Fuel Your Business Growth with a Fast Business Loan!
Get a convenient Business Loan to cover assets and expand seamlessly.
Business Loan
What is a Business Loan?
Business loan is a credit facility offered to self-employed individuals, self-employed professionals, private companies and partnership firms, MSMEs, etc. for financing their working capital requirements, capital expenditure requirements and other business related activities.
Business Loan Interest Rate
Business Loan interest rates may vary from lender to lender depending on the credit profile of the applicant, nature of the business, loan facility availed by the applicant and the type of collateral/security pledged by the borrower.
Business Loan – Features and Benefits
- Most banks and NBFCs offer both secured and unsecured business loans
- Business Loan interest rates vary across the lenders and are offered on the basis of credit profile of the applicant, nature of business, type of business loan offered and nature of collateral/security
- Existing business loan borrowers of many banks and NBFCs can avail top-up loans over and above their existing business loans.
- Many lenders also offer overdraft facilities to their existing business loan borrowers.
- Existing as well as new customers of some lenders can apply for pre-approved business loans with instant loan disbursal and minimal documentation.
- Many lenders offer concessional interest rates to women borrowers.
- Applicants can also apply for business loans through online mode with quick approval, minimal documentation and swift loan disbursal
Eligibility Criteria for Business Loan
- Age: 21 years at the time of loan application and 65 years at the time of loan maturity (may vary across lenders)
- Minimum Business Vintage: 3 years (may be 5 years for some lenders)
- Minimum Business Turnover: Rs 90,000 to more than Rs 250 crore
- Credit Score: 750 or above (some lenders may offer business loans to applicants having lower credit scores)
- Minimum Income: Rs 1 lakh p.a.
- Eligible Entities: MSMEs, Proprietors, Limited Liability Partnership firms, Private Limited Companies, Public Limited Companies, self-employed individuals, self-employed professionals (doctors, CA, CS, architect, etc.) individual corporations, etc.
Documents Required for Business Loan
- The following documents are required along with your Business Loan application:
- PAN Card – For Company/Firm/Individual
- A copy of any of the following documents as identity proof:
- Aadhaar Card
- Passport
- Voter's ID Card
- PAN Card
- Driving License
- A copy of any of the following documents as address proof:
- Aadhaar Card
- Passport
- Voter's ID Card
- Driving License
- Bank statement of the previous 6 months
- Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, after being CA Certified/Audited
- Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)
- Other Mandatory Documents [Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)]
