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Business Loan

Stay Ahead in Business with affordable Business Loans

Planning to revamp your business, increase working capital, buy new machinery, or even hiring new workforce? Business Loan deals at Eprimeloans are customized to meet your varying business needs. We provide startup business loans at lowest possible business loan interest rates as we work in association with leading banks and NBFCs.

At Eprimeloans, you get quick, affordable, and hassle free business loans with flexible repayment options. Our business loan deals are specially customized to suit your business plans.

Collateral Free Online Business Loans

Banks may not entertain small business owners with small ticket short term loan requirements for working capital. Moreover, securing a small business loan from banks is a lengthy process that usually requires collateral and countless paper work.

If you are also among those medium and small business owners, then you need to explore our online business loans for securing funds quickly and without collateral.

Leading Banks offering Lowest Business Loan Interest Rates 2020

A quick glance at the below mentioned table will give every single detail relating to the Business Loan interest rates from India’s leading banks.

Lenders Interest Rate (p.a) Loan Amount (in ) EMI per lakh(in )
YES Bank Starting at 10.99% Up to 20 lakhs 2,162
HDFC Bank 10.75%-21.45% For Salaried-Up to 25 lakhs. For Self-employed- Up to 15 lakhs 2,187-2,734
Standard Chartered Bank 11.5%-18% Up to 30 Lakhs 2,199-2,539
ICICI Bank 10.99%-18.49% Up to 40 lakhs 2,174-2,566
Bajaj Finserv 10.99%-16.00% For Salaried - Up to 25 lakhs 2,174-2,432
SBI 10.90%-15.30% Up to 15 lakhs 2,177-2,403
Kotak Mahindra Bank 10.99%-20.99% Above 20 lakhs 2,174-2,705
Axis Bank 16%-24.00% Up to 30 lakhs 2,419-2,877
Fullerton India 14.00%-33.00% Up to 30 lakhs 2,733-3,777
RBL Bank 13.00%-18.00% Up to 20 lakhs 2,275-2,539
Induslnd Bank 10.99%-16.00% Up to 15 lakhs 2,174-2,432
Tata Capital 10.99%-18.00% Up to 25 lakhs 1,903-2,281
DCB Bank 12.00% Up to 5 lakhs 2,633

**The above EMI calculations are based on a tenure of 5 Years.**

Exemplary Benefits of Small Business Loan

Unveil multiple benefits of online small business loans for MSME business owners.

Small Ticket Size loans

Business loans readily available for loan amount as low as Rs. 10,000 up to Rs. 5 Lakh. Securing a small ticket size business loan is a matter of few minutes. Just select the correct loan amount matching your needs and you are good to go.

Liquidity Needs Checked

Everything else may wait but your business growth shouldn’t. Meet immediate cash needs of your business with our small business loan. Flexi repayment option allows you to repay when business earns surplus.

Financial Obligations met right way

Tired of never ending invoices that keep coming from vendors before your own invoices are cleared? Avoid such delays and make vendors happy by timely paying invoices through online business loans.

Manage Tax Payment shortfalls

Quick loan disbursement along with small ticket sizes goes long way in securing smaller amounts and avoiding superfluous interest burden.

Capital Affordability

Equity investor’s return expectations usually outweigh business interest rates. Then why not to avail them? Low debt in books improves the return on equity earned from business.

Build Credit Score

Looking out for your first big-ticket business loan? You need to build credit score. Build a rock solid credit score with small business loans in early years of business.

Advantages of Business Loan

Availing loan has never been this swift!!! Eprimeloans offer business loans for small or medium-sized business with zero collateral, fewer documents, and loan disbursed in about 2 working days.

Apply Online

How about applying for loan while sitting in your home or office? Availing loans via Eprimeloans allows you to do that. Just complete your loan application process and submit requisite documents online.

Quick Loan Approval

It only takes 48 hours to process your business loan application, and once your documents get validated your loan gets approved.

Collateral Free

Best part about our business loans is that they come collateral free. However, Small and medium sized businesses often need to give collateral for availing a bank loan.

Minimal Paperwork

Easy documentation will allow you to secure a collateral-free online business loan quickly and easily. Your business needs to furnish four types of documents including identity, address, income, and business proofs.

Daily Repayment Option

Our Small Business loan comes with exciting Daily Repayment option wherein you are required to repay the business loan partially whenever your business has surplus cash. This option will reduce your cost of borrowing dramatically when early repayments are made.

