Features
- Easy documentation - We work with minimum financial documents which also includes informal documents.
- Transparent pricing - There are no hidden fees. We will always be upfront about our costs.
- No guarantor Required - You do not have to depend on others to get a loan.
- Service at your doorstep - Our staff connects with you at your business place or residence.
- Multiple Channels - You can connect with us through our wide branch network, our field staff or through our centralized contact center.
- Cluster Based Lending - We understand your business well. We have the experience of lending to 5 sectors and 100+ clusters.
- How many days it will take to disburse the loan - Upto 5 working days within completion of online loan application
Pricing
- Interest Rate: 18.96% P.A
- Processing Fee : 2% - 2.5%
Documents Required
- Latest 6 months banking statement
- Identity proof(PAN, Voter ID, Passport)
- Address Proof ( Voter ID, Aadhar Card, Passport, Bank passbook copy with photo)
- Ownership proof: Any one of the following ( E-Bill/WaterBill/Property document)
AYE Finance Business Loans – Features, Eligibility & Process
Business loans play an important role in the Indian Entrepreneurship economy. To run a business smoothly, business finance is required. Obtaining the appropriate type of financing at the appropriate time is critical to the success of any business.AYE Finance offers affordable business loans to eligible business owners and MSME entrepreneurs to take care of various business needs such as working capital needs, raw material purchase, transportation & logistics, equipment & machine procurement, business premises purchase or renovation, investment in research & development, and more.
AYE’s lending principle is based on innovative underwriting, smart technology and deep analytics. They strive to leverage digital tools and technology to drive a quick and seamless loan application process for their customers.
Established in the year 2014, AYE Finance has disbursed Rs.5500 crores worth of business credit to more than 4.2 lakh customers, across 20 States across India.
About AYE Finance Business Loans
- AYE Finance – Business Loan Products
- What are the features offered by AYE Finance Business Loans?
- Let us briefly look into the different business loans offered by AYE Finance
- How do I apply for a Business Loan with AYE Finance?
- What are the documents required to apply for AYE Finance Business Loans?
- AYE Finance Business Loan – FAQs:
AYE Finance – Business Loan Products
- Hypothecation Loan
- Quasi–Mortgage Loan
- Mortgage Loan
- ECLGS Government Scheme
What are the features offered by AYE Finance Business Loans?
AYE Finance Business Loans are built and customized to suit your business needs. The loan amount and other terms are determined based on your business model and profit making ability so that you are able to repay the loan comfortably.
AYE Finance's primary vision is to provide credit with the goal of enabling the economic transformation of micro-enterprises and small businesses in India. It aims to bring small businesses into the formal economy, thereby improving financial inclusion in the country. It employs a cluster-based approach to provide low-interest loans to micro, small, and medium-sized enterprises (MSMEs) that have traditionally relied on informal funding sources such as moneylenders and chit funds.- You are assured of a completely digital loan application process
- Smooth and transparent loan process without any hidden charges or complex terms
- Collateral-free loans for various business needs
- Custom-built business loans to suit your business requirements
- Door-step service, document collection and other loan management services from the convenience of your home
- Wide network of branches across the country, along with a well-trained customer support team to offer assistance around the clock
- Cluster-based lending model to accurately determine loan requirement and other benefits
Let us briefly look into the different business loans offered by AYE Finance
1. Hypothecation Loan
This loan is offered upon the value of your stocks, machinery, working assets and book debts. These assets are hypothecated to AYE Finance to offer affordable loans to you.These are short-term business loans appropriate for repaying large debts, purchasing inventory, paying employees, renovating your business premises, or any other business need.Since assets are hypothecated, no other collateral or mortgage is required.
