| Bank Name | Interest Rate | Processing Fees |
|---|---|---|
| HDFC Bank Ltd | 15% | 0.01 |
| IDFC First Bank | 16% | 0.015 |
| ICICI Bank | 16% | 0.015 |
| Axis Bank Ltd | 17% | 0.015 |
| Bajaj Finance Ltd | 17% | 0.02 |
| Fedfina | 17% | 0.02 |
| Fullerton | 17% | 0.02 |
| Poonawala | 18% | 0.02 |
| Tata | 18% | 0.02 |
| SMC Finance | 19% | 0.02 |
| Indifi | 20% | 0.03 |
| Lendingkart | 19% | 0.025 |
| Dhanvarsha Finvest Limited | 21% | 0.02 |
| Loantap | 21% | 0.02 |
| Neogrowth | 24% | 0.03 |
| Aditya Birla Finance Ltd | 18% | 0.02 |
| Hero Fincorp | 18% | 0.03 |
| Loan Frame | 18% | 0.02 |
| Growthsource | 24% | 0.02 |
| IndusInd Bank | 18% | 0.02 |
| Kotak Mahindra Bank Ltd | 15% | 0.02 |
| Standard Chartered Bank | 16% | 0.02 |
| UGRO | 18% | 0.02 |
| Yes Bank | 16% | 0.02 |
| Edelweiss | 18% | 0.02 |
| Axis Finance | 18% | 0.02 |
Start or expand your venture with a super easy and quick Business Loan with the help of our professionals.
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Start or expand your venture with a super easy and quick Business Loan with the help of our professionals.
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Overview 
What is Business Loan?
Unpredictable market trends and increasing business needs cause demand for urgent, immediate cash-in-hand. A Business Loan designed for this purpose leverages the advantage of availing of non-secured credit at low-cost interest rates.
Whether you are planning to invest in infrastructure acquisition or upgrading plant or machinery, a Business Loan will cater to all your commercial requirements.
Loan Eligibility
Business Loan Eligibility Criteria
The main advantage of an unsecured loan or Business Loan is to empower you to avail funds without pledging collateral for fulFiling the business needs that you deem fit.
However, to avail of such a facility, you must fulfill the eligibility criteria set by our Partner Banks and NBFCs.
Age
To avail of a business loan, the age limit is:
Nationality
Resident Citizen of India with no Criminal Record.
Business
Credit
Score
Credit Score of 750 or above.
Rate Of Interest
Business Loan Interest Rates
The percentage of the Principal Business Loan amount payable to the lender as charges for borrowing is known as the Interest Rate or Rate of Interest or ROI. This Rate of Interest typically applies to the principal amount annually.
Documents
Business Loan Documents Required
To avail of a Business Loan, you have to prove your eligibility, and for that, you must furnish all the required documents per the eligibility criteria.
To kickstart the loan process, you will need the following documents handy so that you can avail of the Business Loan at the earliest.
Photo Identity Proof: Voter ID/Passport/Aadhaar Card/ Driving License
Age Proof : Voter ID/Passport/Driving License/Aadhaar Card/Birth Certificate/Secondary School Leaving Certificate/Pension Payment Order or Receipt
Address Proof : Rent Agreement/Bank Statement/Ration card/Passport/Driving License/Electricity Bill/Property Tax Receipt/Water Bill/Telephone Bill/Credit Card Bill
Income Proof : 3 Months Salary Statement/ 6 Months Bank Statements
Income Tax : Form 16
Employment Proof: Employers Letter/Identification Card
Self-Employed, Non-Salaried, and SMEs are seeking funds as Business loans will have to provide these additional documents to initiate the loan process:
Proof of Business
PAN
GST Registration Certificate
Trade License Partnership Deed
Article of Association
Memorandum of Association
Import Export Code
Registration Certificate
Professional Practice License for Doctors, Consultants, and more.
Registration Certificate of Establishment for Shops, Factories, and Other
Establishments
Business Address Proof
Income Proof - Financial Statement Audited by CA
Profit
and Loss Account Statement
Balance
Sheet
6 Months Bank Statements
3 years
of Income Tax Returns
Income Tax
3 years
of Income Tax Returns or Assessment Orders
Advance Income Tax Paid
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*Other documents might be required additionally by the department
Balance Transfer
Business Loan Balance Transfer
The process of transferring the outstanding balance of your business loan at your old Interest Rate from your existing bank to the new bank of your choice, offering you a lower Rate of Interest, is known as Business Loan Balance Transfer.
Business Loan Balance Transfer helps you reduce your EMIs, enabling you to move over to a new lender who offers you a lower Rate of Interest as compared to your existing lender. Also, if you are dissatisfied with the services of your current lender, you can choose this in an authorized way.
FREQUENTLY ASKED QUESTIONS
A Business Loan is an amount based on the agreement between the borrower and
the lender for the business and business needs. A Business Loan includes
starting up a new business, maintaining cash flow, expanding the existing
business or buying new equipment, and more in the condition of the business
will repay the loan in a pre-decided duration and Rate of Interest.
Both professionals and non-professionals who are self-employed, including
professionals such as doctors, can avail of Business Loans. Business Loans
are easy to get at low-interest rates for the below-mentioned customer
segments:
Partnership Firm
Sole Proprietorship
Trusts
Societies
Private Limited Companies
Closely held Public Limited Companies
Hospitals, Nursing Homes, Diagnostic Centers, Pathological Labs.
There are various options available by which you can repay your Business
Loans, including Post Dated Cheques, Electronic Clearance Service (ECS),
Direct Debit, or EMIs.
If you cannot repay your loan, or you intentionally default on your loan,
then your lender will/may take legal action to recover the loan amount.
Seizing collateral is a way to recover the loan amount if it is a secured
loan. And, if it is an unsecured loan, the lender will sue you for
defaulting on the loan, and the loan recovery will happen as per the court’s
order.
Yes. Some banks allow you to repay your Business Loans through Pre-Closure
after a lock-in of 6 months to a year, whereas some banks may allow you to
pre-close your business loan after the first EMI is debited from your bank.
Also, there might be restrictions, such as using only your money for
pre-closing your business loans. For further details, contact the
professionals.
Your EMI depends on the loan amount issued to you. However, for better
clarity about your EMIs, you can use the EMI Calculator or discuss it with
the lender or bank.
he maximum Business Loan tenure depends on the loan amount taken and the
lender. Usually, the turnaround time to repay a small business loan is three
to six years or 60 months. However, it may vary per the terms and conditions
set by the lender at the beginning.
For a Business Loan, the interest rate is fixed.
You can apply online to get a Business Loan, or you can contact us at
7772877729, and our loan experts will help you avail of your Business Loan.
The benefits and features of a Business Loan are:
Flexibility
Affordable High-Value Capital
Multipurpose End Usage
No Need for Collateral
Hassle-free Quick Unsecured Loans, and more.
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