Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs – March 2023
Bank/NBFCs | Interest Rate | |
Axis Bank | 14.95% - 19.20% p.a. | Apply Now |
Bajaj Finserv | 9.75% - 30% p.a. | Apply Now |
Flexiloans | 1% per month onwards | Apply Now |
HDB Financial Services Ltd. | Up to 36% p.a. | Apply Now |
HDFC Bank | 10% - 22.50% p.a. | Apply Now |
IDFC First Bank | 10.50% p.a. onwards | Apply Now |
Indifi | 1.50% per month onwards | Apply Now |
Kotak Mahindra Bank | 16% - 26% p.a. | Apply Now |
Lendingkart | 12% - 27% p.a. | Apply Now |
Mcapital | 2% per month onwards | Apply Now |
NeoGrowth Finance | 19% - 24% p.a. | Apply Now |
Tata Capital | 12% p.a. onwards | Apply Now |
UGRO Capital | 14.90% p.a. | Apply Now |
Note: Business loan interest rates are updated as on March 2023.
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Business Loan EMI Calculator is an online tool that provides access to calculate your loan EMI before applying for business loan or any other loan product. To calculate your business loan EMI, you can access the online EMI calculator by filling in basic loan details, such as loan amount, repayment tenure and interest rate. Loan EMI is automatically calculated, as per the entered details from the applicant. The exact EMI shall be defined by the lender at the time of loan approval.
Also Know – What is the average interest rate on a business loan?
Benefits of accessing the EMI Calculator
- Displays approx. amount of EMI to be incurred over the availed business loan
- Saves time and helps in the efficient loan planning
- Depicts a detailed overview of the availed loan through an amortization schedule
- Helps to plan finances for the future in a better way
- Option to choose multiple schedules and EMI installment tenure as per your requirements
Factors that affect Business Loan EMI
Loan amount – The amount that you are going to borrow decides your EMI amount. When the amount is higher, the EMI is high; and when the amount is low, the EMI remains low. However, it also depends on the repayment tenure of the loan.
Rate of interest – It plays a vital role in deciding loan EMIs and shall be chosen after thoroughly comparing the loan options offered by various lenders. Do not always opt for the lowest interest rates, instead check out for hidden charges and terms and conditions before applying for a loan.
Repayment Tenure – Repayment tenure or loan tenor also plays an important role in deciding the loan EMI. A longer tenure ensures lesser EMI while a shorter tenure ensures a high amount of EMI.