business-loan

Business Loan

Many times businessmen find themselves in need of credit to expand or fund their business for multiple reasons. They need the funds to buy some equipment, working capital gap ,payment to creditors, pay off business dues, pay employees salary, to expand etc.

Businessmen can not put the funds in line from their personal savings. Thus they opt for business loans. The business loan works as the perfect financial aid for such situations. Taking a business loan is always a safe and easy way to tackle your business related financial needs. You can also apply for a business loan if you want to start a new business.

The terms and conditions to avail such a loan are different than the loan taken for already running business. Also each business is different in various aspects thus it requires different documents and is applied to different criteria.

That's why banks and NBFCs offer customized business loan plans as per the requirement of applicant/s. These plans are applicant/s centric and made with keeping financial alternatives in lure.

Banks and NBFCs also offer special loans for women entrepreneurs. They are customized business loan plans for women to cater their needs and give them a chance to build a competitive business in the market.

Case studies
Best Personal Loan Interest Rates In India
Bank Name ROI Processing Fees Loan Amount Tenure Institution Type Best Fit For Action
Incred Finance

Incred Finance

24% ONWORD 2 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
Anand Rathi Financial Services Limited

Anand Rathi Financial Services Limited

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Easy Eligibility Checks
Aditya Birla Capital

Aditya Birla Capital

18% ONWORD 2 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Easy Eligibility Checks
Arohan Finance

Arohan Finance

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
Bajaj Finserv

Bajaj Finserv

18% ONWORD 3 40 LAKH 36 Months NBFC Trader,manufacture,service provider - OD FACILITY
Capital Float

Capital Float

18% ONWORD 2 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Special Offers
Citibank

Citibank

16% ONWORD 2 25 LAKH 36 Months BANK Trader,manufacture,service provider - Low Interest Rate
Clix Capital

Clix Capital

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
DCB Bank

DCB Bank

18% ONWORD 2 25 LAKH 36 Months BANK Trader,manufacture,service provider - Different Income Categories
Edelweiss Retail Finance

Edelweiss Retail Finance

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
Finplex

Finplex

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
Fullerton India

Fullerton India

18% ONWORD 2 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Below 650 Cibil Cases
Growth Source

Growth Source

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Easy Eligibility Checks
HDB Finance

HDB Finance

18% ONWORD 2 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
HDFC Bank

HDFC Bank

16% ONWORD 2 50 LAKH 36 Months BANK Trader,manufacture,service provider - Self-Employed Professional
Hero FinCorp

Hero FinCorp

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
ICICI Bank

ICICI Bank

18% ONWORD 2 50LAKH 36 Months BANK Trader,manufacture,service provider - Quick Disbursal
IDFC First Bank

IDFC First Bank

18% ONWORD 2 50 LAKH 36 Months BANK Trader,manufacture,service provider - Loan on Banking sarogate
IIFL

IIFL

18% ONWORD 2 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Easy Eligibility Checks
Indiabulls

Indiabulls

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Easy Eligibility Checks
Indostar

Indostar

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
Indusind Bank

Indusind Bank

18% ONWORD 2 40 LAKH 36 Months BANK Trader,manufacture,service provider - Different Income Categories
INTELLIGROW

INTELLIGROW

20% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
Kapital Tech

Kapital Tech

18% ONWORD 2 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
Kotak Mahindra Bank

Kotak Mahindra Bank

16% ONWORD 2 50LAKH 36 Months BANK Trader,manufacture,service provider - Quick Turnaround Time
LendingKart

LendingKart

24% ONWORD 3 50 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
Magma Finance

Magma Finance

24% ONWORD 2 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
Muthoot Finance

Muthoot Finance

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Easy Eligibility Checks
Neogrowth

Neogrowth

24% ONWORD 3 75 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
Poonawala Finance

Poonawala Finance

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Easy Eligibility Checks
RBL Bank

RBL Bank

18% ONWORD 3 25 LAKH 36 Months BANK Trader,manufacture,service provider - Different Income Categories
Shriram Finance

Shriram Finance

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
Standard Chartered Bank

Standard Chartered Bank

18% ONWORD 2 75 LAKH 36 Months BANK Trader,manufacture,service provider - Quick Disbursal
Tata Capital

Tata Capital

18% ONWORD 2 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Flexible Interest Rates
Tribe Tech

