Before getting into details about the interest rates it is important to know whether you could apply or not for the loan. The first necessary information needed is that you are 21 and above but not more than 65 years of age to be able to apply for it. You also need your professional degree, bank statements of the last 6 months, last 2 years income tax returns that have been filled on time. Also one very important eligibility criteria for banks is to see if the business is legitimate and has a good amount of earnings in it. These are a few important requirements to apply for a business loan.

There are a lot of banks out there competing to offer the best interest rates possible for their eligible clients. The interest rates of the loans begin from a minimum of 10% and go up until 22%. The interest rates depend on the amount of the loan, the tenure, if it’s a secured loan and unsecured. Mostly the secured business loans have a lower interest rate.

Indusind Bank –The interest rates for IndusInd Bank business loan depend upon a variety of factors such as the business profitability, tenure, etc. and is determined individually at the time of application.

DCB Bank –DCB Bank offers business loan at a floating interest rate of 13.29%. A processing fee of upto 1% of the total loan is charged.

Aditya Birla –Aditya Birla Business Loan rate of interest varies from case to case and depends on the loan value, tenure, pool of borrowers, amongst other factors determined by the financial company from time to time.

PNB Bank –Punjab National Bank (PNB) business loan interest rates fall anywhere in the range of 12.60% to 15.60%. However, depending on individual case and eligibility, the bank may offer attractive rates.

HSBC Bank –HSBC Business Loan Interest Rates are calculated on basis of the prevailing base rate at the time of processing. The 3-month Marginal Cost of Fund based Lending Rate (MCLR) is 8.8 % per annuals on April 1, 2016. Any interest rate on floating rate loan that is disbursed on or after July 1, 2010 till March 31, 2016 would impact an interest rate that is linked to the base rate, which is 9.10% per annum. Any interest rate on floating rate loan that is disbursed before July 1, 2010 would impact an interest rate that is linked to the base rate, which is 16.35% per annum.

CITI Bank –CITI Bank Interest rates are not applicable. However, whenever there is a non-payment on the monthly EMI, a penalty rate of interest applies. The penalty rate of interest is charged at 2% on the current interest rate on the outstanding loan for the defaulted period.