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Processing Fee

2%

Max Tenure

36 months

Best Rate

16%

View Details

Features

  • Collateral-free business loan
  • Amount size - Rs. 50,000 to Rs. 1 Crore
  • Repayment tenure – 1 to 36 months
  • Online application and processing in 3 working days
  • Minimal documentation
  • Flexible repayment options (Bi-weekly, Monthly)

Pricing

  • Interest rate – 16-27% per annum
  • Processing fees – 2% of the sanctioned amount

Documents Required

  • Bank Statements – Last 12 Months Current Bank Account Statements of the entity (till latest date) for all accounts/ OD accounts (PDF copies generated through Net banking or email from the bank)
  • Aadhar Card (Front & Back)
  • VAT/Service Tax Returns/GST (whichever applicable) for last 1 year of the entity
  • PAN of the entity and Date of Birth of the proprietor / partners / promoters (in case the application form is not filled)
  • Proof of activity** in case of proprietorship firms and copy of partnership deed in case of partnership firms
  • Documents required for specific applications
  • For clients from Food/Pharma/Chemical/Oil/petroleum industries, relevant statutory licenses might be required
  • Last two year’s detailed ITR computation or Balance Sheet with schedules required for cases, where turnover is more than 1 Cr. Or loan required is more than 10 Lacs.
  • Provisionals may be required deplender_offersending upon the merit of the case.
  • Any one of the following documents can be accepted as proof of activity for the proprietorship firms.
  • Registration certificate (in the case of a registered concern)
  • Certificate / license issued by the Municipal authorities under Shop & Establishment Act
  • Sales and income tax returns
  • GST/VAT certificate

Processing Fee

2%

Max Tenure

12 months

Best Rate

21%

View Details

Features

  • Collateral free business loan
  • Designed exclusively for small businesses
  • Fast and easy process
  • Loan tenure of 1 to 2 years

Pricing

  • Interest Rate - 21% (reducing interest rate basis)
  • Processing fee - 2% of the sanctioned amount + GST

Documents Required

  • PAN Card – For Individual / Partnership Firm / Company, Passport Size Photographs of all applicants & co-applicants
  • ID Proof (any one) – Voter ID / Driving License / Passport / Aadhar Card
  • Address Proof (any one) – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement
  • Ownership proof of either residence or office (in the name of applicant or jointly with family members)
  • Business Continuity Proof – Any one document dated 5 years old - Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed
  • Letter certifying end use of the business loan funds on Business Letterhead
  • Latest audited ITR and financials for the last 3 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
  • Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet
  • Partnership Deed and partnership authority letter for partnership firms
  • Memorandum & Articles of Association, Board Resolution and Certificate of Incorporation (COI) for companies
  • Latest shareholding patterns for Private Ltd. / Public Ltd. companies
  • Professional Qualification Certificate and Degree Certificate for professionals

Features

  • Customised solutions for a diverse set of entrepreneurs across multiple sector
  • Minimum Income Documents.
  • Loan based on asset creation in last 4 years in absence of Income documents (up to 20 lakhs)
  • Personal assistance to all the customers by Relationship officers for a hassle free and smooth loan process.
  • Loan based on Kacha bill available (up to 8 lakhs)

Pricing

  • Interest Rate – 18 % to 26%
  • Processing Fee – 2%

Documents Required

  • KYC – ID Proof - PAN Individual, PAN company
  • Residence proof - passport, driver’s license, ration card, Aadhar
  • Bank Statements of main banking for last 6 months
  • Last 2 years Audited financials with PL & BS
  • Ownership proof of office
  • Last 2 years ITR
  • Bills and Collateral documents

Processing Fee

2%

Max Tenure

NA

Best Rate

1.08%

View Details

Features

  • Extremely fast and Simple process
  • Paperless process
  • Collateral free - 100% Unsecured Loans and thus no collateral required
  • No hidden charges

Pricing

  • 18% p.a. onwards (reducing interest rate basis)
  • Processing Fee: 2% of the sanctioned amount + GST

Documents Required

  • Income Proof: Latest 3 months bank statement via PDF upload / netbanking (for new to credit customer only)
  • ID Proof: PAN Card, Election Card, Passport, Driving License, Aadhar card, UID (Unique Identification Document) issued by Govt. of India
  • UID (Unique Identification Document) issued by Govt. of India
  • Any of the above address proof acceptable for a close relative staying with applicant (Spouse/ Parents/ Son/ Daughter) with relationship proof confirmed with applicant.

