Author
LoansJagat Team
Read Time
10 Min
23 May 2025
Suhana, a hardworking 32-year-old entrepreneur, ran a small boutique in Mumbai. Just before Diwali, she needed ₹8,00,000 to buy new stock for her designs. But getting a bank loan would take time, and she had only 15 days!
A friend gave her a game-changing idea – why not try an online business loan? Suhana quickly applied on a trusted NBFC's website. With a solid 720 credit score, 6 months of bank statements, and GST returns, her loan got approved in just 24 hours at a 14% interest rate.
And just like magic, ₹8,00,000 landed in her account within 48 hours! She placed her stock order on time, and Diwali sales shot up by 40%. With a comfortable ₹18,500 EMI per month, she repaid the loan stress-free in 18 months.
For Suhana, this online loan was a lifesaver – quick, easy, and perfectly timed. Today, her boutique is flourishing, and she happily spreads the word to other entrepreneurs: "When opportunity knocks, open the door fast!"
In this blog, we will explore some amazing tricks to get a business loan without any hassle.
A business loan is a financial tool that helps businesses get funds for expansion, working capital needs, or purchasing new equipment. In India, banks and non-banking financial companies (NBFCs) offer different types of business loans tailored to specific business requirements.
Loan Type | Typical Loan Amount | Interest Rate (p.a.) | Tenure | Collateral Required |
Term Loan | ₹5,00,000 – ₹5,00,00,000 | 10.5% – 15% | 1 – 10 years | Yes (for secured) |
Working Capital Loan | ₹1,00,000 – ₹50,00,000 | 12% – 16% | Up to 12 months | No |
Overdraft Facility | ₹1,00,000 – ₹1,00,00,000 | 10% – 18% | Renewable | Yes |
Equipment Financing | ₹10,00,000 – ₹2,00,00,000 | 11% – 16% | 3 – 7 years | Yes (equipment) |
MUDRA Loan | Up to ₹20,00,000 | 8% – 12% | Up to 5 years | No |
Stand-Up India | ₹10,00,000 – ₹1,00,00,000 | 8.5% – 11% | Up to 7 years | Yes |
CGTMSE Loan | Up to ₹5,00,00,000 | 9% – 14% | Up to 10 years | No |
For a swift and hassle-free online business loan, start by comparing lenders with fast approvals and minimal paperwork. Ensure you meet the eligibility criteria, have all necessary documents ready, fill out the application form, and let the lender handle the rest – approval and disbursal will follow in no time!
1. Compare Lenders and Loan Types
Getting a business loan quickly and without hassle has become easier in today’s digital age. However, choosing the right lender and loan type is crucial for successfully securing a loan.
Below is a table showing examples of business loan options from major lenders:
Lender | Loan Type | Loan Amount (₹) | Interest Rate (%) | Repayment Tenure (months) | Collateral Requirement | Processing Fees (%) |
IIFL Finance | Term Loan | 5,00,000 - 50,00,000 | 12% - 18% | 12 - 60 | No | 2% |
Bajaj Finance | Flexi Term Loan | 10,00,000 - 45,00,000 | 13% - 16% | 12 - 48 | No | 1.5% |
Poonawalla Fincorp | Unsecured Loan | 3,00,000 - 30,00,000 | 14% - 20% | 12 - 36 | No | 2% |
Shriram Finance | Term Loan | 5,00,000 - 25,00,000 | 15% - 22% | 12 - 48 | Yes | 2.5% |
Axis Bank | Unsecured Loan | 10,00,000 - 25,00,000 | 11% - 17% | 12 - 60 | No | 1% |
Note: The above information is general and may change over time. For accurate details, contact the lenders directly.
Select the best loan based on your business needs and financial situation. Consider factors like interest rate, repayment tenure, processing fees, and collateral requirements.
By carefully following this process, you can secure a business loan quickly and without any hassle.
2. Check Eligibility and Required Documents
To get an online business loan quickly and without hassle, it is important to understand the eligibility criteria and gather the required documents.
Each lender has different eligibility requirements, but the common ones include:
To get a loan, you will need the following documents:
Example:
Saquib is a 30-year-old entrepreneur from Bengaluru. He runs a sole proprietorship that has been operational for 3 years, generating an annual turnover of ₹45,00,000. With a credit score of 720, he seeks a ₹10,00,000 business loan to expand his operations. To apply, Saquib gathers his PAN card, Aadhaar card, GST registration, 6 months' bank statements, and 2 years' audited financials.
