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Is your business facing setbacks due to restricted cash flow? Do you need some financial support for expanding the business, investing in office or factory space, buying equipment or machinery or expanding inventory? Almost all business owners know the pain of getting a business loan sanctioned. Are you one of those facing issues in getting your business loan approved? A business loan from Edelweiss might put you on track. Read on to know more about Edelweiss Business Loan offers.
Edelweiss business loan could be a backbone to grow your small or large-scale company. Tailor-made to suit the needs of all categories, the bank provides a lot of benefits to their customers on business loans. With competitive interest rates and quick loan processing, Edelweiss business loan could be the best option to achieve success in your business.
There are various features that makes taking a business loan from Edelweiss beneficial:
You are eligible for a Business Loan from Edelweiss if you are a:
You must be in a profitable business for the past 2 years.
You should be a minimum 21 years of age at the time of Edelweiss Business Loan application and maximum 65 years at the time of maturity of the loan.
You must have a minimum experience of 5 years in the current line of business, with at least 3 years of profitable business establishment & operation in the same city.
Edelweiss Mini Million Business Loan
Objective: This small business loan is to provide funding for micro and small business establishments.
Loan Amount: The borrowers can get loan amount up to INR 5 Lakhs.
Tenure: The repayment period is up to 24 months.
Collateral: No security required
Minimum Turnover: INR 25 Lakhs
Prepayment Charges: 4%
Processing Fee: 2.5% + Taxes
Objective: This business loan is to provide funding for short-term business requirements.
Loan Amount: The borrowers can get loan amount up to INR 10 Lakhs.
Tenure: The repayment period is up to 25 months.
Minimum Turnover: INR 1 crore
Objective: This business loan is to provide funding for immediate business requirements.
Loan Amount: The borrowers can get loan amount up to INR 40 Lakhs.
Tenure: The repayment period is up to 48 months.
Minimum Turnover: INR 3 crores
Objective: This business loan is to provide funding for the purchase of equipment and refinancing for the existing equipment.
Loan Amount: The borrowers can get loan amount up to INR 2.5 Crores.
Tenure: The repayment period is up to 60 months.
Collateral: Only equipment is considered as collateral
Prepayment Charges: 2%
Processing Fee: 2% + Taxes
Moratorium period is available for 6 months under this loan scheme.
Objective: This business loan is to provide funding for the business by pledging a security.
Loan Amount: The borrowers can get loan amount up to INR 25 Crores.
Tenure: The repayment period is up to 120 months.
Collateral: Loan against residential, commercial and industrial property
Prepayment Charges: 1%
The interest rate on Edelweiss business loan generally starts from 18% onwards. However the interest rate is fixed at the discretion of the bank and it is subject to change from time to time.
The bank offers attractive interest rates on its business loans. However, it depends on a host of eligibility criteria which might include but is not limited to - your credit history, current outstanding loans / EMIs, and other factors that reflect your financial capability and behaviour. It is best to contact the bank directly for the most up to date interest rates.
The processing fee and prepayment charges are fixed at the discretion of the bank and is subject to change depending on the internal policies of the bank.
The documentation required is simple and straightforward. Following are some of the documents which will be required:
Any person wanting to start a business or any individual wanting to expand their business need funds to do so. This is where individuals and entrepreneurs take loans at a previously agreed rate of interest and time. Without this working, capital businesses cannot run smoothly. There are 2 types of business loans.
1. Secured loans –This is the case where individuals and entrepreneurs provide collateral like inventory, land, machinery etc. Here the interest rate will be less
2. Unsecured loans –This is the case where businesses take a loan without any collateral. The interest rates are high as the risk for the banks are high
The most common reasons to take business loans are as follows
1. Expanding Operations
Buying land or leasing a property to expand business operations when you feel that your business has grown large enough and scaling up at this moment is an opportunity that you do not wish to forgo, a business based on its growth projections can go for expanding operations more than once.
2. Purchase Equipment
Technology has become a key driver in the information age of business, and since technology comes with a pre-set expiry date, there is always a demand to purchase or upgrade existing equipment and technology. Buying/leasing/replacing a new equipment that will help improve the production or operations of the organization, alternatively the equipment can also be leased, it is best to conduct a cost-profit analysis to determine whether to buy or lease.
The advantage with buying equipment is that depreciation can be claimed each year apart from the first-year tax exemptions.
3. Purchase of inventory
Most often small business would require immediate capital for the purchase of inventory stock or raw material. There may arise the situation where the demand for your product may be very high in the market. Businesses may not have the funds to get the raw materials to meet the rise in demand. This problem can be solved when individuals and entrepreneurs take loans to buy the inventory needed for production.
4. To increase working capital
Many times, small businesses may not have enough working capitals to run their day to day activities. They will take short term loans till their own assets earn enough revenues to meet their operational needs.
5. Improve credit history
If a business is looking to get a larger loan it is necessary for the company to have a good credit history. To make sure of this the individual or proprietors get short term loans and pay them on time to improve their credit history. Consistent repayment of borrowings will lead to a positive credit history.
1. What is the minimum and maximum amount that I can get for my business?
You can get anywhere from INR 3.5 lakhs up to INR 25 Crores.
2. How much time does it take to process my application?
It depends on the completeness of the documents furnished. Once everything is found to be order, the processing could take between two to four weeks.
3. What is the available tenures of the loan?
Edelweiss offers flexible tenure options which can range from between 24 months to 120 months.
4. On what basis, will my loan limit be determined?
Your loan amount will be decided as per your business revenue.
5. Is there any processing fee included?
Yes, a nominal processing fee would be levied which is communicated at the time of application for the loan.
The simplified processing formalities facilitates loan borrowings from Edelweiss with ease. It offers an array of finance products to suit every need and budget. The loans is disbursed as soon as you are found to be creditworthy and your net worth is satisfactory.
You can get a business loan from Edelweiss in the following ways:
Need help? If you think you need help with your Edelweiss Business Loan Application and advice on loan eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile.
Incorporated in the year of 2008, Edelweiss Broking Ltd. is an Indian Financial services company based in Mumbai, India. The company is registered with National Stock Exchange of India, Bombay Stock Exchange and MCX Stock Exchange.
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