Fincare Small Finance Bank business loan Interest rate

Fincare Small Finance Bank business loan Interest Rate starts from 9.20% and range is between 9.20%-11.25% per annum is feasible for most borrowers.

While there are lot of factors that impacts your interest rate, following are major factors.

  1. Income Level of business
  2. Stability of revenue, balance sheet
  3. Business type 
  4. Credit History( loan repayment history of business)
  5. Relationship with Lender or banker
  6. Category of Your Business

 

Following table shows the EMIs for various Fincare Small Finance Bank business loan amount based on different tenures at 8.60%* onwards

Following table provides a comparison of Fincare Small Finance Bank business loan EMI for a Rs. 1 lakh Business  loan at different tenures:

Business Loan Tenure

2 years

3 years

5 years

EMI amount for Business Loan amount Rs. 1 lakh at 10.50%

₹ 4,638

₹ 3,250

₹ 2,149

Total amount you pay back to the bank including principal and interest

₹ 1.23 Lakh

₹ 1.36 Lakh

₹ 1.68 Lakh

Interest you have to pay over loan tenure

₹ 23,034

₹ 36,470

₹ 67,905

At the lowest interest rate of 10.50%, the lowest EMI for tenure of 5 years is ₹ 2,149 per lakh. You need to pay an interest of ₹ 67,905 on your loan amount of Rs. 1 lakh over 5 years.

If you take a Fincare Small Finance Bank business loan for 2 years at the same rate of interest, you have to pay a higher EMI of ₹ 4,638 and a total interest amount of ₹ 23,034 on your loan amount of Rs. 1 lakh for 2 years, which is much lesser than what your business paid for a 5 years Fincare Small Finance Bank business loan.

 

  • Allahabad Bank