Eligible entities for Business Loan

Any registered or unregistered business operational in India becomes eligible to apply for a business loan. However, with Eprimeloan, any medium and small enterprise can secure collateral free funds whenever required. Luckily , if you are engaged in operating any of the following businesses, you can apply for a quick business loan at Eprimeloan:

  • Kirana/Grocery Stores
  • Pharmacies
  • Restaurant
  • Mom and pop stores
  • Garment Store
  • Accessories Selling & Repair
  • Stationary Shop
  • Automobile Accessories

Business Loan Types for Varying Needs

Any registered or unregistered business operational in India becomes eligible to apply for a business loan. However, with Eprimeloan, any medium and small enterprise can secure collateral free funds whenever required. Luckily , if you are engaged in operating any of the following businesses, you can apply for a quick business loan at Eprimeloan:


SME & MSME Loan

We understand the challenges that small businesses including stationery stores, Grocery Stores, pharmacies, and other retail ventures, face while availing small business loans from banks.

Therefore, Eprimeloans brings to you small business loans designed exclusively for the business needs of small and medium businesses. They come collateral free with low interest, and easy repayment options.


Working Capital Loans

Working capital acts like oxygen for business. Businesses need to fuel working capitals into their business to ensure smooth operations. Eprimeloans offers you a Working Capital loans as low as Rs.10,000 up to Rs 5 Lakh.

Fulfill your working capital shortage with easy repayment options and quick disbursement loans available at Eprimeloans.


Business Loan for Women

Being a businesswoman has its own share of benefits and Eprimeloans offers low interest rate Business Loan for women available on your fingertips. If you are running a business for more than a year, then you can secure a quick business loan to meet cash shortfalls. Easy repayment conditions offer control over the borrowings.


Unsecured Business Loans

Unsecured business loans as the name suggest are the loans that don’t involve asset directly. Such loans don’t ask for any collateral or security of an asset. Banks and NBFCs disburse these loans relying on the credit score or financial information of the business.

If you want unsecured business loan at low interest rate, ensure you maintain a good credit score. Eprimeloans offer unsecured business loans.


Collateral Free Business Loan

business loan that doesn’t need any asset as financial security from borrowers end is known as collateral free business loan. Small and Medium loans are mostly low cost, collateral-free, and come with a flexible repayment schedule. However, if you are looking for large business loan, you may need collateral to secure it.


Equipment & Machinery Business Loan

As same suggests, Equipment & machinery business loans serve the purpose of equipment acquisition for business operations. If you need business loan for large machinery then you need to keep machine as collateral. However, for smaller loans, such as Eprimeloans Small Business Loans, you are not required to keep collateral.

How to Apply for a Business Loan

You just need to follow a simple 3 step process to apply for a business loan

  • Fill Business loan application loan online to apply
  • Upload all your relevant documents in digital form to complete the verification process.
  • Get you business loan sanctioned within 3 working days.

Business Loan Eligibility Criteria

Your Business loan Eligibility depends on various factors like financial statements, profits, future scope, annual revenues and more. Read down the Business loan eligibility criteria to get yourself prepared for what lies ahead of you. This will help you to take corrective measures for hassle free loan process.

Documents required from Self-employed Professionals

Filled up Application Form

You need to ensure that you submit filled application form as requested by Eprimeloans.

Valid ID proof of the applicant

You are allowed to use any of these as your identity proof. Passport, photo PAN card, MAPIN card, driving license and voter’s ID.

Residence Proof

You can use any of these as a valid residence proof: Sales Tax Certificate, Telephone bill, lease agreement, trade license, and ration card, passport or electricity bill.

Age Proof

You can use any of the documents such as Voter’s ID proof, photo PAN card or passport as age proof.

Financial Documents

You need to furnish last 6 month’s bank statement, last 2 years copy of IT returns, 2 year’s CA audited balance sheet and P&L statement are required from self employed professionals.

Sole proprietorship’s ID proof

You can use electricity/water/ municipal tax bill in the concern’s name or IT return or PAN card of the business as the ID proof of the sole proprietorship.

Business Loan Interest Rates 2020

We have furnished the detailed table that will give you a quick review and clear understanding of the current business loan interest rates, processing fee and minimum and maximum limit of loan amount for business loan granted by popular financial institutions:

