Equipment Loans for Startup Business in 2024: An Introduction.
In the world of starting businesses, there are many challenges. These include making new products and getting enough money. One big challenge is getting the tools needed to start and grow a business in 2024.
Welcome to the world of loans for startup businesses in 2024. Having the right tools and machines can help businesses grow. Whether you’re in technology, manufacturing, healthcare, or hospitality, having the right equipment helps your business work well and be competitive.
In this guide, we talk about loans for startups to get equipment. We look at different ways to get money, like from banks or investors. Our goal is to give you the information you need to get the equipment your business needs.
Come with us as we find the Top loans for startup businesses in 2024. We’ll talk about why equipment loans are important and how to choose the right one. This guide will help you change your startup journey for the better. Get ready to learn about new ways to get money, find ways to grow, and make your startup successful in 2024 and beyond. Let’s start this journey together.
Table of Contents
Understanding the Importance of Equipment Loans:
Equipment loans are like borrowing money to buy things your business needs to work, like machines, tools, or computers. They’re important for startups because they help you get the equipment you need without spending all your money at once.
Here is why equipment loans matter:
Preserve Your Cash: When you start a business, you need money for lots of things like hiring people and marketing. If you spend all your money on equipment, you might not have enough left for other important stuff. Equipment loans let you keep your cash for other parts of your business.
Spread the Cost: Equipment can be expensive, especially if you need special machines or technology. With a loan, you can spread the cost over time. Instead of paying all at once, you pay a little bit each month. It’s like breaking a big payment into smaller, more manageable ones.
Stay Competitive: Having the right equipment can help your business compete with others. For example, if you are in a restaurant business, having good kitchen equipment can make your food taste better and your service faster. This has the potential to draw in new business and retain existing clients.
Grow Your Business: As your business grows, you might need more or better equipment. With a loan, you can upgrade or expand your equipment without waiting until you have enough money saved up. This means you can grow your business faster and take advantage of new opportunities.
The Top 10+ Equipment Loans for Startup Businesses Summarized:
Success in the ever-changing business world depends on having access to the proper equipment and tools. This complete list highlights the best equipment loans that are available to transform your startup experience and advance your company.
| Maximum Loan Amount | Estimated Starting Annual Percentage Rate (APR) | Maximum Loan Term | Minimum Credit Score | Annual Revenue Required | Time in Business Required | |
|---|---|---|---|---|---|---|
National Funding |
$150,000 |
Varies |
5 years but may vary |
600 |
$250,000 |
2 years |
National Business Capital |
$5 million, can vary |
7%+ |
5 years |
None |
None |
None |
SBG (Smart Business Growth) Funding |
$5 million |
3.75% average monthly rate |
7 years |
500 |
$250,000 |
6 months |
Smarter Finance USA |
$1 million |
10% |
5 years |
None |
None |
None |
Creditfy |
$5 million |
6.49% |
7 years |
None |
Not stated |
None |
eLEASE |
$500,000 |
8% |
5 years |
500 |
None |
None |
1West |
$5 million |
7% |
5 years |
550 |
$120,000 |
12 months |
Balboa Capital |
$500,000 |
8% |
5 years |
620 |
$100,000 |
12 months |
Lendio |
$5 million |
7.5% |
10 years |
520 |
$50,000 |
0 To 12 months |
SBA (Small Business Administration) U.S. |
$5 million, may vary |
6%+ |
10 years or less |
550 |
$250,000 |
12 months |
National Funding:
- Low Lease Payments
- Excellent customer service
- Small Funding Needs
- Equipment loans in low amount.
Rates & Terms | ||
Estimated Starting APR | Varies | |
Loan Amount | $150,000 | |
Repayment Term | 5 years but may vary | |
Repayment Schedule | Monthly | |
Funding Speed | 24 to 72 hours | |
Qualifications | ||
Credit Score | 600+ | |
Time in Business | 2 years | |
Annual Revenue | $250,000 | |
Down Payment | None | |
Why wouldn't we adore National Funding? With their stellar service, blazing-fast turnaround, and money-saving commitment, what's not to love?
Here are the steps explained simply:
Explore National Funding: Look into what National Funding offers for equipment financing. They provide loans for equipment but have a smaller maximum loan amount compared to other lenders.
Consider Service and Turnaround Time: National Funding is known for offering excellent service and quick turnaround times. This means you can expect good support and fast processing if you choose to work with them.
