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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 13% per annum and for non-professionals it starts from 15% 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.
| Customer Profile | Rate of Interest |
|---|---|
| Self-Employed Non-Professional | 15% - 25% |
| Self-Employed Professionals and Self-Employed Doctors | 13% - 17.50% |
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.
The table below depicts our business loan interest rates for self-employed individuals:
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.
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 up to 2.5% of the loan amount plus GST.
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 cheque bounce charges, mandate rejection fees, CCOD annual maintenance fees, document processing fees, outstation collection fees, and foreclosure charges, among others.
The table below depicts the miscellaneous business loan charges of Tata Capital:
Rs 2000 for every Cheque/ Payment Instrument Dishonor + GST
Rs 450 + GST
Charges will be levied if the new mandate form is not registered within 30 days from the date of rejection of the previous mandate form by the borrower’s bank for any reasons whatsoever.
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
Rs 1,999 + GST
Rs 100 + GST per repayment instrument
Soft Copy - Nil
Branch walk-in - Rs 250 +GST
4.5% on the future principal outstanding on the existing loan+ Applicable taxes
No Foreclosure is allowed in first 9 months. 6.5% charges if foreclosed within 9 month
2.25% on the future principal outstanding on the existing loan + GST
Foreclosure charges shall be levied only if the new rate is lower than the existing rate
4.5% on the Dropped down limit amount + Applicable taxes
No Foreclosure is allowed in first 9 months. 6.5% charges if foreclosed within 9 months
2% of the loan amount or Rs 5750, whichever is higher + GST
Rs 550 + GST
Soft copy - Nil
Branch walk-in - Rs 550 +GST
Rs 550 + GST
Soft copy – Nil
Branch walk-in - ₹ 199 +GST
Rs 850 + GST
As applicable
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.
You can apply for a business loan with Tata Capital to meet all the financial requirements of your business. At Tata Capital, we provide an instant business loan so that you don’t have to wait to expand your business. Here’s why our business loan can be the best option for you:
Our business loan interest rates are highly competitive, starting from just 12% per annum*
You can choose your business loan amount between Rs 0.40 lac and Rs 75 lakh
We don’t ask for collateral or security for providing business finance
You have the flexibility to choose from several EMI plans
If you’re an existing customer, you can get pre-approved offers on our business loan
There are no strict eligibility criteria that you need to fulfill
You can apply for an online business loan and get instant approval
At Tata Capital, we provide business loans with easy eligibility and minimal documentation. Here are the business loan documents that you will need to submit to avail of a business loan from us:
KYC documents, including a photo ID and address proof
Business proof, such as business registration certificate, trade license, GST registration certificate, or a certified copy of the partnership deed agreement or sole proprietorship declaration
Income proof, such as the last two years' income tax returns (ITRs) and computation of income, last two years' audited financial with tax audit report, last two years' profit-loss statements, or balance sheet (duly audited by a chartered accountant)
Current account bank statements and GST returns for the last six months
You may also require some additional documents at the time of loan processing. Visit the documents required page for more details.
We offer business loans for self-employed professionals (doctors, CAs, etc.) as well as non-professionals. Here is a list of customers that can apply for a business loan from us:
Self-employed individuals
Proprietorship firms
Partnership firms
Limited liability partnership firms
Private limited companies
Closely held public limited companies
Hindu undivided families (HUFs)
Trusts and societies
At Tata Capital, ensuring customer convenience is our top priority. That is why we allow the repayment of business loan EMIs through various payment instruments. You can choose to pay your EMIs through a direct debit facility, post-dated cheques (PDCs), or electronic clearance service (ECS).
With Tata Capital, you can apply for an online business loan by visiting our website and entering a few basic details. Or call our customer helpline number 1860 267 6060 to apply for a business loan through your phone. You can even visit your nearest Tata Capital branch and get in touch with one of our executives.
Yes. At Tata Capital, we don’t ask for collateral or security for providing business finance. This means you don’t have to put your personal or business assets on the line to qualify for business funding. Our business loans are 100% collateral-free.
If you are running an online retail store or an e-commerce website, you can apply for a business loan with Tata Capital for your working capital requirements. To get your online business loan approved, you must fulfill the following eligibility criteria:
Your CIBIL score should be above 700
Your business turnover must show an upward trend
Yes. If you have taken a business loan for your sole proprietorship business or partnership business, it will reflect in your personal credit report. If you fail to repay your business loan on time, your credit score might be impacted. However, if your company is an LLC, your business loan would affect only your business credit score and not your personal credit score.
By availing of a business loan in India, you can reduce your taxable income. Any interest levied on a business loan is eligible for tax deductions since the interest paid on a business loan is considered to be a business expense and not revenue. However, the principal component of a business loan is not tax-deductible.
Business loan eligibility criteria can vary from one lending institution to another. To become eligible for a Tata Capital Business Loan, you need to fulfill the following requirements:
Your age should be at least 21 years at the time of applying for the business loan and not more than 65 years at the time of the last EMI
Your credit score should be at least 650 or more
Business should be profitable
Minimum 2 years business stability
Banking balance should be at least Rs. 5000
For more details on our business loan eligibility criteria, visit our Business Loan Overview page.
A business account is not mandatory to get a business loan if you are running a sole proprietorship business. However, for a partnership business, corporation, or LLC, having a business account is mandatory for getting a business loan.
Your business loan EMI would depend on several factors, such as your business loan amount, loan tenure, and the applicable business loan interest rate. You can use our online Business Loan Calculator to know the exact EMI that you would have to pay for your business loan.
At Tata Capital, we provide business loans of up to Rs 75 lakh. However, the maximum business loan amount you can take will depend on your business loan eligibility and credit score. By having a good credit score and a profitable business, you can avail of the maximum loan amount.
With Tata Capital, you can take up to 60 months to repay your business loan. You have the flexibility to select a business loan tenure as per your repayment capability. You can even choose from different EMI plans to repay your business loan as per your income cycle.
At Tata Capital, the interest rate for a business loan is fixed. It means that your business loan interest rate and the EMI would not change during its repayment tenure. Our interest rate starts from - Self-Employed Non-Professional: 15% - 25%, Self-Employed Doctors: 12.00% - 15.00%, Self-Employed Professional Other than Doctors: 13.00% - 17.50%
At Tata Capital, we offer two types of Flexi EMI plans for business loan repayment:
Step Up Flexi EMI Plan: This repayment option allows you to pay lower EMIs in the beginning and then increase them gradually as your income grows. This plan helps in managing your loan repayment as per your income flow.
Step Down Flexi EMI Plan: This repayment option allows you to pay higher EMIs in the beginning and then reduce them gradually. This plan helps in reducing your interest outgo significantly.
You can apply for an instant business loan with Tata Capital and get on-the-spot approval for business funding. To apply for a business loan with us, you can take any of the following routes:
Online: You can apply for a business loan online through our website. The process should not take you more than 10 minutes
Phone: Call our customer helpline number 1860 267 6060 between 9 am and 8 pm Monday through Saturday to apply for a business loan through your phone
Branch: Visit your nearest Tata Capital branch with the required business loan documents. Our executive will guide you through the business loan application process
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