Pune has already emerged as an IT hub for the country, along with the being the largest manufacturer of automobiles. The demand for business loans has always been high in this city. Financial institutions of Pune have also helped its residents to avail lending products available at affordable interest rates. Business loans and working capital loans have also shown substantial growth in the last decade. So, let’s check the interest rates offered by some of the popular Banks & NBFCs.
Compare Business Loan Interest Rates from Top Banks/NBFCs – April 2023
| 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% |
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Eligibility Criteria
- Age Criteria: Minimum age 18 years and maximum age 65 years
- Business loans can be availed by individuals, self-employed, public limited and private limited companies, sole proprietorships, partnership firms, limited liability partnerships, etc.
- Good CIBIL/credit score
- Business experience in the same filed for past 12 months
- Annual turnover to be defined by the lender
- Minimum business existence should be of past 2 year
Documents Required for Loan Application
- Passport-sized Photographs
- Business Plan
- Identity Proof: Voter’s ID card, PAN card, Passport, Driving License, Aadhar Card
- Age Proof: Driving License, Voter’s ID card, Passport
- Address Proof: Passport, Voter ID, Rent Agreement, Utility Bills, Ration Card
- Last 6 months’ bank statement
- Last 3 months’ salary slips, if employed
- Business address proof – Property papers, Sale deed, Lease agreement
- Memorandum of Articles and Article of Associations (MoA) & (AoA) documents
- Company Registration Certificate
- Last 2 years’ ITR and Sales Tax returns
- Financials: Last 2 years’ Certified P&L statement, GST Registration Certificate, Shops and Establishment Certificate
Besides private limited banks, below mentioned are the names of some popular NBFCs offering business loans at competitive interest rates to the residents of Pune, as well as customers across India:
- Adani Capital
- Bajaj Finserv
- Capital Float
- Electronic Finance Ltd.
- FlexiLoans
- Lendingkart Finance
- Zip Loan
Know About: Pradhan Mantri Mudra Yojana Loan Scheme