Pune is emerging as an IT hub for the country, along with the being the largest manufacturer of automobiles. The demand for loans and credit cards 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 and NBFCs.
Compare Business Loan Interest Rates from Top Banks/NBFCs – Jan 2021
| Banks / NBFCs | Interest Rate |
| SBI | 8.30% onwards (SME Loan) |
| Canara Bank | 9.60% onwards |
| Corporation Bank | 10.3% onwards |
| HDFC Bank | 15% onwards |
| Kotak Mahindra Bank | 16% onwards |
| ICICI Bank | 16% onwards |
| IDFC First Bank | 16% onwards |
| IIFL Finance | 16% onwards |
| Lendingkart Finance | 17% onwards |
| FlexiLoans | 17% onwards |
| Axis Bank | 17% onwards |
| Fullerton India | 17% onwards |
| ZipLoan | 18% onwards |
| Hero Fincorp | 18% onwards |
| Bajaj Finserv | 19% onwards |
| RBL Bank | 19% onwards |
| Indifi Finance | 22% onwards |
| NeoGrowth Finance | 24% onwards |
| Bank of Baroda | Based on your Business’s Profile |
| PNB Business Loan | Based on your Business’s Profile |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank, NBFC and RBI. GST and service tax shall be levied extra on the mentioned fee & charges.
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 proprietorship, partnership firms, limited liability partnership, etc.
- Good CIBIL/credit score
- Indian citizen with no criminal records
- Business experience in the same filed for past 12 months
- Annual turnover to be defined by 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
- Square Capital
- Zip Loan
How to Apply for Business Loan in Pune from Paisabazaar?
To apply for any type of business loans, people of Pune can simply visit paisabazaar.com and check and compare for all the business loan options offered by banks and NBFCs at lowest interest rates. Applicants can choose and pick from the available options and shall look forward to the further loan formalities to be proceeded by desired bank’s representatives. Secondly, applicants can directly visit the official website of the chosen financial institution and select the loan deal that is best suited, as per their business requirements.
Know About: Pradhan Mantri Mudra Yojana Loan Scheme
