Business Loan

Business Loan Eligibility

Self Employed individuals, Proprietorship Firms, Partnership Firms, and Private Limited / Limited companies can avail Business Loan. The respective business should have a minimum Turn Over of Rs. 50 Lacs, making profit from last 2 years, having 3 years continuation in business and total 5 years business experience. The Self Employed individual applicant age should be between 21 years to 65 years.

Documents Required for Business Loan

• PAN Card – For Company / Firm / Individual
• Identity proof (Aadhaar Card, Passport, Voter’s ID Card, PAN Card, Driving License etc)
• Address proof (Aadhaar Card, Passport, Voter’s ID Card, Driving License etc)
• KYC of Company / Firm
• Last 6 months Bank statement of Company / Firm / Individual
• 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)

Fees & Charges of Business Loan

• Rate of Interest: 9.75% to 30.00 %
• Processing Fees: Up to 2% of the loan amount.
• Premature Charges: 4% to 2% depending on the Tenure.
• Delayed Payment: 18% to 20% on overdue installment amount.

Business Loan Top Up

Business Loan Top Up facility is availed to get an additional loan amount over the existing business loan. Top Up can be taken at least after 1 year of taking the business loan if the EMI payments are regular. The loan amount, interest rate and tenure will set by the lender Bank / NBFC.

Business Loan Balance Transfer

Balance Transfer facility gives the customer the benefit of transferring the existing loan to a different lender Bank/NBFC. Balance Transfer is being done to get better interest rate, flexible tenure and top up.