Tribe Tech

18% ONWORD 3 25 LAKH 36 Months NBFC Trader,manufacture,service provider - Different Income Categories
Yes Bank

Yes Bank

18% ONWORD 2 25 LAKH 36 Months BANK Trader,manufacture,service provider - Affordable Interest Rates
Bank Name ROI Processing Fees Loan Amount Tenure Institution Type Best Fit For
Why should I take a Business Loan?
Businessmen or entrepreneurs take business loan to meet with their various business related needs. We have listed a few of them below:

Even in an ongoing business, businessmen require ample amount of funds to sustain and fund for their daily operations. These loans help them to be sustainable soon and it can be paid off once the business starts to grow. This type of loan comes handy in a situation when the business earnings are not adequate.

Every entrepreneur wants his or her business to flourish beyond the boundaries of its local position. This though comes to their mind when business starts to grow in its initial location and there is a positive flow of profit. Businessmen understand the need and urge to expand their own product i.e. the very own business. But expanding the business beyond local capacities is not easy, financially speaking.

It surely needs a strong monetary backing to meet with the needs of expanding the business. Whether its location, equipments, new recruitments or paying for new communication channel, businessmen need a bucket full of finance.

Thus they opt for business expansion loan. By taking this loan, businessmen make sure that their respective business touches new heights of success.

Almost all types of businesses need specific machinery or equipments for smooth functioning. Many times these equipments are higher in price. Thus businessmen opt for this type of loan to buy such equipments and pay it off with profits which will come from the use of these equipments or by putting them out on lease later.

Having a well built exquisite infrastructure is one of the key points of a business. Your clients many times judge you from the infrastructure you work within. Also it is easier to many businesses to have a well sorted customized infrastructure for smooth day to day affairs.

Obviously having any kind of infrastructure, small or large, does not come in cheap. Thus businessmen opt for this type of loan.

Need a hand?

Frequently asked questions

  • You can avail this loan to tackle with your immediate financial requirement like daily capital needs.
  • Business loans can also help in tax benefits for the company.
  • You don't have to put anything as collateral or need a guarantee for a business loan up to Rs. 75,00,000.
  • Banks offer customized repayment schemes for business loans. You can repay the business loan Daily, Weekly or fortnightly.
  • You don't need to show Income Tax Return for loan up to 10,00,000.
  • Business loan offers you lower interest rate compared to personal loans.
  • You can avail a business loan ranging anywhere between Rs.50,000 to Rs. 75,00,000.
  • Documents Required for Self-Employed Businesspersons :
  • You can avail this loan to tackle with your immediate financial requirement like daily capital needs.
  • Business loans can also help in tax benefits for the company.
  • You don't have to put anything as collateral or need a guarantee for a business loan up to Rs. 75,00,000.
  • Banks offer customized repayment schemes for business loans. You can repay the business loan Daily, Weekly or fortnightly.
  • You don't need to show Income Tax Return for loan up to 10,00,000.
  • Business loan offers you lower interest rate compared to personal loans.
  • You can avail a business loan ranging anywhere between Rs.50,000 to Rs. 75,00,000.
  • Banks have divided applicants in two categories based on their profession. The eligibility criteria and list of documents change as according to these two categories :
  • 1. Self Employed Professionals (SEP): Doctors, CA, CS, architects, engineer etc.
  • 2. Self Employed Non Professionals (SENP): Trader, commission agent, contractor etc.
  • Also, if you are applying as a company, you can avail loan by applying under following entities :
  • 1. Partnerships/proprietorship
  • 2. Limited Liability Partnerships
  • 3. Private Limited Companies
  • Other important requirements to avail Business Loan :
  • 1. The minimum turnover of your business should be Rs. 60,00,000. The turnover should be in positive track.
  • 2. You should have minimum 3 years of experience in current business and 5 years of experience in overall business industry.
  • 3. Your business must be making profit for last 2 years.
  • 4. The age of the applicant should be minimum 25 year and maximum 65 years 5. You should have paid your business's Income Tax Returns for last 2 years.
  • 5. You should have paid your business's Income Tax Returns for last 2 years.
  • 6. The borrowers should have a strong credit history. They should have a credit report ready for bank reviewing.

Assess your business potentials and find opportunities for bigger success