Business Loan

Know How To Apply For Business Loan

A business loan is an obvious choice if you need a finance a business expansion, add capacity or acquire a competitor.
Business loans are majorly used for purposes like business expansion, purchase of machinery or plant, investment in infrastructure, hiring staff, maintain inventory, etc.
Getting instant funds is not always possible, as banks and NBFCs take their time in deciding whether to sanction a loan or not.

Features and Benefits of Loan

All loans are not created equal, a personal loan has become a great option for people to use.

Faster Loan

For funding medical expenses, hospitalization, surgery, No collateral is required.

Choose your amount

All charges are communicated up front in writing along with the loan quotation.

Enjoy the best rates

A business loan can be up to Rs 50 crore, very low rate of interest and even more depending on the requirement of the business.

Decide your tenure

The applicant also has an option of loan pre-payment in which he/she can foreclose the loan by paying some additional charges defined by the respective bank or NBFC.

Eligibility Criteria for Loan

Any self-employed professional, public and private companies are eligible for a business loan.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: Rs 25,000

Credit Rating

Applicant should have a bank-specified credit score.

Documentation

The following documents are required along with your Business Loan application:

Personal Identity proof (copy of passport/voter ID card/driving license/Aadhaar)
Home Address proof (copy of passport/voter ID card/driving license/Aadhaar)
Bank statement of previous 3 months (Passbook of previous 6 months
Latest salary slip/current dated salary certificate with the latest Form 16

Fees and charges

Types of fees Charges applicable

Rate of interest Up to 7% T&C Apply
Processing fees Nil
Loan statement charges Nil
Interest & principle statement charges Nil
EMI bounce charges –
Secure fee NA

*Service Tax and other Government taxes, etc. applicable as per prevailing rate will be charged over and above the Fees and Charges.