In this post, we have some Yes Bank which gives you business loan, but what are its interest rates and which bank has low interest rates, we will tell you about it.
You will get business loan at any place, but when it comes to interest rates, you take more and more than the amount of your people, then you have to pay interest rates.
We give you information about some banks in details, you have to read this post thoroughly and get information. business loan interest rates
business loan interest rates 2022
1. Traditional bank loan 2% to 13%
Traditional Bank loan In this, whatever loan amount is given to you. His interest rates 2% to 13%
till it falls.
Traditional Bank gives you business loan easily. All you need to show is your business documents and bank statements for the last few months.
Traditional Bank gives you a secured loan.
2. SBA loan 5.5% to 8%.
The SBA loan gives you $10,000. The interest rates in this loan are 5.5% to 8%. SBA gives you loan according to the need, it depends on that amount, what will be the interest rates.
If your CIBIL score is good then you will get the loan amount immediately.
SBA loan sees that your permanent address proof is seen. View your business documents. Bank statement for the last 3 months has to be shown.
3. Online Loan7% to 100%.
You will easily get a loan up to $20,000 in Online Loan. You get an online loan as per your need. On that loan amount, it is fearless that the interest rates will be 7% to 100%.
Online Loan sees that your permanent address proof is seen. View your business documents. Bank statement for the last 3 months has to be shown.
4. Merchant Cash advance 20% to 250%.
In this, the loan amount is $ 2,500 to $1 million. Your CIBIL score will be checked before giving loan. How much is yours On the loan amount you get, you have to pay interest rates from 20% to 250%.
Merchant Cash advance sees that your permanent address proof is seen. View your business documents. Bank statement for the last 3 months has to be shown.
5. Invoice financing 13% to 60%.
It offers loans up to $50,000. Invoice financing looks at your CIBIL score. The interest rates on the loan amount you have received range from 13% to 60%.
Invoice financing also sees how old you are. Sees your address proof and with that how much is the annual tonnage of your business.
Your business document is also seen. How much you earn every month, all this is seen in your record.
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