Unsecured Business Loan in India Mar 2020

Last Updated 30th Mar 2020

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Product Features	Loan Against Property	Unsecured Business Loan
Maximum Loan amount	Up to 60% of the property value	Rs. 10 lakhs to Rs. 1 crore
Loan Tenure	5 - 15 years	1 - 5 years
Interest Rate	8.70% – 15%	13.50% onwards

Get lowest business loan interest rates starting @ 13.50% from different banks
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Unsecured Business Loan

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Loan Amount	Cashback
Rs. 12 lakh and above	Rs. 2,500
Rs. 8 lakh - less than Rs. 12 lakh	Rs. 1,500
Rs. 6 lakh - less than Rs. 8 lakh	Rs. 1,000
Rs. 4 lakh - less than Rs. 6 lakh	Rs. 500
Less than Rs. 4 lakh	Rs. 200

Business Loan News - Mar 2020

2020-03-27 : RBI cuts repo rate by 75 bps to 4.40%
Reserve Bank of India reduced the repo rate by 75 bps to 4.40% and lowered the reverse repo rate by 90 bps to 4%. RBI is aiming to mitigate the economic disruption caused by Covid-19 and subsequent nationwide lockdown. Revised rates will impact the retail loans like home and personal loan along with the business loan.
2020-03-27 : RBI allowed three months moratorium on term loans
Reserve bank of India permitted banks and other financial institutions a moratorium of three months on payment of term loans. Further, the credit report of the customers will not be impacted. It was done to provide respite to the banks and customers amid the pandemic and subsequent nationwide lockdown.
2020-03-27 : FM ensured the bank amalgamation is on track
Finance Minister stated that the merger of ten PSBs in four anchor banks is on track and will not be impacted due to the onslaught of Covid 19. It will take effect from 1 April 2020. The merger will create large PSBs with scale and nationwide reach; it would help develop banks with a level comparable to global banks. It will further help in the speedy and efficient offer of retail loans like home, personal, and car loans along with business loans.
2020-03-27 : RBI to infuse Rs. 3.7 trillion to boost liquidity
RBI announced that it would inject Rs. 3.7 trillion to boot liquidity in the financial system to stave off the economic disruption caused by the Covid 19. Further, the central bank also reduced the cash reserve ratio requirement for all the banks by 100 bps to 3%. It will impact retail loans like home, personal, and car loans along with business loans.
2020-03-26 : PSB merger likely to be postponed
Amid the COVID-19 and nationwide lockdown, the government is expected to delay the merger of 10 PSBS into four anchor banks. The current deadline for the merger is 1 April 2020. The amalgamation will result in clubbing of PNB with OBC and the United Bank of India and Union Bank will anchor the merger of Andhra Bank and Corporation Bank. Further, Canara Bank and Syndicate Bank will become one, and India Bank and Allahabad Bank will amalgamate. These 10 Banks will offer services like home loans, personal loan and business loans under four names.

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