Product Detail
If you are stuck in any of the situations mentioned above, then you need a ‘Business Loan.’
A business loan is a sum of money that you require for various purposes as mentioned above to boost your business growth.
For example, you can pay off vendor bills, capital expansion invoices, labour hiring costs, or any other bill through this loan amount. Banks, NBFCs, and other online lenders offer you a certain period to pay off the loan as per your requirements.
Eligibility
Who can apply:
· 🏢 Minimum 2 years business existence
· 📈 Credit score - 700 or above
· 🧾 One ownership is mandatory
(residence or office)
Age:
Above 23 years and below 58 years
Required Documents
Identity Proof
Any of the following
· Passport
· Voter ID
· Driving License
· Pan card (Mandatory)
· Aadhar Card (Mandatory)
Address Proof
Any of the following
Other Docs
Example
For example, if Megha, owner of a Surat-based clothing brand, applies for a business loan of INR 30 Lacs and gets the loan sanctioned at the rate of 15.99% with a tenure range of 4 years, in such a case her EMI would be INR 85,005. The repayment amount till the end of the 4-year tenure would be INR 40,80,263 (i.e., ₹85,005 EMI/month for 48 months).
In such a case, the total interest amount will be INR 10,80,263, along with a principal repayment of INR 30,00,000. Megha will also have to pay ₹60,000 as a one-time processing fee (charged at 2%). Secondly, she will also pay ₹500 as stamp duty charges. T&C applied.
The repayment period for business loans ranges between 1 and 5 years. Depending on the applicant’s financial records and credit score, a business loan’s annual percentage rate (APR) can vary from 14.99% to 24%.
Repayment Period | Minimum 1 year to Maximum 5 years |
Annual Percentage Rate (APR) | Minimum 14.99 % to Maximum 24% |
Processing Fees | 1% to 2% |
Stamp Duty Charges | Rs. 500 |