Business Loan
Explore Your Options
Help Your Business
To Grow
Get the right Business Loan to start your success journey.
While many times, business owners are more than willing to put up their own hard-earned money for the growth of their business, it is not always possible. A business loan can help smooth out any hurdles that you might face in your business growth phase or post a good profit.
| Bank Name | Minimum Turnover | Rate of Interest | Processing Fees | CIBIL Score | Loan Amount | Apply Now |
|---|---|---|---|---|---|---|
| Paysense Business Loan | 2.50 Lac ITR required, No Turnover required | 18% to 30% (Reducing) | 2% to 6%+GST | 700+ | Upto 10 Lakh | Apply Now |
| Indifi Unsecured Business Loan | 20 Lac+ | 17% to 30% (Reducing) | 3% +GST | 650+, Minus-1 CIBIL, 0 Cibil | Upto 50 Lakh | Apply Now |
| Faircent Business Loan | 10 Lac+ | 25% to 30% (Reducing) | 7% to 8% +GST | 630+ | Upto 10 Lakh | Apply Now |
| Flexi Loans | 20 Lac+ | 18% to 27% (Reducing) | 3% +GST | 700+ | Upto 1Cr | Apply Now |
| Get vantage Business Loan | 10 Lac per month | 16% to 21% (Reducing) | 2% | 700+ | 5 Lac-5 Cr (12 month to 15 month) | Apply Now |
| Godrej Capital Business Loan | 50 Lac No limit | 17.50% to 20% (Reducing) | 2% | 690+ | 10 Lac-40 Lac (12month to 48 month) | Apply Now |
| Money View Business Loan | Minimum ITR 3 Lac, No Turnover Criteria | 16% onwards | 2% to 5% | 650+ | Upto 5 Lakh (Maximum 60 Month) | Apply Now |
| AyeFin Business Loan | 3 Lac Per Annumn | 28% to 29% (Reducing) | 2.50% to 4.00% | 650+ | 5000 to 3.50 Lac (12 Month to 30 Month) | Apply Now |
| Aditya birla Business Loan | 2 Cr+ | 15.75% onwards | 2% to 3% | 700+ | Upto 50 Lakhs (Maximum 36 Month) | Apply Now |
| Faircent Eazzy Business Loan | 10 Lac+ | 25% onwards | 7% to 8% | 630+ | Upto 10 Lakhs (Maximum 36 Month) | Apply Now |
| Lending kart Business Loan | 12 Lac+ | 21% onwards | 2% | 600+ | Upto 1Cr (Maximum 36 Month) | Apply Now |
| Ambit Finvest Business Loans | 10 Lac+ | 24 % to 36% | 3% to 3.5% | 675+ | Upto 10 Lakh | Apply Now |
| Recur Club Business Loan | 1 Cr+ | 16% onwards | 2% | 650+ | Upto 10 Cr (Maximum 12 Month) | Apply Now |
| Ambit finance Small Business Loan | 10 Lacs | 24% to 36% (Reducing) | 2.50 % to 3.00% | 675+ | 1 Lac to 10 Lac (12 Month to 24 Month) | Apply Now |
| Stashfin Business Loan | No Such Criteria | 1.50 % Per Month (Flat) | 1% on every time withdrawal | – | 5000 to 5 Lac (1 Month to 36 Month) | Apply Now |
| Incred Business Loan | No Turnover Required | 21% to 33% (Reducing) | 2% to 5% | 650+ | 50K-10 lakh (Maximum 12month-60 month) | Apply Now |
What is a Business Loan?
It is a Financial Solution in which any individual or organization borrows a certain amount from any Bank, NBFC or any other Financial Institution. This loan aims to start or expand any business or fulfil any business expense. The loan amount, interest rates, and repayment tenure of this loan are determined on the basis of the borrower’s creditworthiness.