Bank/NBFC/Fintech Loan Amount (Min.-Max.) in Rs. Repayment Tenure (Months) Interest Rate (p.a.)
Axis Bank 3 lakh 50 lakhs 12 – 36 16% onwards
Bajaj Finserv 1 lakh 40 lakh 3 – 36 15% onwards
Capital First Prime 1 lakh 9 lakh 12 – 36 21% onwards
Fullerton Finance 1 lakh 50 lakh 12 – 48 17% onwards
HDB Financial Services Ltd. 75,000 30 lakh 12 – 60 15% onwards
HDFC Bank 75,000 50 lakhs 6 – 48 15% onwards
Hero FinCorp 3 lakh 35 lakh 12 – 36 18% onwards
ICICI Bank 1 lakh 40 lakh 6 – 48 16% onwards
IIFL Finance 1 lakh 7.5 lakh 12 – 36 25% onwards
Indifi Finance 1 lakh 50 lakh 12 – 36 22% onwards
Kotak Mahindra Bank 3 lakh 75 lakh 6 – 48 16% onwards
Lendingkart Finance 50,000 2 Crore 3 – 36 15% onwards
NeoGrowth Finance 2 lakh 10 lakh 6 – 24 21% onwards
PaySense Services India Pvt. Ltd. 5,000 5 lakh 3 – 36 24% onwards
RBL Bank 2.5 lakh 20 lakh 12 – 36 17% onwards
Tata Capital Finance 3 lakh 50 lakh 12 – 36 17% onwards
Yes Bank Working Capital 30 lakh 3 Crore As per applicant’s profile 10% onwards
ZipLoan 1 lakh 5 lakh 6 – 24 24% onwards

Note: The above mentioned business loan interest rates, fees and charges are subject to change which depend entirely on the discretion of banks, NBFCs and RBI.

Documents Required from Self-Employed Businesspersons

Filled Up Application Form

You need to ensure that you submit filled application form as requested by Eprimeloans.

Financial Documents

You need to furnish last 6 month’s bank statement, last 2 years copy of IT returns, 2 year’s CA audited balance sheet and P&L statement are required from self employed businesspersons.

Valid ID proof of the applicant

You are allowed to use any of these as your identity proof. Passport, photo PAN card, MAPIN card, driving license and voter’s ID.

Age Proof

You can use any of the documents such as Voter’s ID proof, photo PAN card or passport as age proof.

Residence Proof

You can use any of the following as a valid proof of residence such as Telephone bill, lease agreement, trade license, GST certificate, ration card, and passport or electricity bill.

Sole proprietorship’s ID proof

You can use electricity/water/ municipal tax bill in the concern’s name or IT return or PAN card of the business as the ID proof of the sole proprietorship.

Documents Required from Private limited Companies and Partnership firms

Filled-up business loan Application form

You need to ensure that you submit filled application form as requested by Eprimeloans.

Valid ID proof of the applicant

You need to furnish ID proof of two directors and authorized signatories such as photo PAN card, driving license, passport, and Voter’s ID card.

Residence Proof

You can use any of the following as a valid proof of residence such as Telephone bill, lease agreement, trade license, GST certificate, ration card, and passport or electricity bill.

Age Proof

You can use any of the documents such as Voter’s ID proof, photo PAN card or passport as age proof.

Financial Documents

You need to furnish last 6 month’s bank statement, last 2 years copy of IT returns, 2 year’s CA audited balance sheet and P&L statement are required from self employed businesspersons.

Private Ltd. Company’s or Partnership Firm’s Identity proof:

To furnish identity proof of a private ltd. company or a Partnership firm, you can furnish any of the ID proofs including Electricity bill / water bill / municipal tax bill / GST registration / Excise registration / IT return / PAN ID / registration under Shops and Establishment Act and/or Memorandum and Articles of Association.

Frequently Asked Questions (FAQs)

If you are interested in starting your own business venture, you can avail a start-up business loan from Eprimeloans. However, many financial institutions refuse to offer business loans to start-ups if they find their business idea not feasible. They mostly offer business loans to businesses which have already been running for minimum of last 6 months.

Yes, you are allowed to avail business loan regardless of the fact that you have bad credit. People with bad credit have two available options. One is secured business loan and other unsecured business loan. You may be asked to pledge your assets such as gold, or property as collateral in case of secured business loans. In case of unsecured business loan with bad credit, you will still be able to get business loan but at a higher interest rate.

There are many organizations that refuse to give business loan against commercial property or industrial property. However, many institutes offer business loan in the form of Loan against property.

Normally, the processing fee is in the range of 1-3% of the loan amount. This fee is deducted from the business loan amount at the time of loan disbursal.

No, you won’t be required to pay additional charges, over and above the charges specified in the schedule of charges.

In the event that you wouldn’t be able to make EMI payment or there’s an ECS bounce, then you will be charged penalties or ECS bounce charges.

The Business loan can be repaid through Equated Monthly Instalments in any of the following ways:

– Through Post-Dated Cheques

– Electronic Clearing Service

– Direct Debit

People usually opt for the last two methods to make business loan repayments. When you opt for ECS mode of payment, you provide a mandate to your bank, allowing the lending organization to debit the monthly payment through your bank account. Direct debit also works on same fundamental; you give lending organisation to take funds from account on monthly basis. In the case of ECS, you can change the amount to be debited by a sending a request to the bank. This can’t be done in case of direct debit since the amount remains fixed.

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