Business Loan

Business Loan

Business Loan

Banks and NBFCs offer secured and unsecured business loans to finance the business or business related activities of self-employed individuals, MSME borrowers, self-employed professionals, etc. allows the prospective business loan borrowers to compare the features and business loan interest rates offered by top lenders. The applicants can then apply online for the best options available based on their credit profiles.

  • 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.
  • Existing as well as new customers of some lenders can apply for pre-approved business loans with instant loan disbursal and minimal documentation.
  • Applicants can also apply for business loans through online mode with quick approval, minimal documentation and swift loan disbursal.
  • 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.
  • ID Proof- Voter ID, Driving License, Aadhar Card, Passport
  • PAN Card for partnership firms, individuals and companies
  • Address Proof- Telephone/electricity bill, Voter ID, Passport, Bank Statement, Driving License, registered lease deed or sale agreement, NREGA Card
  • Age Proof- Birth certificate, PAN card, Aadhar card, Passport, etc.
  • Ownership proof of residence or office
  • Business continuity proof
  • Copy of company’s PAN card
  • Business registration proof
  • Passport size photographs
  • Latest GST returns
  • Bank statement for last 6 months
  • Latest ITR along with income computation, B/S, P&L account for last 2 years certified by a CA
  • Sole proprietor declaration or certificate
  • Partnership deed copy
  • Certified copy of MOA, AOA and Board Resolution

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Business Loan FAQ's ?

Any credit score that is 750 or above is considered good by financial institutions. The maximum credit score is 900 and any score close to it shall be preferred first by lenders.

Ideally, if you avail short-term loan then the repayment tenure should not exceed 12 months. However, it may increase as per the desired loan amount. The maximum repayment period can be chosen up to 5 years depending upon the loan amount that may exceed as per business requirements.

GST plays an important role in getting business loans, as the more the GST is paid, the larger shall be the business volume. Therefore, it becomes easy for banks to rely on such applicants or borrowers that pay their GST.

The minimum annual turnover criteria are defined by the lender and vary from bank to bank. 

 The pre-closure and part-payment charges vary from lender to lender. It may be Nil from some Banks and may exceed up to 5% of the loan amount from others. Ensure to check the same with your lender.

To get a small business loan you can check and compare all the available options under a single web platform and get a collateral-free small business loan up to Rs. 10 lakhs at low-interest rates. You can also apply for a Mudra loan under PMMY or a loan with Private sector banks, NBFC, or small finance banks.

Interest Rate
Bajaj Finserv
9.75% – 30% p.a.
10.00% – 22.50% p.a.
IIFL Finance
12.75% – 44% p.a.
1% per month onwards
1% – 1.5% per month (Flat ROI)
Up to 17% p.a.
Axis Bank
10.75% p.a.
Indifi Finance
1.5% per month onwards
Kotak Mahindra Bank
16% p.a. onwards
RBL Bank
14% – 26% p.a.
Lendingkart Finance
12%-24% p.a.
Tata Capital Finance
12%-17.50% p.a.
NeoGrowth Finance
18%-24% p.a.
Hero FinCorp
Up to 26% p.a.