Which bank is best for business loan?

Corporation Bank is the best bank for taking a business loan based on their current interest rates as they offer low interest rate of 13.50%.

Do banks provide loans to small business in India?

Most of the top public sector and private sector banks give small business loans in India under various government schemes like Mudra loan, CGTMSE etc. In addition to government schemes, select banks and finance companies also offer unsecured loans to small businesses with an annual turnover of Rs. 1 crore and above based on an assessment of business financials, stability, growth, debt servicing capability and management reputation. Some of the new NBFCs have started offered business loans without collaterals for even smaller businesses, though the rate of interest on such loans tend to be higher than that offered by banks.

How can I apply Business Loan in my city?

Yes, you can apply business loan online in your city provided you have sufficient turnover, business stability and have good credit history. You can also compare business loan offers for different cities at Loan Infinity.

Does no CIBIL history affect business loan?

Yes, banks may reject your loan application if you do not have a CIBIL history or poor CIBIL. In that case, you have to opt for a loan with high rate of interest. Banks consider you to avail gold loan or credit card to build some CIBIL history before you apply for a loan.

Can I reduce EMI on business loan?

You can reduce your loan EMI if the bank offers part prepayment or full prepayment. Most banks allow prepayment after repayment of 6-12 EMI’s and some banks allow after 1 EMI only. So, you can easily opt for prepayment of loan if you have surplus amount and want to lower your burden of EMI during the loan tenure.