Business Profession

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Minimum Loan amount is Rs.5,0000 !

Maximum Loan amount is Rs.2 Crores !

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Minimum amount is Rs.5,0000 !

Maximum amount is Rs. 2 Crores !


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Business Loan Info
Business Loan is a great way to help your business grow, the interest rate of business loan starts from 14.99%*. Your Business Loan’s rate of interest won’t change and remains fixed. You can borrow up to Rs. 50 lacs. The documentation is very minimal. To avail an SME Business Loan you don’t have to mortgage any of your property or you don’t need any guarantor. The processing fee of a Business Loan starts from 2%*. The pre payment charges are very minimal. Person with high CIBIL Score will get lower interest rates. The minimum CIBIL Score for SME Business The loan is 750. You must have ITR Statement of last two years to avail this loan.

Interest Rate– up to I-MCLR-6M + 6.50%*

Processing Fees– 2%

Amount– Up to Rs. 40 lacs

Foreclosure Charge– 4% of the existing principal

Interest Rate– 15%*

Processing Fees-Up to 2.5% of the loan amount

Amount– Rs. 15 lakhs

Foreclosure Charge– Not specified

Interest Rate– 11%*

Processing Fees– to 2.5% of the loan amount+applicable tax

Amount– Rs. 50 lakhss

Foreclosure Charge– 4%

Interest Rate– 14.99%*

Processing Fees– 3%+GST

Amount– 3 lacs- 2 crore

Foreclosure Charge– 6% of foreclosure loan amount if within lock in period of 12 months from the date of agreement and 5% on foreclosure loan amount otherwise (plus GST and other applicable statutory levies). Prepayment charges – Nil foreclosure charges for term loan given to individual @ floating rate of interest.

Interest Rate– 19%*

Processing Fees– Up to 6.5% of the loan amount

Amount– Rs. 15 lakhs

Foreclosure Charge– 3% (Within 25 months and more than 84 months from the date of agreement), 4% (Within 6 months to 24 months from the date of agreement)

Interest Rate– 15.65%*-21.20%*

Processing Fees– up to 2.50% of the loan amount subject to a minimum Rs. of 2359/- and maximum of Rs. 88500/-

Amount– Up to Rs. 50 lacs

Foreclosure Charge
07-24 Months – 4% of Principal Outstanding
25-36 Months – 3% of Principal Outstanding
>36 Months – 2% of Principal Outstanding

Interest Rate– 14%*-23%*

Processing Fees-0.5% to 2%

Amount– Rs. 15 lakhs

Foreclosure Charge– 4% post 6 EMI payments (foreclosure allowed after 6 months)

Interest Rate– 11%*

Processing Fees– 1.25% to 1.50%

Amount– Rs. 50 lakhs

Foreclosure Charge– No Foreclosure charge. But 2% will be charged if 25% of the principle is not paid

Interest Rate– 19%*

Processing Fees– Up to 2.75% of the loan amount+applicable tax

Amount– Rs. 50 lakhs

Foreclosure Charge– 4.5% on the outstanding loan amount+applicable taxes

Interest Rate– 18%*

Processing Fees– Up to 3% of the loan amount

Amount– Rs. 50 lakhs

Foreclosure Charge-4% of loan amount+taxes outstanding as on date of full pre-payment

Interest Rate-16%*-26%*

Processing Fees-Up to 3% of the loan amount

Amount– Rs. 50 lakhs

Foreclosure Charge– 7%+GST (foreclosure applicable after 25 to 36 months)

Interest Rate– 16%*-24%*

Processing Fees– Up to 2% of the loan amount

Amount– Rs. 75 lakhs

Foreclosure Charge-5% up to 6 months and then 4% (foreclosure is allowed post EMI payments)

Interest Rate– 16.25%*

Processing Fees– up to 2%

Amount– Up to Rs.50 lacs

Foreclosure Charge– up to 4%

Interest Rate– 2.00%

Processing Fees– Up to Rs. 30 lacs

Amount– Up to Rs. 50 lacs

Foreclosure Charge– 4-5%

To get a higher loan amount with better rate of interest, the minimum turnover must be Rs. 1 crore p.a.

Following are the documents which needs to be submitted for Business Loan- ◦ Application Form ◦ Passport Size Photograph ◦ Residential Proof- Last 6 months utility bills- Electricity Bill or Telephone Bill, Sales Tax Certificate/Lease Agreement/Trade License ◦ ID Proof- PAN card/AADHAAR card/Voter ID card/Passport ◦ Business Ownership Proof- Certified copy of Memorandum & Articles of Association/Sole Proprietorship Declaration/Trade License ◦ Business Continuity Proof ◦ Financial Proof- ITR of last 2 years with minimum of Rs. 2 lakhs, Audited Balance Sheet, Statement of Profit & Loss account, Updated Bank Statement of last 2 years

The minimum interest rate for Business Loan is 14.99%*. But business loan interest rates differ for different Banks & NBFCs.

A minimum CIBIL score of 750 or above must be maintained in order to apply for Business Loan.

For Business Loan eligibility, the minimum and maximum age limit must be 25 to 65 years respectively. But the age limit might vary for different financial institutions.

The repayment tenure for Business Loan lies between 1 year to 5 years.

To apply for Business Loan, the ITR statement is very important. Last 2 years of ITR statement with minimum Rs. 2 lakhs is necessary for Business Loan.

For Business Loan apply, the continuity of stable business must range from 3 to 5 years depending on the norms of the specified financial institution.

Business Loan can be availed up to Rs. 50 lakhs. But the loan amount will vary depending on the eligibility criteria and the financial institutions.

The processing fee that is charged for Business Loan ranges up to 3%* of the loan amount plus applicable taxes. But the processing fee will change for different financial institutions.