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Zip Business Loan

Apply Zip Business Loan

Max Tenure

36mns

Best Rate

16%

Processing Fee

2%

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Overview

Zip business loan is a small business loan that can be availed from ZipLoan. It helps businesses have easy access to quick and hassle-free finances.

Zip business loan - interest rates

Here are the detail of ZipLoan business loan interest rates:

  • Interest rate – starting from 23.00% - 29.00%
  • Loan amount – Rs. 1 lakh to Rs. 5 lakhs
  • Processing fee - 3.00% of loan value
  • Loan tenure - 12 to 24 months

ZipLoan business loan – Top features

Listed below are the top features of business loan offerings by ZipLoan:

  • The business loans offered by ZipLoan do not require the applicant’s CIBIL™ score. The financial institution has its own credit rating process known as “ZipScore” to evaluate the borrower’s credit standing.
  • One can apply for a business loan from ZipLoan through its website or app. 
  • Interest rate on business loans offered by ZipLoan are one of the most competitive available in the market today. The financial institution also charges only 3% of the business loan value as a processing fee.
  • Upon successful payment of 3 EMIs, ZipLoan does not charge for any prepayment on business loans.
  • An applicant can combine all bank statements to avail maximum loan amount from ZipLoan.
  • ZipLoan does not require multiple documents. Therefore, the loan process is hassle free, especially for small business owners.
  • ZipLoan offers a variety of business loans like term loan, machinery loan, working capital loan, flexi loan, and capital loan to cater to different requirements.

ZipLoan business loan – what are the eligibility criteria?

Here are the eligibility criteria to avail business loan from ZipLoan:

  • The minimum age of an applicant should be 23 years and maximum age must be 60 years during loan maturity.
  • The business must show a minimum annual turnover of Rs. 10 lakhs in the recent 12 months.
  • The business owners must have filled at least 2 years of ITR of above Rs. 2.5 lakhs.
  • The business premises must be different than the house premises of the business owner.
  • The business should be operational since at least last 2 years.

What are the types of business loans offered by ZipLoan?

Mentioned below are the different types of business loans offered by ZipLoan:

  • Machinery loan – Since machinery is the primary asset required for many small businesses, this loan helps in attaining higher production, improving quality of the products, enhancing profitability, faster turn-around time, and business competitiveness.
  • Working capital loan – This loan can be taken for financing everyday tasks of the company. ZipLoan business loan offers unsecured working capital loans to SMEs and MSMEs.
  • Flexi loan – This loan category allows the business to have access to an approved loan limit as per the applicant’s credit rating.
  • Term loan – This loan comes with a specific amount and a specified repayment schedule, with either fixed or floating interest rates.

What are the documentation requirements for ZipLoan business loan?

The list of documents required for availing ZipLoan business loan are:

  • KYC Documents -
  • Pan card – of the individual, partnership firm and company
  • Recent passport sized photograph of borrower
  • Identity proof – any one of Pan card, Passport, Voters Id, Driving License, or Aadhaar card
  • Address proof – any one of Aadhaar Card, Driving License, Voter Id, Utility Bills, Registered rental agreement, or Passport
  • Financial Documents -
    • Income tax returns of the previous 2 financial years
    • Proof of ownership
    • Bank statements – savings or current account – past 12 months
    • In case of partnership firms - Partnership deed and partnership authority letter
    • Proof of business continuity – any of the below – for the past 12 months:
      • Bank Statement 
      • GST 
      • Trade License
      • Sales Tax Challans 
      • Shops & Est.Certificate 
      • Certificate of Incorporation
      • IT Returns 
    • Documents to be mandatorily provided: 
      • Sole proprietorship declaration or certified copy of partnership deed,
      • Certified copy of Memorandum & Article of Association (Certified by director)
      • Original board resolution

What are the steps to apply for ZipLoan business loan?

Here are the steps to be followed to apply for ZipLoan business loans:

  1. Online application: Borrower can apply for ZipLoan business loan online using the official website or mobile application of the lender. The loan processing will begin within a few hours from the time of application submission.
  2. Furnish required documents: The borrower must then submit all the required documents online by uploading them in a PDF format. The lender will then analyse them through a hi-tech credit analysis mechanism. The lender also offers a door-to-door service for collection of documents from the borrower’s place.
  3. Loan disbursal: Once the applicant’s and business’s eligibility are checked and the documents are thoroughly verified, the business loan is processed and disbursed within 3 working days.

About ZipLoan

ZipLoan is one of the fast-emerging NBFCs in India that offers business loans specially designed for financial requirements of small businesses and Micro, Small, and Medium Enterprises (MSMEs). The lender offers business loans at competitive interest rates starting from 18% onwards. Since its inception, the lender has managed to provide financial assistance to numerous companies that are involved in manufacturing, pharmaceutical, apparel, electronics sectors, etc.

FAQS

1. What is the interest charged on business loans by ZipLoan?

The final interest rate charged by ZipLoan is determined post credit analysis of applicant. In usual cases, the rate charged starts from 18% per annum.

2. Is ZipLoan a NBFC?

ZipLoan is an RBI registered NBFC that is located in Delhi, India. It caters to the working capital needs of India's MSME sector.

3. What is the best reason to give when applying for a business loan?

Some of the top reasons to provide while applying for a business loan include, business expansion, working capital needs, machinery investment, etc.

4. What is the maximum loan amount that can be availed from Zip business loan?

The maximum loan amount offered by ZipLoan under its business loans is Rs. 5 lakhs.

5. How can I get a business loan in India?

To avail a business loan in India, you can reach out to low-cost business loan providers like ZipLoan. It offers business loans to MSMEs and start-ups at reasonable interest rates.

6. How do I repay my loan amount?

To repay the business loan amount sourced from ZipLoan, you can make EMI payments through NEFT/IMPS, provide a post-dated cheque (PDC) before loan disbursement, make EMI payment directly from your bank by signing an Automatic Clearing House (ACH) form.

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