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Business Loan

A business loan is a specifically intended for businesspurposes.As with all loans, it involves the creation of a debt, which will be repaid with added interest. There are a number of different types of business loans.To start a business, business loan is primary financial product availed by company or individuals proprietor. Your Business Loan can be Secured, where you give Collateral Such as your Company inventory, Land or Machinery and Unsecured Loan where you do not need to give Collateral.

Features of Business Loan:

Loan Amount You Can Avail Business Loan up to 1 Cr Loan Amount as per your income eligibility.
Interest Rate Reducing Interest Rate. Starts at 14% onwards.
Processing Fee Up to 2%
Tenure 1 Year to 4 Years. Depends on Profile and Nature of Business.
Processing time Only 2 working days Required for Sanction after process your application
Flexible Prepayment Flexible Prepayment option available in Business Loan which makes it attractive.
Foreclosure Fee As per Bank Agreement
Collateral Not Required For Business Loan

Eligibility Criteria For Business Loan:

Eligibility Criteria Eligibility Criteria Details
Age Minimum Age 21 years and Maximum 65 Years at the time of Loan Maturity
Annual Turnover 50 Lacs& Above
Cibil Score Minimum Cibil score of 700 with no any default in Past
Business Vintage Minimum 3 years Old
Resident Indian Only
Who Can Avail Business Loan Individuals, Professionals, Sole Proprietorships Firms, Partnership Firms, LLP, Pvt Ltd and Public Limited Companies

Documents Required for Business Loan:

Required documents Required Documents Details
Photo Passport size photo
Id proof Pan Card / Aadhar Card / Passport / Voter Id Card / Driving Licence
Address proof Aadhar Card / Passport / Voter Id Card / Driving Licence / Mobile Bill / Telephone Bill / Electricity Bill / Water bill
Company kyc Company Pan Card / Partnership Deed / Office Address Proof / Share Holding Pattern (as per your firm type)
Gst Gst registration and last 12 months gst returns
Financial documents Last 2 years complete financial- itr, computation of income, profit and loss statement, balance sheet, audit report, moa & aoa (as per your firm type),
Bank statement All current/ saving/ od account last 12 months statement
Ownership and business vintage Ownerhsip proof & trade licencse, vat registration, tin no registration, 3 years old current account statement
Existing loan statement Existing/running loan statement/sanction letter, if any
Business Loan Interest Rates Details:
Bank Name Interest Rates Processing Fees
HDFC BANK 14.00%-22.00% 1.50%-2.25%
ICICI BANK 16.00%-22.00% 1.50%-2.50%
AXIS BANK 15.00%-20.00% 1.50%-2.50%
ADITYA BIRLA 16.00%-25.00% 1.75%-2.75%
IIFL FINANCE 17.00%-22.00% 1.75%.2.50%
IDFC FIRST BANK 15.50%-22.00% 1.50%-2.75%
STATNDARD CHARTERED 15.50%-20.00% 1.75%-2.75%
TATA CAPITAL 17.00%-22.00% 1.50%-2.50%
L&T FINANCIAL SERVICES 16.00%-21.00% 1.50%-2.50%
BAJAJ FINSERV 16.99%-21.99% 1.99%-2.50%
PIRAMAL CAPITAL 18.00%-24.99% 2.50%-3.50%
Mentioned Interest Rates, PF and Charges Are Subject to Change and It is Sole Discretion of RBI, Bank and NBFC.

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