conditions to validate the authenticity of a business. However, these banks validate the authenticity of a business on below mentioned parameters:
- Nature and Type of business
- Annual Turnover
- Profit made by business
- Credit Score of business
- Past financial track record
The interest rate offered by banks and NBFCs depends on various factors, such as loan amount, applicant’s profile, business requirements, loan tenure, CIBIL score, creditworthiness of applicant and repayment capability.
People of Chandigarh who plan to take any type of business loan at lowest interest rates can visit paisabazaar.com to check and compare business loan options available from various financial institutions.