Early Payment Discount: If you decide to pay off your loan early, National Funding offers an early payment discount. This means you could save money if you’re able to pay back the loan before the agreed-upon time.
Apply for the Loan: Apply for the loan through National Funding’s website or contact them directly. They offer loans for both new and preowned equipment without needing collateral or a down payment.
Lowest Payment Guarantee: National Funding also has a unique program called the Lowest Payment Guarantee. They promise to offer you the lowest lease payment possible. If you find a lower payment with another lender, National Funding will pay you $1,000.
Visit the Website: To learn more about National Funding and apply for a loan, visit their website. They have dedicated funding specialists who can guide you through the process.
Exceptional Service Track Record: National Funding has a stellar reputation, evidenced by its 4.8-star rating on Trustpilot and an A+ rating with the Better Business Bureau (BBB). This indicates that they have a history of providing exceptional service to their customers.
National Business Capital:
- Suitable for good credit
- Best for established Business
- Transparent fee structures
- Access multiple lenders through a single platform
Rates & Terms | |
Estimated Starting APR | 7% to 50%+ |
Loan Amount | $10,000 to $5 million, but can vary |
Repayment Term | 1 to 5 years |
Repayment Schedule | Monthly |
Funding Speed | As fast as 24 hours |
Qualifications | |
Credit Score | 650; waived with 1 year time in business and $500,000 annual revenue |
Time in Business | 12 months; may be waived with a credit score above 650 |
Annual Revenue | $500,000; may be waived with a credit score above 650 |
Down Payment | Varies |
National Business Capital: Where Opportunity Meets Funding
Here’s the step-by-step explanation:
Understanding National Business Capital: National Business Capital is a loan broker that connects borrowers with over 75 lenders in its network. Despite its extensive network, it has the highest annual revenue requirement among the brokers listed.
Unique Qualification Aspects: National Business Capital offers unique flexibility in its qualification requirements. Certain criteria, such as minimum credit score, can be waived depending on other aspects of your business finances and tenure. For example, if your business demonstrates strong financial stability and has been operating for a sufficient duration, you may qualify even without meeting the minimum credit score requirement. Additionally, having good credit may enable newer companies with lower revenue to qualify for loans.
No Guarantee of Approval: It’s important to note that meeting the minimum requirements listed by National Business Capital does not guarantee loan approval. While the broker is open to working with various industries, approval ultimately depends on the lender’s assessment of your business’s financial health and creditworthiness.
Industries Served: National Business Capital commonly works with companies across a wide range of industries, including construction, e-commerce, professional services, manufacturing, retail, restaurants, medical, transportation, and cannabis.
Application Process: National Business Capital provides an online application process that can be completed within a few minutes. Once you submit the required documentation, you’ll be assigned a dedicated personal advisor. This advisor will assist you in navigating the loan options available and finding the best-suited loan for your business needs.
In summary, while National Business Capital offers access to a broad network of lenders and provides flexibility in its qualification requirements, equipment loans approval is not guaranteed, and it’s crucial to understand the specific criteria and industry focus before applying.
SBG (Smart Business Growth) Funding:
- Tailored loan solutions
- Ideal for high-growth startups
- Access to strategic partnerships and mentorship
- Best for high approval rates
Rates & Terms | |
Estimated Starting APR | 3.75% average monthly rate |
Loan Amount | Up to $5 million |
Repayment Term | 1 to 7 years |
Repayment Schedule | Monthly |
Funding Speed | As fast as 48 hours from time of application |
Qualifications | |
Credit Score | 600+ |
Time in Business | 6 months |
Annual Revenue | $250,000 |
Down Payment | Not stated |
SBG Funding: Where Flexibility Meets Financial Solutions
Understanding SBG Funding: SBG Funding is noted for having one of the higher revenue requirements among the lenders listed in our guide. Despite this requirement, it can still be an attractive option for businesses seeking custom repayment terms.
Custom Repayment Terms: SBG Funding offers flexibility in repayment terms, including options such as deferred payments for up to three months on certain loans. This feature can be advantageous for businesses looking for tailored repayment schedules to better manage their cash flow.
Approval Rate and Loan Application: While SBG Funding boasts an impressive approval rate of 85%, it’s important for borrowers to understand that meeting the minimum criteria alone may not guarantee approval. Even though the minimum credit score requirement is 600, businesses must present a strong loan application overall, especially if they barely meet the credit score threshold. Strong revenue can help offset a lower credit score.