Processing Fee

2%

Max Tenure

36 months

Best Rate

18%

View Details

Features

  • Collateral free business loan
  • Fast and hassle-free process
  • No contact Business Loan

Pricing

  • Interest rate – 18% onwards reducing balance
  • Processing fees – Up to 2% of the sanctioned amount + GST

    Documents Required

    1. PAN Card of Promoter
    2. Aadhar Card of Promoter
    3. Residence proof
    4. Office Address proof < /li>
    5. 6 months Banking (all banking required from which EMI are getting paid) < /li>
    6. 1 year ITR (P&L and Balance Sheet) - Only if loan required is more than 3 lakhs

    Processing Fee

    3%

    Max Tenure

    10 yrs

    Best Rate

    16%

    Processing Fee

    2%

    Max Tenure

    60 months

    Best Rate

    19%

    Processing Fee

    2.5%

    Max Tenure

    25 months

    Best Rate

    21.55%

    Processing Fee

    2.5%

    Max Tenure

    5 yrs

    Best Rate

    18.75%

    Processing Fee

    NULL

    Max Tenure

    NULL

    Best Rate

    11%

    Processing Fee

    NULL

    Max Tenure

    NULL

    Best Rate

    11.30%

    Processing Fee

    2%

    Max Tenure

    NULL

    Best Rate

    12.25%

    Processing Fee

    2%

    Max Tenure

    NULL

    Best Rate

    16.00%

    Processing Fee

    2.5%

    Max Tenure

    NULL

    Best Rate

    15.50%

    Processing Fee

    NULL

    Max Tenure

    NULL

    Best Rate

    9.70%

    Processing Fee

    2.5%

    Max Tenure

    2yrs

    Best Rate

    14%

    Processing Fee

    2.0%

    Max Tenure

    2 Yrs

    Best Rate

    26%

    Processing Fee

    2%

    Max Tenure

    36mns

    Best Rate

    16%

    Processing Fee

    2%

    Max Tenure

    2 yrs

    Best Rate

    18%

    Processing Fee

    2%

    Max Tenure

    2 yrs

    Best Rate

    18%

    Processing Fee

    2%

    Max Tenure

    3 yrs

    Best Rate

    19%

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    What is a Business Loan?

    A business loan is one type of a loan that is applied for by people who aim to establish, expand or buy equipment for their businesses. Entrepreneurs who look for capital to begin their businesses also apply for business loans. These loans are perfect for small businesses in India. There are two types of small business loans in india:

    • Secured Business Loans:
    • A secured business loan is when the individual provides collateral in the form of land, machinery, a house, etc, as security for the loan amount. This has the added benefit of a lower rate of interest.

    • Unsecured Business Loans:
    • An unsecured business loan is when the loan amount is given without any collateral. The interest rates for unsecured loans are generally higher as there is a risk factor involved for the lender.

    How to Apply for Business Loans on CreditMantri.com

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    Let your entrepreneurial dreams soar high and get your company up and running by getting the best business loans through CreditMantri

    Features and benefits of a Business Loan

    • Good loan amounts
    • Business loan amounts can go up to Rs.5 crores or more based on the needs and requirements of the customer. The loan amount is generally given based on the size of the business and the amount needed for operations such as expansion, inventory, working capital and more.

    • Flexible tenures
    • Business loans have tenures that can extend up to 7 years based on the customer’s requirements.

    • Minimal documentation
    • Most business loans have a very simple loan process that requires minimal documentation from the customer. Some lenders offer doorstep services to collect the few documents that are required so make the process more convenient for the customer.

    • Speedy disbursal
    • Most lenders who provide business loans ensure that the loan amount is in your bank account in 3 working days or sooner. In some cases, it can take longer due to verification of documents and other formalities that are followed.

