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Business Loan Speed Up the Loan Process

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.

Business Loan

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


Business loan is a 1-3 year unsecured loan given by banks, NBFC’s (Non Banking Finance Companies) or P2P lending platforms without asking for any collateral, and can be used for working capital purposes, meeting short term cash flow requirements, investments into plant and machinery etc.
Pre closure means that a customer wants to close the entire principal outstanding amount at one go. Whereas part payment means that a customer wants to repay only a certain portion of the outstanding amount
Some banks have a lock-in of 6 months to a year while some banks allow you to pre close even after the 1st EMI has been debited from your bank.
Some banks like Bajaj Finserv allow part payment. However, there can be restriction on how many times in a year you can part pay and the minimum and maximum amount that you part pay.
Generally, the minimum amount loan amount is Rs 100,000 and maximum amount is Rs 40,00,000. Higher loan amounts are dependent on a personal discussion that a bank may want to have with the borrower and then take a call on the loan amount.
The rate of interest varies from 16% to 23% and a processing fee of upto 2.5% of the loan amount. In addition some banks insist on an insurance cover also.

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