Soft Credit Pull: SBG Funding does not perform a hard credit pull during the approval process. This means that submitting an application to SBG Funding will not have a negative impact on your credit score. Borrowers can explore their options with SBG Funding without worrying about potential credit score damage.
Application Process: Applications for funding from SBG Funding can be conveniently submitted through their website, requiring less than 10 minutes to complete. This streamlined process makes it easy for businesses to apply for funding and explore their financing options with SBG Funding.
Smarter Finance USA:
- Competitive interest rates
- Flexible repayment terms
- Excellent customer service
Rates & Terms | |
Estimated Starting APR | 10% to 20%-plus |
Loan Amount | $10,000 to $1 million |
Repayment Term | 2 to 5 years |
Repayment Schedule | Weekly, monthly, seasonal, and deferred |
Funding Speed | 1 to 4 days |
Qualifications | |
Credit Score | None but 600 is recommended |
Time in Business | None |
Annual Revenue | None |
Down Payment | 0% to 35% |
Smarter Finance USA: Where Opportunities Meet Possibilities
Understanding Smarter Finance USA: Smarter Finance USA stands out for having flexible qualification requirements, which it evaluates on a case-by-case basis. This personalized approach enhances your chances of approval, reflecting the company’s commitment to assisting businesses in securing financing.
Extensive Lender Network: With a network of nearly 40 lenders, Smarter Finance USA offers a diverse range of financing options. This broad network provides borrowers with the opportunity to explore various loan offers and select the one that best suits their needs and financial situation.
Specialization in Vehicle Financing: Smarter Finance USA specializes in vehicle financing, particularly for trucks and heavy equipment such as excavators, cranes, backhoes, and bulldozers. This focus allows them to cater to the needs of businesses in industries requiring specialized equipment for operations.
Wide Industry Coverage: Smarter Finance USA extends its equipment financing services to a wide range of industries, including healthcare practices, food service, and construction. This demonstrates the company’s versatility in serving diverse business sectors and facilitating their growth through tailored financing solutions.
Credit Score and Down Payment Considerations: While Smarter Finance USA does not have a minimum credit score requirement, applicants with scores below 600 may face challenges in obtaining approval. Additionally, down payment requirements may vary based on the financial strength of the business. These factors highlight the importance of maintaining healthy credit and financial stability when seeking financing.
Application Process: To learn more about Smarter Finance USA or to apply for financing, visit their website. This provides applicants with easy access to information and resources, simplifying the application process and enabling businesses to take proactive steps towards securing funding.
In my view, Smarter Finance USA’s personalized approach, extensive lender network, specialization in vehicle financing, and wide industry coverage make it a valuable resource for businesses seeking flexible and tailored financing solutions to support their growth and operations.
Creditfy:
- Tailored solutions for healthcare, manufacturing, hospitality, and more
- Expertise in specialized Long- Term equipment needs
- Competitive rates and terms
Rates & Terms | |
Estimated Starting APR | 6.49% |
Loan Amount | Up to $5 million |
Repayment Term | 3 to 7 years |
Repayment Schedule | Monthly |
Funding Speed | As fast as 24 hours |
Qualifications | |
Credit Score | None |
Time in Business | None |
Annual Revenue | Not stated |
Down Payment | As low as 0% |
Elevate Your Business with Creditfy: Where Financing Meets Possibilities
Understanding Creditfy’s Financing Options: Creditfy is a good option for individuals seeking longer-term financing compared to SBG Funding. While SBG Funding offers repayment periods of up to seven years, Creditfy stands out for potentially offering lower rates and more flexible qualification requirements.
Financing and Leasing Options: Creditfy provides both financing and leasing options for new and used equipment. Additionally, it allows for the financing of soft costs and service fees associated with the equipment. These fees may encompass expenses like delivery, installation, maintenance, warranty, taxes, and other related costs.
Eligible Industries: Creditfy serves a diverse range of industries, including agriculture, automotive, construction, energy, fitness, hospitality, industrial, manufacturing, media, medical, technology, transportation, and waste management.
Loan Approval Rate and Lending Representatives: Creditfy boasts an impressive loan approval rate of 90%. It also maintains exclusive partnerships with select lenders. Moreover, it requires its lending representatives to possess a minimum of two years of industry experience. This ensures that they can effectively match borrowers with suitable lenders based on their specific needs and circumstances.