A bright future is something that everyone desires regardless of what financial backup they hold to make it possible. In pursuing a bright future, you need financial stability; for that, you need a stable source of income. Often, people start a business to make it happen but shift it to the back seat in little or no time. No matter how planned you keep your business, you will feel the need for financial support at some point. In such times, one thing that can keep your business going is a Business Loan. You never know at what point your business could go through any bad phase, so it’s better to be ready with the right measurement.
So, if you own a business or are willing to start one, you should keep reading. Here, you will get the answer to all your questions regarding business loan
What are the Benefits of a Business Loan?
Lower Interest Rates
Expense Flexibility
Minimal Documentation
No sharing of profits
Build a Business Credit Profile
Chance to improve
Credit Score
No negative effect on ownership
No collateral
Tax Benefits
Improved business
cash flow
Features of a Business Loan
- Loan Amount: This is the fixed amount that the borrowers get from the lender. This amount is based on the creditworthiness and turnover of the business.
- Interest Rates: The interest rate is the cost of borrowing the money and is expressed as an annual percentage rate (APR). Business loans may have fixed or variable interest rates.
- Loan term: This is a pre-determined tenure the borrower must follow to repay the loan amount. This can also be manipulated based on the creditworthiness and annual turnover of the business.
- Repayment Schedule: In the repayment schedule, the lenders outline the frequency and amount of each borrower’s payment to repay the loan. The payment frequency is generally monthly; the rest of the element can be customised accordingly.
- Fees and Charges: Apart from Interest Rates, there are several other charges on a Business Loan, such as processing fees, application fees, late repayment fees, etc.
- Credit Check: This is an inquiry credit history check of the borrower run by the lenders to ensure their repayment capabilities.
- Early Payment Options: Various lenders offer early or pre-pay options on their business loans. With this, the borrower can repay their borrowed amount even before the completion of the repayment tenure. A few lenders also put charges on closing the loan early.
- Repayment Schedule: In the repayment schedule, the lenders outline the frequency and amount of each borrower’s payment to repay the loan. The payment frequency is generally monthly; the rest of the element can be customised accordingly.
What are the Required Documents
here are the generally required documents by the majority of lenders.
In address proof, the basic documents are:
Note: If the applicant is staying in rent, then the applicant needs to provide a proper “rent agreement.”
If the applicant is staying in their own residence, then the “latest utility Bill”
KYC or Know Your Customer Documents consist of:
Business Proof, which consists of:
Income Proof Documents, which consist of
- Profit and Loss Balance sheet
- To be audited Accounts, along with the Auditor’s report.
- Partnership Deed (if partnership forms)
- Articles of Association
- Memorandum of Association
- Board Resolution
- Company or Partnership firm identity like PAN Card.
- If a company has a commercial vehicle, then National and State Permit.
What are the Eligibility to Apply for a Business Loan
- The eligible entities for a Business Loan are Individuals, SMEs, MSMEs, Sole Proprietorships, Corporate Entities, Public and Ltd In Companies, Limited LLPs, Retailers, Traders, and Manufacturers involved in services, trading, and manufacturing.
- The vintage of the business must be profitable for a year at least
- The location of the business must be the same for a year at least
- CIBIL score of the borrowing entity must be a minimum of 700
- The minimum annual turnover of the business must be 3 Lacs
FAQ
Our Effective Loans
Services & Solutions
A business loan is a financial product provided by banks, financial institutions, or online lenders to business owners. It provides capital for various business needs, such as expansion, working capital, equipment purchase, or other purposes.
- Eligibility criteria can vary between lenders, but generally, businesses of various sizes and industries can apply for a business loan. Eligibility often depends on factors like creditworthiness, business revenue, and business plans.
A secured business loan requires collateral, such as business assets or personal assets, to secure the loan. An unsecured business loan does not require collateral but may have higher interest rates.
It’s essential to calculate the exact amount you need based on your business plan and financial requirements. Borrowing too much or too little can impact your business’s financial health.
Commonly required documents include a business plan, financial statements, bank statements, tax returns, business licenses, and personal and business credit reports.
