Banks and NBFCs offer business loans to help self-employed customers. Individuals, MSMEs, and other types of
customers can apply for it. There are two types of secured and unsecured loans. Secured loans require collateral or security that the borrower must deposit with the lender to obtain a loan. Unsecured loans do not require collateral.
Most financial institutions offer unsecured business loans, including term loans, working capital loans, loans under Govt. schemes, overdraft, etc. Leading banks can also offer secured loans in the form of a letter, credit, bill discounting and equipment finance.
The minimum loan amount is Rs. 30,000 and is usually offered by Non-Banking Financial Companies (NBFCs), Small Finance Banks (SFBs) or Micro Finance Institutions (MFIs). In contrast, applicants can avail of collateral-free business loans for up to Rs. 1 crore. For MSMEs and startups, small business loans are also available.
For loan approval or application, we do not charge any hidden or cash fees. For Become A Partner option, Our representative will mention it in detail overcall. Always request a receipt for any subscription fees paid.
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About Business Loan
Importance of Credit Score in Availing Business Loan
A credit score is a three-digit numerical that shows the applicant’s creditworthiness, financial history, and repayment ability. Credit Bureaus calculate credit scores based on financial information provided by banks and NBFCs. India’s four most prominent credit bureaus are TransUnion CIBIL (Experian), Equifax, Equifax, and High Mark.
Financial institutions in India refer to the CIBIL score before approving any loan or credit card. Based on repayment history, the CIBIL score can range from 300 to 900. Banks and NBFCs consider scores above 750 to as close as 900 good. Applicants with no credit history or low credit score should also build/maintain a decent credit score to avail of lending products.
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Frequently asked questions.
Banks and NBFCs offer business loans to help self-employed customers. Individuals, MSMEs, and other types of customers can apply for it. There are two types of secured and unsecured loans. Secured loans require collateral or security that the borrower must deposit with the lender to obtain a loan. Unsecured loans do not require collateral/security.
Age Criteria: Minimum 18 Years, maximum 65 Years.
A candidate with excellent credit and no past loans defaults.
Existing enterprises must have a minimum annual turnover of Rs. 10 Lakh
Individuals, self-employed professionals, Startups and Micro, Small and Medium Enterprises.
Sole Proprietorships, Partnership Firms, Limited Liability Partnerships, and Large Enterprises that are only involved in the Manufacturing, Trading, or Services sector can be found in private and public limited companies.
Trusts, Co-operative Societies and NGOs.
These documents are required when applying for a loan for business:
Completed application form and two passport-sized photos
KYC documents of the applicant: Passport, Aadhar Card (Passport), Driving License, Voter Identification card, Utility Bills (Water/Electricity bills)
Bank statement for the last one year
Annual Business Turnover Minimum Rs. For existing businesses and enterprises, ten lakhs or more.
Copy of the Business Incorporation
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