What is Business Loan ?
Volatile market trends and increasing business needs cause demand for urgent immediate cash-in-hand. A Business Loan designed for this purpose gives you the advantage to avail unsecured credit at competitive interest rates.
Whether you plan to invest in infrastructure investment or upgrade plant and machinery, a Business Loan caters to all your commercial needs.
Types of Business Loan
- Working Capital Loan
Working Capital Loans are finance designed to maintain healthy cash flows with unsecured finance to strengthen and grow your business without disruptions.
- Plant and Machinery Loan
You can install and upgrade your business plant and machinery to the latest standards to meet your growing business needs with plant and machinery or equipment loans.
- SME and MSME Loan
Small and Medium Enterprises are now in a position to expand operations, and scale business heights easily with SME and MSME Loans.
- Business Loan for Women
Especially designed for the women entrepreneurs, Business Loans for Women offer high-value finance to support growing business needs of women.
- Self Employed Professional Loan
Professionals such as Doctors, Chartered Accountants, and Architects are people who have little time at hand to attend to their professional finance needs. Hence, Self Employed Professional Loans are loans designed suit such a Professional’s financial requirements.
- Micro Business Loan
Small business loans are a way to finance small requirements, and as such are designed to be repaid in shorter loans periods to suit your needs.
Business Loan Eligibility Criteria
Primarily an unsecured loan, a Business Loan empowers you to avail funds without collateral for infusion into your enterprise for purposes that you deem fit.
However, to avail such a facility, you need to fulfil certain eligibility criteria laid down by our Partner Banks and NBFCs.
- Age
- Minimum 18 years
- Maximum 65 years a time of Loan Maturity
- Nationality
- Resident Citizen of India with no Criminal Record
- Business
- Minimum 3 years Own Business Vintage
- Minimum Annual Turnover and Profit at Lender’s Discretion
- Registered Chartered Accountant Audited Balance Sheet Compulsory
- No Previous Default with any Financial Institution
- Credit Score
- Credit Score of 700 & More – CIBIL (For score check here)
Calculator
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Business Loan Interest Rate
| Bank Name | Interest Rate | Processing Fee |
|---|---|---|
| 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 |
Documents Required for a Business Loan
- Photo Identity Proof
- Aadhaar Card
- Voter ID
- Passport
- Driving License
- Address Proof
- Rent Agreement
- Bank Statement
- Ration card
- Passport
- Driving License
- Electricity Bill
- Telephone Bill
- Property Tax Receipt
- Water Bill
- Credit Card Bill
- Age Proof
- Aadhaar Card
- Voter ID
- Passport
- Driving License
- Birth Certificate
- Secondary School Leaving Certificate
- Pension Payment Order or Receipt
- LIC Policy
- Income Proof
- 3 years IT Return-Saral copy
- Balance sheet
- Computation
- Employment Proof
- GST certificate
- MSME certificate
- Professional certificate
Business Loan Balance Transfer
The Business Loan Balance Transfer is a process of transferring the outstanding balance of your business loan at your old rate of interest from your existing bank to a new bank of your choice offering you a lower rate of interest.
Business Loan Balance Transfer can be undertaken to reduce your EMIs by moving over to a lender who offers you a lower rate of interest or you can also choose to authorize such a transfer if you are dissatisfied with the services of your current lender.