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Edelweiss Emillion Business Loan

Apply Edelweiss EMIllion Business Loan

Processing Fee

2.5%

Max Tenure

25 months

Best Rate

21.55%

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Overview

Edelweiss Group is a leading investment and financial services provider in India. The company is involved in various aspects of financial services like lending (Retail and Corporate), investment and advisory services related to wealth management and asset management as well as insurance services (Life insurance and General Insurance). Edelweiss has a very huge customer base that is catered through the 476 offices and a strong network of sub-brokers across the country.

Edelweiss has many loan options for the small businesses or the SME sector. The SME sector being very crucial to the economy, the survival and growth of the same is essential for the ultimate growth of the economy. But the SME sector often faces many hurdles in securing easy and timely finances for their various needs. To help SMEs meet their capital needs, banks and NBFCs like Edelweiss offer multiple loan options to SMEs.

The loan options available for SMEs can be categorised as secured and unsecured loans. Unsecured loans are the loans that are provided to the business without any collateral or guarantor. Unsecured loans are highly sought-after by small businesses, as they often do not have the means or resources to provide immediate or adequate collateral to the banks. Due to lack of collateral, a large number of SMEs are unable to avail the required financial assistance.

Edelweiss aims to bridge this gap by providing unsecured business loans to SMEs The two loan products of Edelweiss that are discussed here are: Edelweiss Unsecured Business Loans and Edelweiss Equipment Loans. The details of these loans are mentioned below.

Eligibility for Edelweiss Business Loan

The eligibility details for the unsecured business loans and the equipment loans are set in the manner to reach maximum number of applicants and give them the benefits of these loan products of Edelweiss.

The eligible applicants for these loans are,

  • Proprietorship
  • Self-Employed Professionals
  • Partnership Firms
  • Limited Liability Partnerships
  • Private Limited Companies
  • Closely held Limited Companies

The eligibility criteria set for the loans are tabled below.

Category

Edelweiss Unsecured Business Loans

Edelweiss Equipment Loans

Age of the Business

The business should have been in existence for a minimum period of 3 years 

The business should have been in existence for a minimum period of 3 years

Health of the Business

The entity should have been a profit making venture for the past 2 years before application

The entity should have been a profit making venture for the past 2 years before application

Turnover

The business should have turnover of at least Rs. 25,00,000 

The business should have turnover of at least Rs. 25,00,000

The above eligibility criteria are set with respect to any organization seeking to get a business loan from Edelweiss. Further, the lender also considers other additional eligibility requirements like the credit score or the past performance of the borrower before sanctioning the loan.

Documents for Edelweiss Business Loan

The documents related to applying the Edelweiss business loans are basic KYC documents and financial documents that help in ascertaining the health of the business and its repaying capacity.

The details of the documentation for business loans of Edelweiss are tabled below.

Category

Edelweiss Unsecured Business Loans

Edelweiss Equipment Loans

Identity Proof and Address Proof 

KYC documents Like PAN Card, Aadhaar Card, Passport of the Owner, Partner, Director and Firm

KYC documents Like PAN Card, Aadhaar Card, Passport of the Owner, Partner, Director and Firm

Business documents

  • Financial Documents (Balance Sheet, Profit and Loss Statement, Cash Flow Statement and Cash Flow Statement) for the past 2 years
  • Income Tax Return For the past 2 years
  • Latest Salary Slips or form 16 (in case of salaried applicants)
  • Financial Documents (Balance Sheet, Profit and Loss Statement, Cash Flow Statement and Cash Flow Statement) for the past 3 years
  • Income Tax Return For the past 3 years
  • Latest Salary Slips or form 16 (in case of salaried applicants)

Bank Statements

Bank Statements of the Current Account of the business for the past 6 months 

Bank Statements of the Current Account of the business for the past 6 months

Existing Loan Information

Any existing loans or such facility provided to the business entity 

Any existing loans or such facility provided to the business entity

Machinery Invoice

Not Applicable

Invoice of the Machinery to be bought through the loan

The above documents have to be submitted along with the application form in order to complete the application and enable faster processing of the same.

Features and Benefits of Edelweiss Business Loan

The features and benefits of the business loans of Edelweiss provide the customers the chance to get instant business loans for various purposes. These loans are provided at very reasonable interest rates and comfortable repayment tenure. The details of the features of the Edelweiss Business Loans are mentioned below.

