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 individuals, self-employed professionals, MSMEs, business owners, startups, sole proprietorships, partnerships, limited liability partnerships, and other entities engaged in money earning and business activities along with serving the Services, Manufacturing, and Trading sectors.
MSME loans can be used for business expansion purposes, starting a new business, meeting day-to-day business requirements, enhancing cash flow, purchasing raw materials, goods, or stock, buying or upgrading equipment/machinery, paying off rent/salary, hiring, and training staff, etc.
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.
Compare Business Loan Interest Rates from Top Banks/NBFCs – 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)||Apply Now|
|Axis Bank||14.25% – 18.50% p.a.||Apply Now|
|IDFC First Bank||14.50% p.a. onwards||Apply Now|
|Kotak Mahindra Bank||16% – 19.99% p.a.||Apply Now|
|Fullerton Finance||17% – 21% p.a.||Apply Now|
|Bajaj Finserv||17% p.a. onwards||Apply Now|
|RBL Bank||17.50% – 25% p.a.||Apply Now|
|ICICI Bank||18% p.a. onwards||Apply Now|
|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|