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4 Best Commercial Loans 2024

Updated on June 20, 2024 , 1234 views

To make the process easier for self-employed and professionals, several private, as well as government banks, have come up with the idea of providing commercial loans. With minimal documentation and competitive interest rates, these loans can fulfil a variety of business requirements and needs.

Commercial Loans

In this post, top banks have been accumulated and their commercial mortgage details. Find out more about banks giving the best offers and what price you’d have to pay to avail such loans.

Top Banks Offering Commercial Loan

Axis Bank Business Loan

This specific commercial mortgage by Axis Bank is targeted to simplify the commercial journey for self-employed people. Whether you are a professional or running a different business, this Collateral-free loan scheme can help you fulfil the financial gaps that may have come into the operational activities of the business. Some of the best features of this loan are:

  • Balance Transfer available
  • Quick and easy disbursal
  • Minimal documentation
  • Collateral-free loan
  • Competitive pricing
Particulars Details
Loan amount Rs. 50,000 to Rs. 50 lakhs
Interest rate 16% onwards
Processing fees Up to 1.25% + ST
Repayment tenure 1 year to 3 years

Eligibility

  • The business should be at least 3 years old
  • Turnover should be a minimum of Rs. 30 lakhs
  • Age should be between 21 to 65 years

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ICICI Business Loan

ICICI comes among the top banks of the country. And, as far as commercial lending is concerned, their reputation is quite remarkable. With adequate and reasonable interest rates, this business loan comes with flexible tenure and minimum process fee. Apart from that, there is a variety of loan options available with the bank, such as:

  • Working Capital finance
  • Term loans
  • GST business loan
  • InstaOD
  • Loans for new entities
  • Collateral free loans
  • Loans without financials
  • Finance for importers & exporters
  • Insta-secured overdraft Facility
Particulars Details
Loan amount Rs. 1 lakh to Rs. 40 lakhs
Interest rate 16.49% onwards
Processing fees Up to 2% + GST
Repayment tenure 1 year to 5 years

Eligibility

Following is the eligibility criteria to qualify for the loan-

  • ITR of at least 2 years
  • Turnover should be a minimum of Rs. 60 lakhs
  • Applicant should be between 25 to 65 years of age
  • CIBIL Score should be - 750 or above

RBL Bank Business Loan

Provided by a well-known and considerable bank, this loan type is perfect to meet short-term financing requirements as it can be acquired at reasonable commercial loan rates. Whether you wish to begin a new business or expand the existing one, RBL bank loan is an appropriate choice to go with. Here are some of the features that you can expect:

  • No collateral or security required
  • Flexible tenure
  • Minimum and basic documents required
  • A good choice for self-employed, self-employed professionals and partnership firms
Particulars Details
Loan amount Rs. 10 lakhs to Rs. 35 lakhs
Interest rate 16.25% onwards
Repayment tenure 1 year to 3 years

Eligibility

A business should be-

  • Working in the same business for the last 3 years
  • Should have a turnover of Rs. 60 lakhs
  • Applicant should be between 27 to 65 years of age
  • Resident of India holders

HDFC Business Loan

If you choose HDFC to take your business loan, you can ensure quick, fast and simple procedure. On the Basis of your eligibility, the bank decides upon the amount to be disbursed. To meet Financial goals for your business, this is definitely one of the appropriate options. Some of the best features of this loan are:

  • Collateral free loan (No security required)
  • Transfer loan balance seamlessly
  • Dropline overdraft facility available
Particulars Details
Loan amount Up to Rs. 40 lakhs (Rs. 50 lakhs loan available in only certain locations)
Interest rate 15.57% onwards
Repayment tenure 1 year to 4 years

Eligibility

Following is the eligibility criteria for qualifying the loan-

  • Working in the same business for the last 2 years
  • Minimum annual turnover is Rs. 40 lakhs
  • ITR showing Rs. 1.5 lakhs per annum (Minimum)
  • 21 to 65 years of age
  • Resident of India

Conclusion

Commercial loans are appropriate enough as far as fulfilling business requirements are concerned. Now that you are aware of the best options and the top banks Offering commercial loan, find out more information and take up the loan as required.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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