Edelweiss EMIllion Business Loan
Max Tenure
25 months
Best Rate
21.55%
Processing Fee
2.5%
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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 |
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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.