Loans which cater to the financial needs of the Small and Medium Enterprise (SME) segment are known as SME loans. This segment is responsible for providing huge employment opportunities at relatively lower capital costs and at the same time, also aids in industrialisation of backward and rural areas. By contributing highly to domestic production, significantly increasing export earnings, and by being operationally flexible, SMEs play a key role in the development of the nation.
Top Banks Offering SME Loans in India
| Name of the Bank | Interest Rate | Loan Amount | Repayment Tenure |
|---|---|---|---|
| State Bank of India | 8.25% to 16.95% | Up to Rs.500 lakh | Up to 7 years |
| Axis Bank | Based on business profile | Up to Rs.5 crore | Up to 60 months |
| Tata Capital | 19% onwards | Up to Rs.50 lakh | Up to 36 months |
| YES Bank | - | Up to Rs.4 crore | - |
| Karur Vysya Bank | Linked to Credit Score | - | Up to 7 years |
| HDFC Bank | 15.65% to 21.20% | Up to Rs.50 lakh | Up to 48 months |
| Aditya Birla Capital | - | Up to Rs.1 crore | Up to 48 months |
| Mahindra Finance | 13% to 15% | Up to Rs.10 lakh | Up to 36 months |
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