Application Process: To learn more about Creditfy’s offerings or to apply for financing, you can visit their website. Their online platform provides valuable information and allows potential borrowers to initiate the application process easily.
In summary, Creditfy distinguishes itself through its longer-term financing options, diverse industry coverage, high loan approval rate, and experienced lending representatives. These factors make it a compelling choice for individuals seeking financing solutions for equipment and other business needs.
eLEASE:
- Low rates and favorable terms
- Seeking for small financing amounts
- Personalized assistance for startups
Rates & Terms | |
Estimated Starting APR | 8% and up |
Loan Amount | $3,000 to $500,000 |
Repayment Term | Up to 5 years |
Repayment Schedule | Monthly |
Funding Speed | Typically as fast as 48 hours from time of application |
Qualifications | |
Credit Score | 500 but can vary |
Time in Business | None |
Annual Revenue | None |
Down Payment | 10% is recommended |
Accelerate Your Business Growth with eLEASE: Where Financing Meets Opportunity
Understanding eLease’s Funding: eLease offers one of the smallest funding amounts among the options considered, but it’s still included in our list because it offers competitive rates and flexible qualification requirements. This means that even if your business is relatively new, you might still qualify for funding.
Funding for Various Industries: eLease provides funding for a wide variety of industries. Some examples include agriculture, breweries, computers, construction, dry cleaning, fitness, medical, machinery, network, and restaurant equipment. You can find a comprehensive list on their website.
Qualification Requirements: eLease doesn’t publicly disclose its qualification requirements because they can vary depending on individual cases. Generally, eligibility depends on your company’s credit, financial situation, and down payment amounts. In most cases, a personal guarantee might also be necessary.
Application Process: To apply for funding, learn more about eLease’s services, or get in touch with the company, you can visit their website. There, you’ll find their contact information and a link to submit an application, which takes less than five minutes.
In summary, eLease offers small funding amounts with competitive rates and flexible qualifications, making it a suitable option even for newer businesses. They fund various industries, but specific eligibility requirements vary case by case. You can easily apply or learn more about their services through their website.
1WEST:
- Simple equipment financial needs
- Tailored loan solutions for startups
- Transparent fee structures
Rates & Terms | |
Estimated Starting APR | 7% |
Loan Amount | $10,000 to $5 million |
Repayment Term | 5 to 60 months |
Repayment Schedule | Monthly |
Funding Speed | 1 week |
Qualifications | |
Credit Score | 550 |
Time in Business | 12 months |
Annual Revenue | $120,000 |
Down Payment | Varies |
Gear Up Your Business with 1WEST: Where Financing Meets Efficiency
Understanding 1West’s Equipment Financing: 1West offers financing options for a wide range of both new and used business equipment. They have a network of around 50 lenders and utilize their Automated Business Lending Engine (ABLE) to provide financing solutions around the clock, without the need for direct interaction with a loan officer.
Selection as Best Provider for Simple Equipment Financing: We’ve chosen 1West as the top provider for straightforward equipment financing needs due to its user-friendly processes and extensive lender network. Despite its streamlined approach, borrowers still have the option to work with a loan specialist if they require additional guidance or support.
Consideration of Funding Speed: One drawback of 1West is its longer funding speed, which typically takes about one week to process. For more complex financing situations, the funding process may extend even further. However, borrowers can track their application status through 1West’s online portal, though updates may take up to two business days to reflect.
Application Process: To apply for financing, individuals can conveniently submit an online application through the 1West website. To expedite the application process, it’s advisable to prepare commonly requested documents in advance, such as three months of business bank statements, government-issued identification, and a voided check for the business bank account.
In summary, 1West stands out for its comprehensive equipment financing options and the convenience of its online application process, despite the longer funding speed compared to other providers.
Balboa Capital:
- Low rates and favorable terms
- Quick approval process
- Personalized assistance for startups
Rates & Terms | |
Estimated Starting APR | 8% to 20%-plus |
Loan Amount | Up to $500,000 |
Repayment Term | 24 to 60 months |
Repayment Schedule | Monthly |
Funding Speed | As fast as the same day |
Qualifications | |
Credit Score | 620 |
Time in Business | 12 months |
Annual Revenue | $100,000 |
Down Payment | None |
Balboa Capital: Where Fast Funding Meets Flexible Solutions
Understanding Balboa Capital’s Approval and Funding Speeds: Balboa Capital is known for offering some of the fastest approval and funding speeds among the listed providers. During regular business hours, applications can receive approvals in as little as one hour, with funding provided on the same day.
