MSME Loan for New and Existing Business or Enterprise is a type of credit facility in form of a term loan (short-term/intermediate-term/long-term), working capital loan, overdraft, cash credit, letter of credit, bill discounting, and other funding products.
Micro, Small, and Medium Enterprise (MSME) loans are offered by numerous financial institutions to startups, self-employed professionals, MSMEs, business owners, sole proprietorships, private and public limited companies, partnership firms, limited liability partnerships, and other business entities engaged in the Services, Manufacturing, and Trading sectors.
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Further, let’s discuss business loan interest rates offered by leading Banks/NBFCs, along with MSME loan features, eligibility criteria, fees & charges, and much more.
Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs – October 2022
|HDFC Bank||10.00% – 22.50% p.a.||Apply Now|
|FlexiLoans||1% per month onwards||Apply Now|
|ZipLoan||1% – 1.5% per month (Flat ROI)|
|Axis Bank||14.25% – 18.50% p.a.||Apply Now|
|IDFC First Bank||14.50% onwards|
|Kotak Mahindra Bank||16% – 19.99%||Apply Now|
|Fullerton Finance||17% – 21%|
|Bajaj Finserv||17% p.a. onwards||Apply Now|
|RBL Bank||17.50% – 25% p.a.||Apply Now|
|ICICI Bank||17% onwards|
|Indifi Finance||1.5% per month onwards||Apply Now|
|Lendingkart Finance||1.5% – 2% per month||Apply Now|
|Tata Capital Finance||19% p.a. onwards||Apply Now|
|NeoGrowth Finance||19% – 24% p.a.||Apply Now|
|Hero FinCorp||Up to 26% p.a.||Apply Now|
Note: Business loan interest rates are updated as on October 2022.