Business Loan Interest Rate: Key Factors Affecting Costs
Interest rates on business loans vary based on factors such as loan type, lender policies, borrower’s credit score, and repayment history. In India, interest rates typically range from 8% to 24%, with government-backed MSME loans offering lower rates to eligible businesses. Secured loans usually have lower interest rates compared to unsecured loans since they involve collateral. Online lenders and NBFCs often provide competitive rates with flexible repayment options. Businesses should compare different lenders, check eligibility criteria, and use EMI calculators to estimate monthly payments before choosing the best loan option.
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