Reasons for Fast Approvals and Fundings: Balboa Capital achieves fast approvals and fundings by employing an application-only process for certain loans. This streamlined process requires significantly fewer documentation requirements. Loans for hard collateral can undergo this streamlined process for amounts up to $500,000, while soft collateral loans can do so for amounts up to $350,000.
Qualification Requirements: To qualify for financing from Balboa Capital, businesses must have at least 12 months of business operation and a credit score of 620, which are among the highest requirements on our list. Additionally, businesses need to generate at least $100,000 in annual income. However, meeting these requirements does not guarantee loan approval. Furthermore, the lowest rates offered by the lender often require businesses to exceed the minimum eligibility criteria.
Initiating the Process: To initiate the financing process with Balboa Capital, businesses can request a free, no-obligation quote by completing a form on the provider’s website.
In summary, Balboa Capital stands out for its swift approval and funding processes, driven by its streamlined application-only process. While it imposes relatively high qualification requirements, it offers businesses the opportunity to receive financing quickly and efficiently.
Lendio
- Expedited application and approval process
- Minimal paperwork and documentation required
- Varied loan options catering to diverse business needs
Rates & Terms | |
Estimated Starting APR | 7.5% |
Loan Amount | $5,000 to $5 million |
Repayment Term | 1 to 5 years |
Repayment Schedule | Monthly |
Funding Speed | As fast as 24 hours |
Qualifications | |
Credit Score | 520 |
Time in Business | 0 to 12 months |
Annual Revenue | $50,000 |
Down Payment | As low as 0% |
Empower your business with Lendio: Where financing options meet your unique needs
Understanding Lendio’s Network: Lendio boasts a vast network of over 75 lenders, which is one of the largest among the options presented. This extensive network makes Lendio an excellent choice for borrowers seeking multiple financing options. With just a single loan application, borrowers can access various lenders, saving time and effort.
Equipment Financing Offered: Lendio offers equipment financing for a wide range of business purposes. Allowable uses include vehicles, machinery, restaurant appliances, office furniture, and medical equipment. This flexibility allows businesses to finance essential assets necessary for their operations.
Personalized Matching Process: When working with Lendio, borrowers are paired with a lending specialist who takes the time to understand their business needs, goals, and qualifications. Based on this information, the specialist matches borrowers with a lender within Lendio’s extensive network. Borrowers are then presented with various financing options to choose from.
Online Application Process: Borrowers can conveniently apply for financing directly from the Lendio website. The application process typically takes less than 15 minutes to complete. After submitting the application, borrowers may receive notifications via email or phone regarding any additional requirements. It’s important to provide these additional items promptly, as the application won’t be considered complete until all necessary documentation is submitted.
SBA (Small Business Administration) U.S.
- SBA-backed loans for equipment acquisition
- Favorable terms and rates for qualifying startups
- Enhanced accessibility for underserved communities
Rates & Terms | |
Estimated Starting APR | 6%+ |
Loan Amount | $5 million |
Repayment Term | 24 to 60 months |
Repayment Schedule | Monthly |
Funding Speed | 2 To 3 Days |
Qualifications | |
Credit Score | 550+ |
Time in Business | 12 months |
Annual Revenue | $250,000 |
Down Payment | Varies |
Elevating Small Businesses, Empowering Dreams: The SBA, your partner in success:
Understanding the SBA: The Small Business Administration (SBA) is a government agency in the United States dedicated to supporting and assisting small businesses across the country.
Access to Capital: One of the primary functions of the SBA is to provide access to capital for small businesses through various loan programs. These loans are not directly funded by the SBA but are guaranteed by the agency, which means that approved lenders are more willing to extend loans to small businesses.
Loan Programs: The SBA offers several loan programs tailored to the diverse needs of small businesses. These include the 7(a) Loan Program, which provides funding for general business purposes such as working capital, equipment purchase, and real estate acquisition. There’s also the CDC/504 Loan Program, designed for financing major fixed assets like land, buildings, and equipment.
Eligibility Criteria: To qualify for SBA loans, businesses must meet certain eligibility criteria set by the agency. These criteria typically include being a for-profit business, operating within the United States, meeting the size standards set by the SBA for the specific industry, and demonstrating the ability to repay the loan.
