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  • Business Start up Loan is Rated as "Great!" by 92237 Users

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    rated 4.0/5.0 by 92237 users

    Business Start up Loan

    Individuals who wish to start their own businesses but do not have the required funds to commence operations can approach banks to meet their financial needs. Start-up loans are a great way to acquire funds that can be repaid to the lender at a later date. Here, we will take a look at two of the most popular types of start-up loans, viz. Line of Credit and Equipment Financing.

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    Line of Credit

    A business start-up loan in the form of a line of credit works in a similar manner to a credit card. However, the card is tied to the individual’s business instead of their personal credit. One of the best benefits of a small business line of credit is that customers will have no obligation to pay interest on the borrowed sum for the first nine to 15 months, thereby making it easier to cover expenses whilst getting their business to a good start. The interest after the aforementioned period will rise to anywhere between 7.9% and 19.9%, but the customer will only have to pay interest on the sum they use (similar to a credit card).

    For instance, if the line of credit availed is Rs. 10,00,000, and the customer draws Rs. 2,00,000 to cover starting expenses. In this case, the customer will only have to pay back the Rs. 2,00,000 along with the applicable interest rate. The interest will only apply to the Rs. 2,00,000 and not the entire sum of Rs. 10,00,000.

    Customers who seek a line of credit for their new business are required to have a credit score above 700. Moreover, approval from the bank can take almost a month after the customer has furnished a detailed credit report. However, customers need not pledge any asset as collateral for this kind of loan.

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    Equipment Financing

    In this type of loan for start-ups, the equipment that is bought when starting the business is pledged as collateral, thus enabling the lender to charge a relatively low rate of interest with slightly higher risk. The customer is expected to repay the amount used to purchase the equipment as revenues are generated from their business. Similar to a line of credit, applicants are expected to have a high credit score (680+), and the documents required to avail equipment financing include a vendor quote, a detailed credit report, and a statement showing the manner in which the customer intends to utilise the equipment. The main benefit of equipment financing is that the depreciation of the equipment can be used by the customer as a tax benefit for many years.

    The rate of interest with this type of loan will fluctuate. However, the average rate is around 20%, and though the rates can be higher in comparison with lines of credit, they can offer significant help in offsetting the customers’ start-up costs.

    Who can apply for Business Start-up Loans?

    Any individual who wishes to start a new business and has a good credit score may apply. Since most individuals who start their own business are young with low or no revenue history, banks only bother about the credit score to ensure that the applicant has a chance to embark on their start-up expedition provided they agree to make repayments on time.

    Business Start up Loan Reviews

    • HDFC Bank Personal Loan
      "They are offering a loan maximum for private company people"
      0.5 5.0/5 "Blown Away!"
      I have taken this loan for 3 years back. Now they have reduced the interest rates. They charged me around 18% as interest rate when i take the loan. Now they have reduced the interest rates upto 10%. I have opted the tenure period of 3 years. I'm going to close the loan in another 3 years. I have taken the loan amount of Rs. 1 lakhs and i top up the amount of Rs.40000. They charged me around Rs. 3000 as processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • review Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The interest rate with them has been very good as well. There has not been any issues faced with any of the services which they had provided so far. It had been a very good experience with them and the process in getting loan has been very easy and the loan amount has been satisfactory as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
    • Standard Chartered Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It had been a very good experience with them and the process in getting loan has been very easy and the loan amount has been satisfactory as well. The interest rate with them has been very good as well. There has not been any issues faced with any of the services which they had provided so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It had been a very good experience with them and the process in getting loan has been very easy and the loan amount has been satisfactory as well. The interest rate with them has been very good as well. There has not been any issues faced with any of the services which they had provided so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
    • Axis Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been very good experience with the personal loan and the loan has been satisfactory and the interest rate also had been nominal and it had been normal. The whole process in getting the loan amount had been very smooth and easy and there has not been any kind of issues faced with them so far.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • Capital First Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with this personal loan. This loan has been completed and getting the loan has been a simple and easy process. The interest rate with them had been good and the loan amount which they had provided had been satisfactory as well. The whole process has taken less time and it went smooth.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • SBI Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan from the STATE BANK OF INDIA around 2years ago. The required loan amount has been given and I am satisfied with the loan amount. The rate of interest and the charges are average with the State bank personal loan process.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 20, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan from the ICICI bank around 3 years ago,. The required loan amount has been given and I am satisfied with it. They have disbursed the loan amount within 15days of time. The rate of interest and the charges are average with the ICICI bank and I am satisfied with it.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jun 20, 2018
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal from the HDFC bank for 4.5 lacs. I applied at the branch, my friend is a staff so the whole process was easy for me. I got the loan amount with in 7 working days. The whole documentation and the application was really smooth and hassle free. Overall it was a useful experience with the HDFC personal loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • Bajaj Finserv Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got the personal loan from the bajaj finserv around 8months ago. They took around 3days of time to disburse the loan amount and they have disbursed the required loan amount. The customer support service and the response is good with the bajaj finserv. The rate of interest and the charges are pretty high with the bajaj finserv personal loan services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • HDFC Bank Personal Loan
      "Good experience"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with HDFC bank 3 years back. The loan amount was 50,000. The interest rate was between 11-12% which is average in the market. The tnrue period was 3 years . The customer service and responses was up to the mark. They have sanctioned the loan with the committed time.The processing fee was nominal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am using Bankbazaar.com from the last three months of time. I would like to say that the customer service is good one and the online portal is also really easy to access. I am happy with the Bankbazaar.com.
      Was this review helpful? 0
      , kakinada
      Reviewed on Jun 20, 2018
    • Fullerton Personal Loan
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      Customer service is good one with the Fullerton and the rate of interest is very nice one too. I would like to say that the rate of interest is around 30% and the loan amount got disbursed within a week of time.
      Was this review helpful? 0
      , kakinada
      Reviewed on Jun 20, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good one and am using it from the last three years of time. I would like to say that the customer service is good one and the response is good too. I am happy with the Bankbazaar.com and I dont have any issues with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      Customer service is good one with the ICICI bank and the rate of interest is not aware by end. The loan amount got disbursed within three to four days of time . Everything is better one for me with the ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      Bankbazaar.com is working in better way and am using it from the last six months of time. I would like to say that the customer service is good too with the Bankbazaar.com, also am really happy with them till now. I dont have any issues with them till now.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • HDFC Bank Personal Loan
      "Wonderful"
      0.5 4.0/5 "Great!"
      Rate of interest is good one with the HDFC bank for the personal loan. I would like to say that the customer service is very good and the response is also good too. Everything is better one for me with the HDFC bank for the loan, which I have opted for.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • Bank Bazaar Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good one and am using it from the last one year of time. I would like to say that the response is also good too and the mobile application is good too. I dont have any issues with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • Standard Chartered Bank Personal Loan
      "Good "
      0.5 4.0/5 "Great!"
      Customer service is good one and the response is on time for the personal loan with the Standard chartered bank. Rate of interest is around 11%. I am happy with them as such, also I dont have any issues with them as such.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      17.49% is the rate of interest for the personal loan with the HDFC bank and everything got happens with in three days of time. I am happy with the HDFC bank till now. I have not faced any such issues with them till now.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
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