Lender | Minimum Turnover (₹) | Business Age (Years) | Required Documents |
HDFC Bank | 40,00,000 | 3 | PAN card, Aadhaar card, Business registration, Bank statement |
Lendingkart | 1,50,000+ | Not specified | PAN card, Bank statement, Business proof |
Mahindra Finance | Not specified | Not specified | KYC documents, Business proof, 12 months' bank statement |
Note: The above information is general and may change over time. Contact the lenders directly for accurate details.
By carefully following this process, you can get a business loan quickly and without hassle.
3. Apply Online and Get Approval
To get an online business loan quickly and without hassle, you must understand the online application process. This process is fast and simple, helping you secure the necessary financial support for your business.
Most financial institutions offer online loan applications on their websites. You need to fill in your personal and business details, such as:
Ensure all information is accurate and complete to avoid delays in loan approval.
Along with the application, you must upload important documents, such as:
These documents help the lender assess your financial status and the credibility of your business.
After submitting the application and documents, the lender will review your details.
Here is a comparison of loan application processing and disbursement times for different lenders:
Lender | Online Application Available | Disbursement Time | Maximum Loan Amount (₹) | Collateral Requirement |
IndusInd Bank | Yes | 3-5 days | 20,00,000 | No |
Bajaj Finserv | Yes | Up to 24 hours | 30,00,000 | No |
Shriram Finance | Yes | 2-3 days | 30,00,000 | No |
Mahindra Finance | Yes | 3-5 days | Not specified | Not specified |
FlexiLoans | Yes | Up to 48 hours | Not specified | No |
Note: The above information is general and may change over time. Contact lenders directly for the most accurate details.
By following this process carefully, you can get a business loan quickly and without hassle.
4. Key Considerations For A Hassle-Free Experience
To get a business loan quickly and without hassle, it is important to keep a few key points in mind.
Minimal Documentation
Choose lenders that require less paperwork.
Select lenders known for instant approval and quick disbursement.
Read all loan terms and conditions carefully before applying.
Opt for lenders with responsive and helpful customer service.
Here is a comparison of key lenders based on important features:
Lender | Maximum Loan Amount (₹) | Disbursement Time | Collateral Requirement | Customer Support |
Tata Capital | 90,00,000 | 24 hours | No | Yes |
FlexiLoans | 50,00,000 | 48 hours | No | Yes |
Open Capital | Not specified | 2 days | No | Yes |
IndusInd Bank | 20,00,000 | 3 - 5 days | No | 24x7 |
Note: The above information is general and may change over time. Contact lenders directly for the latest details.
By keeping these factors in mind, you can get a business loan easily and without hassle.
Online business loans have become very easy now, allowing you to arrange money for your business quickly. First, compare different lenders like IIFL Finance, Bajaj Finance, or Axis Bank and check their interest rates, repayment tenure, and processing fees. Collateral-free loans are also available, which are a good option for small business owners.
Checking eligibility is important – your credit score should be 650+, business turnover should be proper, and you must keep documents like PAN card, bank statements, and GST returns ready.
The online application process is fast – just fill out the form, upload documents, and wait for approval. Some lenders even offer same-day disbursement.
Before taking a loan, read the terms and conditions carefully to ensure there are no hidden charges.
If you follow all the steps, getting a business loan will be hassle-free, and you can grow your business easily.
FAQs
1. What is the fastest way to get a business loan online?
The quickest way is to apply through digital lenders or fintech platforms that offer instant approvals. Ensure your documents are ready and your credit score meets the lender’s criteria for faster processing.
2. Can I get a business loan without collateral?
Yes, many lenders provide unsecured business loans without requiring collateral. However, interest rates may be higher, and eligibility depends on credit score and business financials.
3. What credit score is needed for an instant business loan?
Most lenders require a minimum credit score of 650 for quick approval. A higher score improves chances of lower interest rates and better loan terms.
4. How long does it take to receive funds after approval?
Some lenders disburse loans within 24 hours, while others may take 2-3 working days. Fintech companies usually offer faster disbursal compared to traditional banks.
5. Are there any hidden charges in online business loans?
Reputed lenders disclose all charges upfront, including processing fees and prepayment penalties. Always read the loan agreement carefully to avoid unexpected costs.
About the Author
LoansJagat Team
We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?
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