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You can get a business loan at minimum interest rates starting from 13% onwards
The minimum CIBIL score you need to secure a Business Loan is around 700. For more specific details please visit respective bank webpages.
It is possible to acquire a business loan for a tenure ranging from a minimum of 12 months to maximum 5 years. For more specific details please visit respective bank webpages
- 1. Business KYC documents
- 2. 1 Year banking statement
- 3. Last year’s Income Tax Return
It takes 10 to 15 working days for business to get sanctioned.
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* Onwards
Rate of Interest: 10.75 % Onwards
Processing Fees: Up to 2 %
ROI: 10.75 % *
PF: Up to 2 %
Rate of Interest: 10.75 % Onwards
Processing Fees: Up to 2 %
ROI: 10.75 % *
PF: Up to 2 %
Rate of Interest: 16 % Onwards
Processing Fees: Up to 2.75 %
ROI: 16 % *
PF: Up to 2.75 %
Rate of Interest: 15.99% Onwards
Processing Fees: Up to 3%
ROI: 15.99% *
PF: Up to 3%
Rate of Interest: 17.25% Onwards
Processing Fees: Up to 2%
ROI: 17.25% *
PF: Up to 2%
Rate of Interest: 9.75 % Onwards
Processing Fees: Up to 3.54 %
ROI: 9.75 % *
PF: Up to 3.54 %
FAQs
A Business Loan is a financial product curated to supply businesses with funds for a variety of purposes. These include working capital, expansion, equipment purchase, or inventory management.
A business loan is usually provided on a need basis with a minimum amount starting from Rs 10,000
Lenders usually provide a business loan with a processing fee that is in the range of 2.5% to 3% of the loan amount.
Yes it is possible to have a co-applicant while applying for a business loan. It is in fact beneficial to have a partner while applying for a business loan because, having a co-applicant makes the lender believe that there is minimal risk in the loan not being repaid.
The maximum business loan amount that lenders in India provide can extend up to Rs 2 Crores.
According to the Income Tax Act of India, it is possible to get tax benefits. As per the IT Act it is possible for you to claim a deduction in tax from the business loan interest you pay.
A business loan is usually disbursed using the following the procedure given below:
- Fill in duly the application form
- Submit required documents
- Assessment of ‘Creditworthiness’ by lender
- Approval of loan by a financial institution
- Approval of loan by a financial institution
A business loan has a maximum loan tenure ranging from a minimum of 4 and maximum of 5 years. It will depend on your CIBIL score.
There is a possibility for you to repay a business loan prior to completion of the due date. However, you can do it only nine months after your loan is disbursed by your lender.
About nine factors are taken into consideration before a business loan is sanctioned. They are:
- Purpose of the loan
- Creditworthiness or CIBIL Score
- Cash Flow
- Rate of interest
- Minimum Turnover
- Type of Business
- Fees and hidden cost
- Efficient lender selection
- Realistic financial projections
Loan Bazaar
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4.9
434 Google Reviews
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5/5
Hi, The new feature on Loan Bazaar Website, providing the facility to view the Home Loan Amortization Schedule is really wonderful. This will actually reduce paper wastage, telephone calls to be made and the waiting time for receiving the revert from Banker. It is quite an innovative move. Keep it up! Happy Diwali to one and all!
Shivam Sharma
5/5
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5/5
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5/5
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5/5
A very helpful and a very patient team . My special thanks to Mr.Jitendra Sharma and Ms.Kanchan for their support . Dont worry about loan just contact this team they have solution for all .Once again thank you all
Dr.Abhijeet Kumar
5/5
I recommended their services to a friend of mine, and the services given were excellent. Very professional team, with polite and helpful approach. Highly recommended
Jayesh Shah
