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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.
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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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