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What is a Business Loan?

A business loan is an unsecured loan taken to fund business requirements, which includes working capital, increasing operations, adding resources, inventory, events, projects, staffing, etc. You can take up to Rs.1 crore on a supple tenure and a fixed interest price. To get the satisfactory loan on enterprise offer, you can compare banks and apply online within 2 minutes. The website informs you about functions and types of business loans, loan amount, interest price offers, duration, eligibility, documents, and other features of the loan scheme.

Features of a Business Loan

Below-cited are some of the features of business loans in India.
  • Loan amount is between 1 lakh to 1 crore. The funds can only be used for business objectives.
  • * Interest price starts from 12.99%.
  • * Online application required only.
  • * Duration is between 6 months to 5 years

Points to remember Before Applying for Business Loan Online

Factors to consider before applying for an unsecured business loan:
  • * You need to evaluate business loan offers and vendors at our website to apprehend the best loan provider as per your requirements.
  • * Check APR (Annual Percentage Rate).
  • * Your finance history will be a determining factor for your credit.
  • * You will require a good credit score to get your loan approved. Check your credit at our website.
  • * Before applying for the loan, check all the terms and conditions carefully.

Types of Business Loans in India Loan Online

There are several kinds of loans for business which might be furnished by way of banks and NBFCs today. Some of the popular forms of business loans are cited below:
  • 1. Unsecured Business Loan: Avail high loan amount up to Rs. 1 crore under this scheme. No security is to be kept with bank. This loan is for businesses that have at least 3 years of tenure. The company has to stand the eligibility requirement asked by the bank/NBFC in regards to annual turnover to get for the loan.
  • 2. Line of Credit: It is a revolving line of credit, where the borrower can take an agreed amount as credit to be drawn up whenever necessary. It is not a singular lump-sum payment. The borrower has to pay interest on the amount utilized by him rather than the total loan amount.
  • 3. Bill Discounting: This scheme provides instant cash-back on big purchases in order to get discount on credit sales. One have to submit important documents that justifies the transactions.
  • 4. Business Loan for Women: There are special schemes for women with incredible entrepreneur skills. To be eligible for loan on business, women must own at least 50 percent of the company. This can be provided at a discounted interest rates.
  • 5. Mudra Yojana Business Loan: Government of India launched this business loan for small and medium sized companies. These loans have special interest rates and are provided by most of the banks providing business loans.

Business Loan Eligibility Criteria

To apply for the business loan, one should clarify the below mentioned eligibility criteria.
  • * Banks and NBFCs provides the loan to entrepreneurs, service providers, private limited or limited company, manufacturers, etc.
  • * Business/Company should be registered for the loan.
  • * The annual turnover must be over Rs. 50 lakhs.
  • * The business tenure must be of at least 3 years.
  • * Applicant must be of 21 years or above.
  • * Income Tax Return proof of latest 3 years should be submitted.

Documents Required for a Business Loan

If you want to apply for an unsecured business loan, then you have to provide the following documents:
  • * Proof of business tenure.
  • * 2 recent passport-sized photographs
  • * Bank statements for all current/saving accounts of 12 months in PDF format only.
  • * GST Certificate
  • * GST Returns of last 4 quarters
  • * ITR for 3 years with computation
  • * Audited Financials for 2 years - Balance Sheet and P&L
  • * KYC (Pan card, Aadhar Card) - of Business /Directors/Partners/Proprietor
  • * Shop Act/Gumasta License (if applicable)
  • * Existing Loan Account statements/sanction letters.
  • * Proof of company ownership

Business Loan Interest Rates in India

The business loan interest rate starts at 12.99%. It is influenced by the following factors:
  • * Applicant’s age and personal profile
  • * Applicant’s Credit scores.
  • * Applicant’s Repayment capacity.
  • * Financial position of the company.
  • * Loan scheme.
  • * Relations with the bank/NBFC

Business Loan EMI Calculator

EMI amount is a combination of both principal and interest component, which have to be paid on monthly basis. Use our FREE business loan EMI calculator before applying for a business loan in India. With EMI calculator Business loan, you can get the following details:
  • * The right loan amount as per the annual turnover.
  • * A flexible interest rate on the loan..
  • * Loan tenure.

FAQs


What is a gold loan scheme?
As the name suggests this is the loan given against gold. It’s a secured loan that enables borrowers to pledge their gold in lieu of a cash loan. It enables people to utilize their gold assets instead of storing them in lockers.
What is the eligibility criterion to qualify for a gold loan?
2 For a gold loan, applicants should be aged above 21 years and should have gold that needs to be mortgaged with the bank.
  • 1. Age – 21-65
  • 2. Document – Aadhar and pan card (Address proof must be between 50km)
What is the interest charge applicable on gold loan?
The interest rate on your gold loan varies from one lender to another. Please enter your details on our Gold Loan eligibility page and view gold loan offers offered by various banks and private institutions.
What is the maximum amount that can be sanctioned under the gold loan scheme?
The maximum loan amount loan varies from one lender to another. It can range between Rs. 1,5000 and Rs 1 Crore depending on the eligibility criteria of particular bank/Nbfc.
How long does it take to complete the gold loan approval process?
The loan approval process for gold loan is very fast. If your application meets all the requirements, it takes just 45Minutes for the loan amount to be disbursed.
What is the repayment tenure of a gold loan?
A gold loan can be repaid in as little as one day or as many as 36 part payment instalments, depending on your lender. regardless of whether the customer is Internal or External.
What are the additional fees that I will need to pay at the time of taking a loan?
A nominal processing fee is levied on your gold loan. The processing fee charged varies from one bank to another but generally does not exceed 1% of the loan amount.
Are there any foreclosure charges on a gold loan?
Loan foreclosure charges range from 1.18% (1% +18% gst)and are applicable on the outstanding amount of your gold loan.but, but if the customer closes his loan before 6 months, he is only obligated to pay the foreclosuer amount, whereas if the customer closes his loan after 6 months, there are no foreclosuer charges.
What is the penalty for delay in repayment of loan?
Banks usually levy an annual penalty between 1% and 2%. This is in addition to the rate of interest that you would be paying to service your loan.
Can I repay the loan partially?
A gold loan can be repaid partially at any point in time. However, your deposited gold will only be returned once the entire loan amount has been repaid.although, the customer repays the loan partially, which is especially advantageous for customer because customer is only obligated to pay the remaining amount of his interest amount of principal.
Is the gold pledged with banks safe?
Banks take a lot of precaution while storing your gold and keep it safe until the loan amount is returned. They understand the sentimental value attached to gold ornaments and act as custodians while the gold remains with them.

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