    Interest rates

    The interest rates for a business loan generally begin at just 12%. Most interest rates are fixed at the sole discretion of the lender and can vary based on credit scores, current performance of the business and other factors.

    Factors that affect interest rates for a small business loan in India

    • Credit score:
    • A credit score is a three-digit number that ranges from 300 to 900. It shows your creditworthiness to your lender. Lenders use your credit score to assess your reliability. If you have a good credit score, then the interest rates for your business loan will be much lower. A credit score of 750 and above are considered a good score by most lenders. So, if you have a low credit score, then your lender will consider you to be a risky customer and will increase the interest rate for the loan or reject your loan application. Always ensure that you check your credit score before applying for a business loan.

    • Credit history:
    • If you have a long credit history that is good, then the interest rates that you will receive from your lender for your business loan will be low. This is because your lender will view your past transactions with your past credit products to check your creditworthiness. If you have a positive and long credit history, the banks will consider you to be reliable and will lend to you at lower interest rates. If you have a bad credit history, the interest rates will be higher as you will be viewed as a risky customer.

    • Loan amount:
    • A large business loan amount entails a lower interest rate than a small business loan amount. So, it is better to take a large loan for your business rather than a small loan as the interest rates will vary as per the loan amount that is taken by the customer. Ensure you calculate all the needs and requirements of your business including the cost for labour, equipment, inventory and other costs.

    • Relationship with lender:
    • If you have a good and healthy relationship with the lender you are borrowing from and are an existing customer with them, then the interest rates can be negotiated for and one can get a lower interest rate. This can help you lower the interest rates on your business loan. Most lenders aim to please their customers and so they can lower the interest rates if you have a positive and long-term relationship with them.

    Eligibility criteria for small Business Loans in india

    • Should be a self-employed individual, Proprietor, Private Ltd. Co or a Partnership Firm that is involved in the business of manufacturing, trading or services
    • Should have a minimum of 2 to 3 years of business experience in the current business
    • Should have a minimum turnover of Rs. 24 lakhs
    • The applicant should be a minimum of 21 years and a maximum of 65 years.

    These criteria can vary from lender to lender and so it is best to check with your lender as to what their eligibility criteria are for their short-term loans.

    Documents needed for small Business Loans in india

    • PAN card of the individual or the company or the firm
    • ID proof (Aadhar card/passport/Voter’s ID/PAN Card/Driving license)
    • Address proof (Aadhar card/passport/ Voter’s ID/ Rent agreement/Driving license)
    • 6 months bank statement
    • Latest ITR with computation of income, balance sheet and profit and loss account for the last 2 years after being audited
    • Proof of continuation of business

    These documents needed can vary from lender to lender and so it is best to check with your lender as to what documents are required for their short-term loans.

    How to apply for a Business Loan

    • You can apply online by filling in the application form and turning in all the required documents.
    • You can apply in person by visiting the lender’s branch with all the needed documents and filling out the application form for the same.

    Business loan – FAQs

    1. What are the two types of small business loans?

    There are two types of business loans – secured and unsecured. A secured business loan is when the individual provides collateral as security for the loan amount. An unsecured business loan is when the loan amount is given without any collateral.

    2. What is the tenure for a business loan?

    Business loans have tenures that can extend up to 7 years.

    3. What are the usages of business loans?

    Business loans are applied for by people who aim to establish, expand or buy equipment for their businesses. Entrepreneurs who look for capital to begin their businesses also apply for business loans.

    4. What is the minimum and maximum age for applying for a business loan?

    The applicant should be a minimum of 21 years and a maximum of 65 years.

    Latest & Update Business Loan News

    ECLGS Expanded: Includes up to Rs. 2 crores additional loan facility for Health Enterprises 3 Jun 2021

    To boost the economy amid the second Covid-19 wave, the Finance Ministry has announced the expansion of ECLGS (Emergency Credit Line Guarantee Scheme). Entities that have availed of loans under this scheme can get additional assistance of up to 10% o...

