Whether you're starting a new venture or expanding an existing one, financing is one of the first things you need to take care of. Fortunately, the Indian lending market has seen the growth of small and medium-sized businesses and adapted to its needs, giving businessmen the opportunity to seek highly competitive business loans. However, the high variety of choice can also sometimes feel overwhelming. In this article, we'll talk about five financial institutions offering top-of-the-line business loans in India.
HDFC Bank
HDFC Bank is one of the largest private sector banks in India, guided by its MD and CEO Sashidhar Jagdishan. The bank has a robust business loan in their roster of offerings. They focus on providing business loans to small and medium-sized enterprises (SMEs).
One thing that makes HDFC Bank stand out is their straightforward loan application process. Other factors that make business loans from this bank a good choice are their competitive interest rates and flexible repayment options.
Poonawalla Fincorp
Poonawalla Fincorp is one of the largest NBFCs in India, with a wide variety of products for small and medium-sized businesses. The company is led by its Managing Director, Abhay Bhutada, who has bought the company up to have a AAA/Stable rating from Crisil.
When it comes to business loans, Poonawalla Fincorp also offers collateral-free business loans with a flexible payment tenure. The best part? Their loan application process is efficiently designed, making it an easy process for the borrowers.
ICICI Bank
ICICI Bank is one of the most popular banks in India and is guided by its MD and CEO Sandeep Bakshi. One of its notable things is that it has its eyes set on the lending market for SMEs. One offering of theirs that is attractive to businesses is the collateral-free loan service. With the option of not having to provide any asset as security, these loans can also be repaid over a flexible period of time.
ICICI Bank also offers various other financial products and services such as current accounts, credit cards, and trade finance solutions. Moreover, their easy and convenient application and disbursement processes make all functions very easy for their borrowers.
Bajaj Finserv
Bajaj Finserv is another financial services company in India which is led by its MD Rajeev Jain. The company is known to provide easy and quick business loans to businesses. They are known for an easy application process requiring minimal documents, competitive interest rates, and even loans that do not require a collateral. They also offer other types of loans such as working loans and equipment loans.
State Bank of India (SBI)
State Bank of India (SBI) is India’s largest public sector bank and the oldest one in the country as well. The bank has established itself as one of the leading banks in our country with the efforts of its Chairman Dinesh Kumar Khara. They have quite the legacy in the lending market and currently have a robust selection of business loans for SMEs.
They have an easy loan application process, along with flexible repayment options as well as competitive interest rates. SBI also provides various other financial products and services like cash management services, merchant banking services, and trade finance.
Summing Up
Choosing a financial institution for a business loan can be quite a challenge. You need to consider factors such as interest rates, repayment options, loan application process, and customer service. It is only after you totally understand and agree to all of them and much more, that you can confidently buy into a particular organization’s loan. So, take you time, and only after proper research, pursue completing your business loan needs.
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