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When you avail of a business loan, you’re required to pay interest on the loan amount as per the business loan interest rate. This rate is usually expressed as an annual percentage and is charged on your outstanding business loan amount. Business loan interest rates in India vary from one lending institution to another.
At Tata Capital, we provide business loans at the most competitive interest rates. Our business loan interest rate for professionals starts from 12% per annum and for non-professionals it starts from 14% per annum. Moreover, depending on your loan eligibility, income, business turnover, credit score, and other parameters, we can determine the best business loan interest rate for you.
Additionally, when you apply for a Tata Capital business loan, you do not have to worry about any hidden charges. Be it our business loan processing fees, foreclosure charges, or EMI bounce charges, we transparently convey all our charges and rates for a business loan at the time of loan processing.
The interest that you need to pay on your business loan depends upon several factors, including your business loan amount, loan tenure, and the business loan interest rate charged by your lender. This rate is expressed as an annual percentage and is charged on the outstanding principal amount of your business loan.
To calculate the interest on your business loan, lenders multiply your outstanding principal amount at the end of each day with the applicable business loan interest rate. If this calculation seems complex to you, you can simply use a business loan EMI calculator to determine the interest amount and the EMI that you need to pay for your business loan.
You can also use the following formula to evaluate your business loan EMI:
EMI = [P x r x (1+r) ^n]/[(1+r) ^n-1]
Here,
‘P’ is the Principal Loan Amount
‘r’ is the rate of interest
‘n’ is the loan tenure in months.
The business loan interest rates in India for self-employed individuals may vary from one lending institution to another. The interest rates for business loans may also depend on the nature of the business and the qualifications of the borrower.
The table below depicts our business loan interest rates for self-employed individuals:
| Customer Profile | Rate of Interest |
|---|---|
| SEP other than doctors | 12% -17.5% |
| Self Employed Doctors | 12-19% |
| Self Employed Non professional | 14%-26% |
At Tata Capital, we provide business loans for self-employed professionals - such as doctors, lawyers, chartered accountants, etc. - at lower interest rates as compared to self-employed non-professionals. Our business loan charges may also differ based on the customer’s profile.
Lenders primarily offer two types of business loan interest rates in India - fixed business loan interest rate and floating business loan interest rate.
In the case of a fixed business loan interest rate, the rate of interest remains fixed throughout the loan tenure. Hence, the EMIs that you need to pay also remain the same. If you’ve opted for a business loan at a fixed rate of interest, you will know your EMIs in advance.
But in the case of a floating business loan interest rate, the applicable rate of interest keeps on changing according to the Repo-Linked Lending Rate (RLLR) decided by the Reserve Bank of India (RBI). If you’ve opted for a business loan with a floating rate of interest, your EMIs may change during your loan tenure.
Business loan rates in India are decided based on numerous factors, some of which can be controlled by the applicant. Here are a few tips for you to get the lowest business loan interest rate:
Lending institutions determine business loan interest rates after looking at several factors, such as:
When you apply for a business loan with a lender, it incurs several expenses while processing your loan application. To cover these expenses, lenders charge a business loan processing fee. This fee is charged as a fixed percentage of the sanctioned loan amount.
The processing fees for business loans usually comprise the expenses incurred by the lender to review the borrower’s credit score, check their business loan eligibility, verification of documents, and other administrative charges. This fee is charged as a one-time cost and is non-refundable.
At Tata Capital, we charge a very nominal business loan processing fee of upto 3% of the loan amount
For default in payment of interest and/ or principal amounts – 3% per month on defaulted amount (Annualized Penal Charge of 36%)
These are those charges that are levied in case of an EMI bounce per instance. In other words, these charges are levied when you miss a personal loan EMI payment due to inadequate funds in your bank account. At Tata Capital, you’ll be required to pay Rs. 600 for every Cheque/Payment Instrument Dishonour.
Charges will be levied if EMI is due but valid instrument is not available for banking due to Mandate rejected by Borrower’s bank or EMI Post-dated cheques(wherever applicable) are not available. Tata Capital charges a nominal amount of Rs. 450
Apart from the interest rate and processing fee, lenders can levy several types of business loan charges to cover unforeseen expenses during the loan tenure. These charges may include document processing fees, collection fees, and foreclosure charges, among others.
First Year: 0.75% or ₹ 1000, whichever is higher per year, will be deducted from the limit and shall be payable at the end of the 13th month
Subsequent Years: 0.50% or ₹ 1000, whichever is higher per year, will be deducted from the limit and shall be payable at the end of the 13th month
₹ 1999
Soft Copy - Nil
Branch walk-in - ₹ 250
Foreclosure charges on Term Loan Facility:
Part-Prepayment/ Prepayment/ Foreclosure charges on Top-up:
Part-Prepayment/ Prepayment/ Foreclosure Charges in Hybrid Term Loan:
2% of the loan amount or ₹ 5750, whichever is higher
₹ 550
Soft copy - Nil
Branch walk-in - ₹ 550
₹ 550
Soft copy – Nil
Branch walk-in - ₹ 199
As applicable
Charges Rs 850
At Actuals
At Actuals
At Actuals
At Actuals
At Actuals
At Actuals
Broken Period Interest amount and 1st EMI date depend on the date of disbursal and the final figures would be mentioned in the Welcome Letter
Note:
With a Tata Capital business loan, you can get adequate business finance at competitive interest rates. You can use our business loan to meet your working capital requirements, expand your business, upgrade business equipment, and tap into new opportunities. Our business loans are flexible to complement your various business-related financial requirements.
Besides attractive business loan interest rates starting from 12% per annum, we offer fixed and structured EMI plans to make your repayment experience convenient. You can avail of financing as per your precise business requirements and enjoy extended loan tenures of up to 60 months.
Moreover, we won’t ask you to put your business assets on the line to secure funds for your business. With us, you can forget about standing in long queues and lengthy paperwork. We allow you to apply for an online business loan from the convenience of your home or office and get faster approval.
Business Loan | 11 Jan, 2025
Business Loan | 06 Dec, 2024
Business Loan | 25 Oct, 2024
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