Fuel Your Business Growth with a Reliable Business Loan!
Get a convenient Business Loan to cover assets and expand seamlessly.
A business loan is a financial solution designed to support the growth, expansion, and operational needs of your company. Whether you're launching a startup, purchasing equipment, hiring staff, managing cash flow, or expanding to new markets, a business loan provides quick access to funds with flexible repayment options. Enjoy competitive interest rates, minimal paperwork, and fast disbursal tailored to your business goals. Both secured and unsecured loan options are available, depending on your needs and credit profile.
Features and Benefits of our Business Loan
1. Get high Business Loan Eligibility
Before applying for the loan, prepare a business plan, know your credit score, decide the loan amount, do some market research on available business loan options, and keep the documents ready.
2. Common Documents Required
Proof of address & photo identity proof of the promoters, business proof, income proof, partnership deed for partnership firm, articles of association, memorandum of association, board resolution, PAN card, etc.
3. Criteria for Business Loan Approval
Applicants should be aged between 21 to 65 years, having business vintage of a minimum of 1-2 years. The minimum business turnover and a minimum annual turnover as per the ITR will be required. The business should be profit-making for at least the last 1 year.
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Eligibility Criteria & Eligible Entities
Business Type: Most lenders provide loans to various types of businesses, including sole proprietorships, partnerships, limited liability companies (LLCs), corporations, and more.
Credit Score: A good credit score is often required to qualify for a business loan. Lenders use your credit history to assess your ability to repay the loan.
Business Age:Some lenders require a minimum operational history for your business, usually ranging from a few months to a year or more.
Annual Revenue: Lenders may have a minimum annual revenue requirement to ensure your business has a stable income.
Collateral: Secured loans might require assets as collateral to secure the loan. Collateral can be real estate, equipment, inventory, or other valuable assets.
Cash Flow: Lenders often evaluate your business's cash flow to determine your ability to repay the loan.
Age Criteria: Min. 21 years at the time of loan application & Max. 65 years at the time of loan maturity.
Eligible Entities: Individuals, MSMEs, Sole Proprietorships, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders, manufacturers, and other non-farm income-generating business entities engaged only in the services, trading, and manufacturing sectors
Business Vintage: Min. 1 year or above
Business experience: Min. 1 year, business location to remain same
Annual Turnover: Shall be defined by the Bank/NBFC
Credit Score: 700 or above (Preferred by most private and public sector banks)
Nationality: Indian citizens
Additional Criteria: Applicants must own either a residence, office, shop, or Godown.
Eligible Entities:
Eligible Entities: Individuals, MSMEs, Sole Proprietorships, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders, manufacturers, and other non-farm income-generating business entities engaged only in the services, trading, and manufacturing sectors
Documentation for Business Loans
The list of documents to be submitted varies based on type of business entity. Submit the following documents to begin with the loan process:
- ITR for the past 2-3 years
- Current Bank Account Statement for the last 12 months
- Photocopy of PAN Card
- Address Proof for Residence such as Voter Card, Passport, Aadhaar Card, Telephone Bill, Electricity Bill
- Address proof for Business such as the Telephone Bill or Electricity Bill
- Last Financial Year's provisional Financials and future year's projections.
- Company's business profile on the letterhead
- 2 photographs of promoters and property owners.
- Sanction letter and Repayment schedule of existing loan
- GST registration certificate and GST returns of latest 2 years.
- D-Vat/Sale tax registration copy
- Udhayam Aadhaar registration certificate
- Rent agreement copy of factory and residence (if property is rented)
- Business Continuity proof of 3 years (3 years old ITR/Company registration etc)
- Company PAN Card, Certificate of Incorporation, MOA, AOA, List of Directors, and Shareholding pattern for Pvt Ltd companies
- Partnership Deed, Company pan Card for Partnership Companies
Tools to help you decide
Congratulations!
You are eligible for a Loan upto
Fees and Charges for Personal Loan
The fees and charges of personal loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to personal loans:
| Particulars | Charges |
|---|---|
| Loan Processing Fees | 1.5% to 5% of Loan Amount |
| Loan Cancellation | Usually 0 to 5% of Loan Amount |
| Stamp Duty Charges | 60/- to 600/- |
| Legal Fees | Nil |
| Penal Charges | Nil |
| EMI / Cheque Bounce Charges | Approx 499/- to 599/ |
Personal Loan FAQs
A business loan is a type of financing provided to businesses for various purposes, such as starting a new business, expanding operations, purchasing equipment, or managing cash flow. The amount one can borrow depends on several factors, including the lender's policies, the borrower's creditworthiness, the purpose of the loan, and the financial health of the business. Typically, business loans can range from a few thousands to several Lakhs. Lenders assess the borrower's ability to repay the loan based on factors such as credit score, business revenue, and profitability.
Business loans are available to various entities, including sole proprietorships, partnerships, LLCs, corporations, non-profit organizations, and startups. Eligibility is typically based on factors like the business's creditworthiness, revenue, profitability, and the borrower's personal credit history. Each lender may have specific criteria, so it's advisable to check with them for exact requirements.
To get a business loan, you typically need to provide a business plan, demonstrate a good personal and business credit score, submit financial statements and tax returns for your business, and possibly offer collateral. Additional requirements may include legal documents, bank statements, and personal identification. Requirements can vary, so it's best to check with the lender for the specific documentation needed for your loan application.
Minimum Cibil score required for acquiring a business loan is generally 650+ but it also depends on various lenders.