Best Business Loans in India 2026
Business loans help entrepreneurs and MSMEs fund their business operations, expansion, equipment purchase, or working capital needs. Available as term loans, overdraft facilities, and government-backed schemes like MUDRA.
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How to Apply for a Business Loan
1
Prepare a business plan or project report
2
Check your eligibility and required loan amount
3
Compare offers from banks, NBFCs, and government schemes
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Submit application with business and financial documents
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Bank evaluates business viability and creditworthiness
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Provide collateral or guarantee as required
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Loan sanctioned and disbursed (7 to 15 working days)
Business Loan Eligibility Criteria
- ✓Business operational for minimum 1 to 3 years
- ✓Minimum annual turnover as per lender requirements
- ✓Good personal and business CIBIL score (700+)
- ✓Sole proprietors, partnerships, LLPs, or private limited companies
- ✓Valid GST registration and business licenses
Documents Required for Business Loan
- 📄Business registration documents (GST, Udyam, etc.)
- 📄Last 3 years business ITR and audited financials
- 📄Last 12 months bank statements
- 📄PAN Card and Aadhaar Card of proprietor/directors
- 📄Business plan or project report
- 📄Collateral documents (if applicable)
Business Loan FAQs
Key schemes include MUDRA loans (up to Rs 10 lakh without collateral), Stand-Up India (Rs 10 lakh to Rs 1 crore for SC/ST and women entrepreneurs), CGTMSE (collateral-free loans up to Rs 5 crore), and PMEGP for new enterprises.
Yes, under the MUDRA scheme you can get up to Rs 10 lakh without collateral. Under CGTMSE, collateral-free loans up to Rs 5 crore are available. NBFCs also offer unsecured business loans up to Rs 50 lakh based on business turnover.
NBFCs and fintech lenders can approve business loans in 24 to 72 hours. Bank business loans typically take 7 to 15 working days. Government scheme loans may take 2 to 4 weeks due to additional verification.
Business loan interest rates range from 10% to 24% per annum depending on the lender, loan type, business vintage, and your credit profile. Government-backed schemes often offer subsidized rates of 8% to 12%.