Business Loan Interest Rate By Loanbaba
Business loan interest rates are subject to change concerning RBI guidelines. Watch this space to keep track of the latest interest rates offered by banks and other lenders here. The business loan interest rate varies from bank to bank for corporate or business loans. Factors affecting business loan interest rate: Credit History: To get a loan sanctioned a person’s credit score is important. If you are not a loan defaulter, you can get loans from any bank along with a reasonable rates in India Tenure of the Company: The business organization should be for more than 3 years in operation irrespective of the kind of business. The older the business house, the greater the chance of a credit facility. Business Turnover: If the company has a decent monthly turnover, then the lender will assume that there will be no default in the borrower‘s repayment. Collateral: Sometimes the borrower has to pledge something as security to the bank or NBFC, against a loan sanction. How interes...