Business Loan

Business loans are loans specifically made for small businesses and entrepreneurs to help them with their financial needs. This type of loan is available from over 20 different financial institutions in the country. These institutions offer customized loans that can be tailored to your specific financial requirements. The interest rates for these loans are also attractive, making it easier for small businesses to access the capital they need to grow and succeed.

Business loans are designed to help small businesses and entrepreneurs meet their capital requirements. There are over 20 financial institutions in the country offering tailored business loans at an attractive interest rates to suit your financial needs.

Axis Bank

Interest Rates

14.65% – 18.90% p.a.

Loan Amount

₹ 50,000 – ₹. 50 lakh

Collateral/Security

Not required

Repayment Tenure

1 – 5 years

Processing Fee

2% of the sanctioned loan amount

Bajaj Finserv

Interest Rates

9.75% to 25% p.a.

Loan Amount

₹ 50,000 – ₹. 50 Lakh

Collateral/Security

Not required

Repayment Tenure

From 12 months to 96 months

Processing Fee

Up to 2.95% of the sanctioned loan amount (Taxes included)

HDFC Bank

Interest Rates

10.00% – 22.50% p.a.

Loan Amount

Up to Rs. 50 lakh (Rs. 75 lakh – Limited Offer Deal)

Collateral/Security

Not required

Repayment Tenure

From 12 months to 48 months

Processing Fee

Up to 2% of the sanctioned loan amount

IDFC First Bank

Interest Rates

As per business requirements

Loan Amount

Up to Rs. 1 crore

Collateral/Security

Not required

Repayment Tenure

Up to 4 years

Processing Fee

Up to 3.5% of the sanctioned loan amount

Kotak Mahindra Bank

Interest Rates

16.00% p.a. – 19.99% p.a.

Loan Amount

Minimum Rs. 3 lakh & Maximum Rs. 75 lakh

Collateral/Security

Not required

Repayment Tenure

Up to 4 years

Processing Fee

Up to 3.5% of the sanctioned loan amount

Lendingkart Finance

Interest Rates

1.5% – 2% per month

Loan Amount

Rs. 50,000 – Rs. 2 crore

Collateral/Security

Not required

Repayment Tenure

1 month – 3 years

Processing Fee

2% – 3% of the sanctioned loan amount

Tata Capital

Interest Rates

19% p.a. onwards

Loan Amount

Rs. 1 lakh – Rs. 75 lakh

Collateral/Security

Not required

Repayment Tenure

Min. 12 months & Max. 36 months

Processing Fee

1%-2.5% of the sanctioned loan amount

DBS Business Loan

Interest Rates

1% per month onwards

Loan Amount

Up to ₹ 10 crore

Collateral/Security

Repayment Tenure

Up to 5 years

Processing Fee

Up to 2% of the loan amount

Edelweiss Business Loan

Interest Rates

9% to 36% p.a.

Loan Amount

Up to Rs 5 crore

Collateral/Security

Not required

Repayment Tenure

Up to 10 years

Processing Fee

Up to 4% of loan amount sanctioned

Highlights of Business Loan

Eligibility Criteria

  • Business should have been in the operation for past 6 months
  • Minimum turnover of more than Rs. 90,000 for 3 months
  • The physical location of the business should not be on the list of negative area
  • Charitable institutions, NGOs, and trusts are not eligible for small business loans
  • Applicants should not have defaulted with any Bank/NBFC in past
  • Businesses should not fall under the blacklisted/excluded list

Documents Required

  • PAN Card for Company, Firm, or Individual.
  • Proof of ID, in the form of, a copy of Aadhar Card, Passport copy, Voter’s ID copy, and driving license.
  • Proof of address, in the form of, a copy of Aadhar Card, Passport copy, Voter’s ID copy, and driving license.
  • Bank statement (last 6 months)
  • Latest ITR along with computation of income, balance sheet, and P&L account for the last 2 years. All financials must be CA certified or audited.
  • Proof of continuation (ITR/Trade License/Establishment/Sales Tax Certificate)
  • Sole Proprietorship Declaration or certified copy of Partnership Deed.
  • A certified true copy of the Memorandum and Articles of Association.

Working Capital Loan or Business Loan for Women Entrepreneurs

Loan Details:
  • Interest Rate: 15% p.a. – 27% p.a.*
  • Loan Amount: Rs. 50,000 – Rs. 2 crore
  • Processing Fees: 2-3% of the sanctioned loan amount
  • Repayment Tenure: Up to 3 years
  • Pre-closure Charges: Nil**
  • Eligibility Criteria: Rs. 90,000 Turnover For 3 Months
  • Installments: Flexible Monthly/Bi-weekly

*Based on the annual Turnover, Revenue, and health of the business.

**Pre-closures are only allowed after the first EMI is paid in full.

Frequently Asked Questions (FAQs)

Below are a few questions for Business Loan

No, collateral or security is not required by the company as they offer unsecured business loans.

No pre-closure charges or hidden fees are charged by Lendingkart Finance (shall vary from case to case).

Minimum turnover of Rs. 90,000 or more for 3 months makes you eligible to avail business loan.

Not always but still there are chances of getting business loans with higher interest rates.

The best thing to do is to get the evaluation done and again approach the group NBFC for the same.

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