Purpose of Loan

The purpose of the loan defines the type of loan that can be availed through Edelweiss. Edelweiss provides unsecured loans as well as equipment loans to the business. The unsecured loans can be used for

  • Working Capital Needs
  • Growth and Expansion of the business
  • Sudden or urgent need for any orders or impending assignment that needs to be finished.

The purpose of applying for Edelweiss Equipment Loan is to purchase new machinery or refinance an existing one (provided such existing machinery is not older than 12 months from purchase)

Amount of Loan

Edelweiss Business Loans provides convenient and prompt business loans to the eligible customers. The amount of loan under Edelweiss Business Loans is tabled below.

Loan Amount

Edelweiss Unsecured Business Loans

Edelweiss Equipment Loan

Minimum Amount

Rs. 3,50,000

Rs. 50,00,000

Maximum Amount

Rs. 5,00,000

Rs. 2,50,00,000

Tenure

The tenure for repayment of Edelweiss Business Loans is up to a maximum of 4 years in case of unsecured business loans. On the other hand, the customers get tenure of 5 years for repayment of Loan taken under Edelweiss Equipment Loan.

Rate of interest

The rate of interest charged on the business loans of Edelweiss are very competitive and ensure that the customers get the best rates for their working capital or similar requirements as well as for purchase or refinance of equipment. The rate of interest is fixed in nature in case of the unsecured business loans. The rate of interest for Edelweiss Unsecured Business Loan is from 18% per annum to 28% per annum varying from case to case basis. The rate of interest in case of Edelweiss Equipment Loan ranges from 14.50% per annum to 18.50% per annum

Collateral

Customers do not have to provide any collateral for the unsecured loans of Edelweiss. The equipment loans of Edelweiss also do not need any additional or secondary collateral. The machinery purchased or refinanced out of the loan taken will be hypothecated in case of default of repayment of loan.

Fees and charges

The various fees and charges of Edelweiss Business Loans are tabled below.

Particulars

Charges

Processing Fees

Unsecured Loans - Up to 3.5% of the Loan amount

Equipment Loan - Up to 2% of the Loan amount

Late Payment Charge

24% per annum

Foreclosure or Prepayment charges

4% of the outstanding loan amount

Cheque Swap Charge

Rs. 500 per swap

Document Retrieval Charge

Rs. 500 (exclusive of taxes)

Cheque Bounce Charge

Rs. 500 per Bounce (exclusive of taxes)

Duplicate Statement Issuance Charges

Rs. 500 per Document (exclusive of taxes)

Stamp Duty and Statutory Charges

Actual (as applicable under the State Law)

Application process for Edelweiss Business Loans

The application process for the business loan can be done online through the website of Edelweiss. The steps for the same are mentioned below.

  • The first step is to visit the website of the Edelweiss at the following link

edelweissretailfin[dot]com

  • The next step is to click on the following link to start the procedure to apply for the loan.

Home Apply Online

  • After this the customer has to select the type of loan to be applied from the drop down box.
  • After selecting the same, the customer will have to fill in the personal details, income details, location of the loan, etc.
  • Post filling all the required details, the customer will be contacted by the representatives of Edelweiss and they will be guided for the further process of loan application
  • The customers can upload the documents required along with the application form to complete the application.
  • Upon successful verification of the same, the customer will be sanctioned the loan.

The entire process of loan application verification and disbursal of Edelweiss takes 5-7 working days post receiving the completed application form and documents in case of Unsecured Loans. In case of equipment loans, it takes 7-10 working days post receiving the completed application form and documents.

FAQs - Edelweiss Business Loans

1. What are the late payment charges on Edelweiss Business Loans?

The late payment charges applicable on Edelweiss Business Loans are 24% per annum.

2. What is the rate of interest on Edelweiss Business Loans?

The rate of interest on Edelweiss Business Loans is tabled below.

Type of loan

Rate of Interest per annum

Edelweiss Unsecured Business Loan

18%-28%

Edelweiss Equipment Loan

14.50%-18.50%

3. What is the tenure of the company’s business loans?

The tenure of business loans from Edelweiss are,

Type of loan

Rate of Interest per annum

Edelweiss Unsecured Business Loan

4 years

Edelweiss Equipment Loan

5 years

4. Does the customer need to provide any collateral for these business loans?

No. The customer does not need to provide any collateral for the Unsecured Business Loan of Edelweiss. In case of Equipment Loan, the machinery purchased out of the loan funds is hypothecated.

5. What is the maximum loan available to purchase equipment under the Equipment Loans of Edelweiss?

Edelweiss provides Equipment Loans up to Rs. 2,50,00,000 for purchase or refinance of equipment.

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