    Read more

    To boost the economy amid the second Covid-19 wave, the Finance Ministry has announced the expansion of ECLGS (Emergency Credit Line Guarantee Scheme). Entities that have availed of loans under this scheme can get additional assistance of up to 10% of their outstanding as of 29 February 2020. Concessional credits will be provided as loans up to Rs. 2 crores for health enterprises to set up oxygen plants. Under this expansion, borrowers can avail of loans up to a maximum tenure of five years (against the four years earlier). Borrowers can also repay interest only for the first 24 months, and repay principal and pending interest during the remaining 36 months tenure.

    Business Loans up to Rs. 100 crores for Healthcare Companies1 Jun 2021

    The RBI has announced that public sector banks will offer easy business loans to companies engaged in building healthcare infrastructures like diagnostic centres, nursing homes, hospitals, clinics and pathology labs. The loan amount can be used for e...

    Read more

    The RBI has announced that public sector banks will offer easy business loans to companies engaged in building healthcare infrastructures like diagnostic centres, nursing homes, hospitals, clinics and pathology labs. The loan amount can be used for either capacity expansion or greenfield investment. The maximum loan tenure is 10 years and the maximum loan amount offered is up to Rs. 100 crores in metro cities, and Rs. 20 crores and Rs. 10 crores in tier-2 cities and smaller towns respectively.

    RBI Announces No Suspension of the IBC for the Second Covid-19 Wave 17 May 2021

    The RBI has announced that there will be no fresh suspension of the IBC (Insolvency & Bankruptcy Code) due to the second Covid-19 wave raging the country. The RBI has further stated that banks can restructure distressed loans, provided their balance ...

    Read more

    The RBI has announced that there will be no fresh suspension of the IBC (Insolvency & Bankruptcy Code) due to the second Covid-19 wave raging the country. The RBI has further stated that banks can restructure distressed loans, provided their balance sheets remain transparent. It is to be noted that the RBI invoked the IBC for six months last year, following which borrowers were provided a six-month moratorium on their loans.

    Loans to be Easily Available and Affordable to Key Healthcare Entities: RBI5 May 2021

    To help citizens and companies handle the severe onslaught of the second Covid-19 wave, the RBI governor has announced a slew of relief measures. Under this scheme, banks will relax lending norms to several entities like manufacturers/suppliers/impor...

    Read more

    To help citizens and companies handle the severe onslaught of the second Covid-19 wave, the RBI governor has announced a slew of relief measures. Under this scheme, banks will relax lending norms to several entities like manufacturers/suppliers/importers of vaccines, medical devices makers, suppliers of ventilators/oxygen, etc. These easy (and cheap) loans will be available till 31st March 2022. However, it is to be noted that the RBI has not announced any moratorium for individual borrowers, until now.

    Scope of ECLGS Extended to Include Companies with Overdue Loans of Lesser than 60 Days20 Apr 2021

    The Finance Ministry has announced that SMA (Special Mention Account) borrowers in the healthcare sector and 26 other sectors affected by Covid-19 are eligible to avail of the benefits of ECLGS 3.0 (Emergency Credit Line Guarantee Scheme). Due to the...

    Read more

    The Finance Ministry has announced that SMA (Special Mention Account) borrowers in the healthcare sector and 26 other sectors affected by Covid-19 are eligible to avail of the benefits of ECLGS 3.0 (Emergency Credit Line Guarantee Scheme). Due to the continuing impact of the Covid-19 pandemic, the ECLGS Scheme has been extended to offer loans to companies with outstanding not exceeding Rs. 500 crores and delays not over 60 days. This move will help businesses in travel and tourism, hospitality, sporting, leisure and other sectors that are impacted by the ongoing pandemic. Under this scheme, eligible companies can borrow credit of up to 40% of their total outstanding for a tenure of six years, including a moratorium of two years.

    Business Loan - Customer Reviews

    4 / 5 (64 Reviews)
    29 Jan 2021

    Suitable loan and card products.,Good website - easy to use,

    19 Oct 2020

    Usefulness of information,good

    6 Oct 2020

    Usefulness of information,

    18 Sep 2020

    Usefulness of information,its very useful

    3 Sep 2020

    Product offers,Usefulness of information,Credit Report Analysis,Website/app interface,

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