Application Process: The application process for SBA loans involves several steps. Businesses need to find a participating lender approved by the SBA and submit a loan application along with relevant financial documents and a business plan. The lender reviews the application and, if approved, forwards it to the SBA for final approval.
Loan Guarantees: One of the key benefits of SBA loans is the loan guarantee provided by the agency. This guarantee mitigates the risk for lenders, making them more willing to extend loans to small businesses that might not otherwise qualify for traditional bank loans.
Entrepreneurial Development: In addition to providing access to capital, the SBA offers resources and support for small business owners through its network of Small Business Development Centers (SBDCs), SCORE chapters, and Women’s Business Centers. These resources provide counseling, training, and assistance with business planning, management, and marketing.
Here are some alternatives to equipment loans:
Equipment Leasing: Instead of taking out a loan to purchase equipment outright, businesses can opt for equipment leasing. Leasing allows businesses to use the equipment for a specified period while making regular lease payments. At the end of the lease term, businesses may have the option to purchase the equipment, renew the lease, or return the equipment.
Equipment Rental: Another alternative is to rent the necessary equipment instead of purchasing or leasing it. Renting equipment provides businesses with flexibility, as they can use the equipment for short-term projects or as needed without the long-term commitment of ownership or leasing.
Equipment Sharing or Co-Ownership: Businesses can explore the option of sharing equipment with other businesses or entering into co-ownership arrangements. This allows businesses to share the cost and usage of equipment, making it more affordable and accessible to all parties involved.
Crowdfunding: Crowdfunding platforms can be used to raise funds specifically for equipment purchases. Businesses can create campaigns explaining their equipment needs and goals, and individuals or investors can contribute funds towards the purchase of the equipment.
Business Lines of Credit: Instead of securing a loan for a specific equipment purchase, businesses can open a business line of credit. A business line of credit provides businesses with access to a predetermined amount of funds that can be used for various business expenses, including equipment purchases, as needed. Businesses only pay interest on the funds they use.
Vendor Financing: Some equipment suppliers and manufacturers offer financing options to their customers. Businesses can explore vendor financing programs, which may include deferred payment plans, installment financing, or leasing options directly through the equipment supplier or manufacturer.
Conclusion:
In summary, when starting a business, it’s important to think carefully about how you’ll get the equipment you need. In 2024, there are lots of different options for equipment loans that can help your startup succeed.
These loans come with different features like flexible repayment plans, good interest rates, and helpful customer service. They give startups the support they need to grow, no matter if they’re in technology, manufacturing, healthcare, or hospitality.
By exploring different ways to finance your equipment and taking advantage of opportunities to grow, you can make your startup successful in 2024 and beyond. Just remember, picking the right equipment loan is a big step towards making your startup dreams come true. So choose wisely, and get ready for an exciting journey ahead!
Here are some FAQs:
To apply, you need to be at least 21 years old and no older than 65. You must hold Indian citizenship. Your MSME or startup can be established as a sole proprietorship, partnership firm, company, or Limited Liability Partnership (LLP). Additionally, your MSME or startup should maintain a favorable credit score.
Here are some popular methods for financing a startup:
- Family and Friends: A common approach is to seek financing from family and friends who believe in your business idea.
- Small Business Loans: Taking out a small business loan is another popular option for funding a startup.
- Venture Capital: Some startups secure funding from venture capital firms in exchange for equity.
- Business Credit Cards: Utilizing business credit cards can be a convenient way to finance certain aspects of a startup.
- Personal Savings: Many entrepreneurs use their personal savings to fund the initial stages of their startup ventures.
If you’re seeking a startup business loan, your business must have been established for at least 3 years. Additionally, you must fulfill other eligibility criteria and provide necessary documentation to qualify for a loan of up to Rs. 80 lakh* from Bajaj Finance.
Interest rates for MSME loans offered by leading banks in 2024.
Bank Name | Interest rate |
Central Bank of India | 9.90% p.a. onwards |
Indian Bank | At the discretion of the bank |
Punjab and Sind Bank | 9.30% p.a. onwards |
Punjab National Bank | At the discretion of the bank |
State Bank of India | At the discretion of the bank |
UCO Bank | 8.85% p.a. onwards |
Union Bank of India | At the discretion of the bank |