| Loan Amount | Based on the value of hypothecated assets Maximum loan amount is Rs.2 lakhs |
| Repayment Tenure | 6 – 24 months |
| Interest Rate | Up to 32% per annum |
| Eligibility | - You must be an Indian citizen between the ages of 21 and 59 - 3 years of business stability - 3 years of business location stability |
| Processing Fees & Other Charges | - Processing Fees – 2.5% + GST. - Bounce Charges – Rs 500 (inclusive of taxes) - Late Payment Charges – Rs 200 per month (inclusive of taxes) - Foreclosure Charges – As applicable |
2. Quasi – Mortgage Loan
Another short-term business loan product suitable for clients who want to mortgage their property but the title is not in good enough condition to create a charge. The loan obtained can be used to meet either your working capital or asset purchase needs. Can be used for both short-term and long-term business requirements.| Loan Amount | Based on the value of mortgaged assets Maximum loan amount is Rs.5 lakhs |
| Repayment Tenure | 6 – 48 months |
| Interest Rate | Up to 27% per annum |
| Eligibility | - You must be an Indian citizen between the ages of 21 and 59 - 3 years of business stability - 3 years of business location stability |
| - Processing Fees & Other Charges | - Processing Fees – 2.5% + GST - Bounce Charges – Rs 500 (inclusive of taxes) - Late Payment Charges – Rs 200 per month (inclusive of taxes) - Foreclosure Charges – As applicable |
3. Mortgage Loans
Long-term business loan for a larger loan amount, where they have a valid asset for a considerable mortgage. Primarily used to purchase machinery or livestock, pay off large debts, pay your employees, renovate your business premises, or for other business purposes.| Loan Amount | Based on the value of mortgaged assets Maximum loan amount is Rs.10 lakhs |
| Repayment Tenure | Long-term repayment options of up to 10 years |
| Interest Rate | Up to 26% per annum |
| Eligibility | - You must be an Indian citizen between the ages of 18 and 59 - 3 years of business stability - 3 years of business location stability |
| Processing Fees & Other Charges | - Processing Fees – 2% + GST - Bounce Charges – Rs 500 (inclusive of taxes) - Late Payment Charges – Rs 200 per month (inclusive of taxes) - Foreclosure Charges – As applicable |
4. ECLGS Loan
ECLGS Loan, also known as the ‘Emergency Credit Line Guarantee Scheme’, is offered by AYE Finance in partnership with National Credit Guarantee Trustee Company Limited(“NCGTC”), a Government of India initiative.ECLGS is a collateral-free loan facility with a 100% guarantee from the Government of India to assist micro, small, and medium-sized enterprises (MSME) in recovering from the COVID-19 slowdown. The credit facility provides eligible businesses with an additional term loan facility of up to 30% of their total outstanding, as of February 2020/March 2021, across all existing lenders.
| Loan Amount | Up to 30% of the total outstanding, as of February 2020/March 2021, across all existing lenders |
| Eligibility | Annual business turnover as of March 2020 should be less than ₹100 crores Total loan outstanding across all lenders as of February 2020 should be less than ₹50 crores All MLIs must be no more than 60 days past due as of February 2020/March 2021. Borrowers must not be delinquent on the date of sanction/disbursement. |
| Loan Tenure | 4 years or 5 years (based on outstanding eligibility) |
| Moratorium | For loans that are approved with a 4-year total tenure, there is a 1-year moratorium on the principal. For loans that are approved with a 5 year total tenure, there is a 2 year moratorium on the principal. |
| Repayment Options | There is a 1-year moratorium on the principal for loans that are approved with a 4-year total tenure. There is a 2 year principal moratorium for loans that are approved with a 5 year total tenure. |
| Rate Of Interest | 14% p.a. |
| Additional Charges | Processing Fee – NIL Prepayment Charges – NIL |
| Collateral or Guarantee | NIL. 100% backed by Govt. of India through the National Credit Guarantee Trust Company (NCGTC) |
How do I apply for a Business Loan with AYE Finance?
1. Contact the AYE Finance customer support on their customer care number - +91 84485 86881 (Monday to Friday, 9:00 AM to 6:00 PM) and inform them about your interest in procuring a business loan.2. An authorized representative will visit your business premises to help you start the loan application process
3. All documents and photographs will be captured by the representative on their digital device and sent for processing
4. Loan processing happens using an in-house algorithm built on credible data science models and your credit report information.
5. Upon successful verification, the loan is approved and the amount disbursed into your bank account.
6. The entire loan process can take around 10-12 business days
What are the documents required to apply for AYE Finance Business Loans?
- KYC documents like identify proof & address proof
- Business documents like bills/cash registers etc.
- Bank account details
AYE Finance Business Loan – FAQs:
1. What is AYE Finance Business Loan?
Small businesses can obtain AYE Finance business loans, which can be secured or unsecured. These loans can be used for a variety of working capital needs, such as upgrading or purchasing machinery, purchasing raw materials, or other similar short-term operational requirements. The loan can be repaid in fixed monthly installments in equal amounts.
2. How much business loan can I get from AYE Finance?
Based on your eligibility, you can get business loans of up to ₹25 lakhs.
3. Who is eligible to get AYE Finance Business Loans?
Any individual between the ages of 21 and 59 is eligible for a loan. The individual should have owned and operated a business in the same area for at least three years.
4. How long does it take for the loan process?
Following the successful submission of your loan application, an AYE Finance representative will visit your place of business to determine loan eligibility. AYE Finance considers your application based on this information as well as their own model. This procedure takes 10 to 12 days.
5. How do I pay the monthly EMIs?
The monthly EMI will be auto-debited from your bank account through a NACH mandate.