Business Loan
Business loan is offered by banks and NBFCs to fulfil the financial requirements of self-employed customers and enterprises. business owners, entrepreneurs, retailers, traders, manufacturers, self-employed professionals like CAs/Doctors, and several other business entities can avail this credit facility.
Business loans are of two types, such as secured loans and unsecured loans. Secured loans are types of loans that require collateral/security, that borrowers need to deposit with the lender to avail funds. However, in the case of unsecured loans, there is no need to submit any type of collateral/security with the Bank, NBFC.
Banks/NBFCs offer both secured and unsecured business loans that include Term Loans (Short-term/Intermediate-term/Long-term), Working Capital Loans, Cash Credit, Overdraft, Letter of Credit, Bill/Invoice Discounting, Equipment Finance, Machinery Loans, Point-of-Sale (POS) Loans/Merchant Cash Advance, Fleet Finance, Loans under Bank Guarantee (BG), Loan under Govt. schemes, etc.
Interest Rate - 12.75%*
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Eligibility Criteria
- Business Tenure: Minimum 1 year or above
- Minimum Annual Turnover: Shall vary from lender to lender
- Credit Score: 750 or above
- Applicants with No past loan defaults with any financial institutions
Eligible Entities
- Business Owners, Entrepreneurs, CAs/CSs/Doctors/Architects,Start-ups, and MSMEs
- Private and Public Limited Companies, Sole Proprietorships, Partnership Firms, Limited Liability Partnerships (LLPs), and Large Enterprises engaged only in the Manufacturing, Trading, or Services Sectors
- NGOs, Co-operative Societies and Trusts, etc.
Documents Required
- Duly filled application form along with passport-sized photographs
- KYC Documents of the applicant, including PAN card, Passport, Aadhar Card, Driving License, Voter ID card, Utility Bills (Water/Electricity Bills)
- Last 1 years’ bank statement
- Copy of Non-Collateral Overdraft, if any
- Copy of Business Incorporation
- Any other document required by the lender
Type of Business loan
- Term Loan
- Working Capital Loan
- Bill/Invoice Discounting
- Letter of Credit (LC)
- Point-of-Sale (POS) Loan / Merchant Cash Advance
- Overdraft (OD)