ABOUT BUSINESS LOAN

If you have an urgent requirement of funds in business then, you can go for a Business loan. This is an unsecured loan which can be avail without any security or collateral. Many bank and NBFC provide this loan and for this, we are here to help you which financial institution suits your needs. A maximum business loan that one can get from any bank is 1 crore for a fixed rate of interest. 

An unsecured business loan generally helps in the enhancement and expansion of their business, to meet business requirements, new projects, new operations, etc.

Different type of Business Loan in India:

Overdraft Limit

Term Loan

ELIGIBILITY CRITERIA

Firm Type:-  For a business like manufacturing and trading, types of the firm included are partnership firm, sole proprietorship firms, private limited company, service organisation.

Turnover:– To get a business loan, the minimum turnover of any firm should be Rs 40 lakhs.

Business Establishment:- The business holder must be in that business for at least 3 years, and businesses should be in profit from last 2 years.

Age Limit:- The eligible age for such loans should be between 21-65.

Income:- Income should be based on your 3 years financials.

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COMPARISON OF RATE OF INTEREST OF BUSINESS LOANS

Bank / NBFC

Rate of Interest

Min – Max Amount 

Min – Max Tenure

ICICI  Bank 12.90 % onwards* ₹40 Lakh  Max 1-3 Years
HDFC Bank 15.50% onwards* ₹50 Lakh max 1-4 years
Kotak Mahindra 16% onwards* ₹75 lakh Max 1-5 Years
Axis Bank 15.50% onwards* ₹50 Lakh Max 1-3 years
Bajaj Finserv  18% onwards* ₹50 Lakh Max 1-5 years
Tata Capital 18% onwards* ₹50 Lakh max 1-5 years
Standard Chartered 13.50% onwards* ₹75 Lakh Max 1- 5 years
Fullerton 16% onwards* ₹50 Lakh  Max 1-5 Years

* T&C applied and these terms vary from time to time 

DOCUMENTS REQUIRED

Documents

Sole-Proprietorship firm

Partnership firm

Private Limited Co

Require cross sign on photo of Applicant
with Application form
Identification / age proof of directors or partners or individual–
Require Voter ID/DL/Aadhar card/PAN Card/ Passport
Residential Proof of directors or partners or individual –
Electricity Bill/ Bank Passbook/Voter IDD
Company’s Pan Card
Partnership Deed
FRequire MOA/AOA, company’s director and shareholder list
Registration certificate of business
Require latest company bank statements of 1 year and saving account statement of 1 year
Processing fee cheque
(In case if turnover is more than 3 Crore)
Requires last 3 years CA Certified audit report, P & L Account ,balance sheet.
Require GST registration certificate
Running Loans sanction letter/repayment schedule/SOA

* T&C applied and these terms vary from time to time 

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