Business Loan: How It Works?
For every business, whether you are an entrepreneur about to kickstart your business or you already have a business requires funding from time to time. But getting loans is not that simple, especially for small businesses so we are here to help you start, grow, or expand your business with a wide range of our instant business loans. Our financial services have been designed to cater to the growing small and medium enterprises with competitive interest rates and flexible repayment options.
Business Loan Features and Benefits
- Maximum loan amount up to Rs. 50 Lakhs without any collateral
- No hidden charges
- No collateral required
- No guarantor/ security required
- Easy online application process
- Lower interest rates
- Tax benefits as per applicable laws
- Super quick disbursal
- Easy EMI repayment options
Business Loan Eligibility Criteria
- Nationality: Resident Indian
- Age: 21 to 70 years
- Business Vintage: At least 3 years
- Employement: Self employed individuals, proprietors, private limited companies and partnership firms
- Cibil Score: A CIBIL score of 750 or above improves your chances of approval
Document required for Business Loan
- KYC documents: Any one of the following documents can be submitted
- PAN Card
- Aadhaar card
- Passport
- Driving license
- Election / Voters identification card, NREGA Job card signed by the officer of the State Government
- One Passport Size Photograph
- PAN Card - For Company/Firm/Individua
- Proof of business ownership
- Other financial documents
- Bank statement of the last 6 months
How to apply for a Business loan online
- Fill a simple online business loan application form
- Fill your basic details such as name, mobile number and business details
- Submit the required documents
- Enter the loan amount that you need for your business
- Select repayment tenure with available options of 12 months to 48 months
- Once done, you will receive a call from our team and guide you on the next steps
- The loan amount will be disbursed in your bank account after document verification
FAQs About Business Loan
What is a business loan?
A business loan is financial help for your startup business or already has a business. It is an unsecured loan, and you can get a maximum loan amount up to Rs. 50 Lakhs without any collateral in your bank account.
Who can apply for a business loan?
Business entities such as self employed individuals, proprietors, private limited companies and partnership firms involved in the business of manufacturing, trading or services can apply for Business Loan.
What are the requirements to get a business loan?
KYC documents: Any one of the following documents can be submitted
- PAN Card
- Aadhaar card
- Passport
- Driving license
- Election / Voters identification card, NREGA Job card signed by the officer of the State Government
- One Passport Size Photograph
- PAN Card - For Company/Firm/Individua
- Proof of business ownership
- Other financial documents
- Bank statement of the last 6 months
What can I use a business loan for?
You can use business loans to grow, or expand your business with a wide range. You have the option to expenses like rent, utilities, salaries, inventory, and supplies, especially when cash flow is low.
How long will Business loans be processed?
Online lenders and alternative lenders have faster processing times because they have automated systems, with minimal paperwork and faster approval processes, you might receive the loan offer within 3 to 4 working days.
Can I foreclose a Business Loan?
Yes, you can foreclose or pay off a business loan early as per the terms and conditions of the loan agreement.
Can I get a business loan on salary?
No, salaried employees cannot get a business loan as it is meant for self-employed individuals or business owners. However, salaried employees can apply for other types of loans such as personal loan, home loan, or car loan.
Who is not eligible for a business loan?
A person who is below 18 or above 80 years of age is not eligible for a business loan. The person should be a self-employed individual or a business owner.
Can I get a Rs. 50 lakh loan for business?
Yes, you can get an amount of Rs. 50 lakh without any collateral as a business loan.