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Business loans in Kolkata are mostly unsecured loans that can be availed without submitting any Collateral/Security with the Bank/NBFC. The maximum loan amount is offered up to Rs. 2 crores with a repayment tenure of up to 5 years and nominal processing fees. The interest rate and loan amount offered by the Banks/NBFCs largely depends on the applicant’s profile and business requirements. Below mentioned is a tabular presentation of business loan interest rates offered by the leading Banks/NBFCs:
Compare Business Loan Interest Rates from Top Banks/NBFCs
| Bank/NBFCs | Interest Rate |
| Axis Bank | 10.75% p.a. onwards |
| Flexiloans | 1% per month onwards |
| HDB Financial Services Ltd. | 8% - 26% p.a. |
| HDFC Bank | 10.75% - 25% p.a. |
| IDFC First Bank | 10.50% p.a. onwards |
| Indifi | 1.50% per month onwards |
| Kotak Mahindra Bank | 16% - 26% p.a. |
| Lendingkart | 12% - 27% p.a. |
| Mcapital | 2% per month onwards |
| NeoGrowth Finance | 15% - 40% p.a. |
| Tata Capital | 12% p.a. onwards |
| UGRO Capital | 9% - 36% p.a. |
| Bajaj Finserv | 10% to 26% |
Business loans in Kolkata are mainly used for business purposes, such as buying machinery/ equipment, business expansion, enhancing cash flow, purchasing raw materials/stock, paying-off salaries, debt consolidation, etc.
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Eligibility Criteria
- Minimum age limit of the applicant should be at least 21 years and the maximum age should be 65 years at the time of loan maturity
- Minimum turnover should be as per the lender’s requirements
- Good repayment history with stable financial history
- Business tenure should be at least 1 years
- Credit score should be 750 or above
Eligible Entities to avail Business Loans in Kolkata
Self-employed professionals, individuals, MSMEs, sole proprietorships, partnerships, limited liability partnerships, private and public limited firms, and other business entities engaged in the manufacturing, trading or services sectors.
Types of Business Loans offered in Kolkata
- Term Loan
- Working Capital Loan
- MSME Loan
- Loans under Govt. Schemes
- Demand Loan
- Bill / Invoice Discounting
- Merchant Cash Advance
- Letter of Credit
- Machinery Loan
- Micro Lending
- Commercial Vehicle Loan
- Construction / Farm Equipment Finance, etc.
Documents Required
- Duly filled application form with passport-sized photographs
- KYC documents of the applicant, including Passport, Voter’s ID, Aadhar Card, Driving License, PAN card, Utility Bills (Water & Electricity Bills)
- Last 12 months’ bank account statements
- Proof of business incorporation
- Any other document required by the lender
FAQs
Q. What is the loan amount that I can get if I avail business loan?
Ans. The minimum loan amount offered is Rs. 10,000 and the maximum goes up to Rs. 2 crores. This mentioned amount is based on unsecured loans where you are not required to submit any collateral.
Q. What is the repayment period of a business loan?
Ans. The repayment period of a business loan ranges between 12 months and 60 months.
Q. What is the minimum credit score required to apply for business loans from private sector banks?
Ans. The minimum credit score required to apply for a business loan should be 750 or more.
Q. If I want to take a loan amount of Rs. 50,000 to start a new business, which bank should I opt?
Ans. If your business requirement is Rs. 50,000 and you want to start a new business, you can contact banks offering Mudra loan under Pradhan Mantri Mudra Yojana (PMMY). Under Mudra loan, you can opt for a Shishu scheme that offers loans up to Rs. 50,000 to start a new business.
Q. Do I need to submit collateral/security, if I avail business loan?
Ans. No, business loans being an unsecured loan, you are not required to pay any collateral to the Bank/NBFC.
Q. Do I need to pay extra if I want to cancel my business loan?
Ans. Yes, you will have to pay loan cancellation fees, if you want to cancel your loan. However, the exact loan cancellation fee shall be decided by the respective lender or financial institution.
Q. Is it possible to shift my existing business loan from one bank to another?
Ans. Yes, it is surely possible to change your existing lender but will have to pay some extra fees to the existing lender for changing to a new lender. This fee is decided by the bank and shall be conveyed to you at the time of placing of request.