As interest rates for business loans are subject to change from time to time, it is advisable to check the latest interest rates from the respective banks/NBFCs before applying. However, as of February 2023, here’s a comparison of the business loan interest rates offered by some of the top banks/NBFCs in India:
- State Bank of India (SBI) – 7.50% to 9.50% per annum
- HDFC Bank – 8.00% to 12.75% per annum
- ICICI Bank – 8.25% to 16.50% per annum
- Axis Bank – 9.00% to 16.00% per annum
- Kotak Mahindra Bank – 11.50% to 16.00% per annum
- Bajaj Finserv – 8.30% onwards per annum
- Tata Capital – 11.50% onwards per annum
- Fullerton India – 17.25% onwards per annum
It is important to note that these interest rates are indicative and subject to change depending on various factors such as the borrower’s credit score, repayment history, loan amount, and tenure. Moreover, different banks/NBFCs may have different eligibility criteria, processing fees, pre-payment charges, and other terms and conditions for business loans. Hence, it is advisable to compare the interest rates and terms and conditions offered by various banks/NBFCs before applying for a business loan.