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What minimum interest rate for a Business Loan can I get?

You can get a business loan at minimum interest rates starting from 13% onwards

What is the minimum CIBIL score required to get a Business Loan?

The minimum CIBIL score you need to secure a Business Loan is around 700. For more specific details please visit respective bank webpages.

What is the ideal Business Loan tenure?

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

What documents are required for Business Loan?
  1. 1. Business KYC documents
  2. 2. 1 Year banking statement
  3. 3. Last year’s Income Tax Return
How many days does it take for a Business Loan to get sanctioned?

It takes 10 to 15 working days for business to get sanctioned.

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FAQs

What is a business loan?

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.

Is there a minimum amount for business loan?

A business loan is usually provided on a need basis with a minimum amount starting from Rs 10,000

What are the processing fee charges for a business loan?

Lenders usually provide a business loan with a processing fee that is in the range of 2.5% to 3% of the loan amount.

Can you have a co-applicant for a business loan?

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.

What is the maximum business loan I can get?

The maximum business loan amount that lenders in India provide can extend up to Rs 2 Crores.

Can you get tax benefits on taking a Business Loan?

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.

How is the business loan disbursed?

A business loan is usually disbursed using the following the procedure given below:

  1. Fill in duly the application form
  2. Submit required documents
  3. Assessment of ‘Creditworthiness’ by lender
  4. Approval of loan by a financial institution
  5. Approval of loan by a financial institution
What is the maximum tenure of a Business Loan?

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.

Is it possible to pay a business loan before time?

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.

How do I get a sanction for a business loan?

About nine factors are taken into consideration before a business loan is sanctioned. They are:

  1. Purpose of the loan
  2. Creditworthiness or CIBIL Score
  3. Cash Flow
  4. Rate of interest
  5. Minimum Turnover
  6. Type of Business
  7. Fees and hidden cost
  8. Efficient lender selection
  9. Realistic financial projections

Loan Bazaar
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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

Was struggling to get loan for my home from last 3 months, suddenly one day I found Loan Bazaar on google who is one of the most well known DSA for home loan. They offered me doorstep service and with the limited paper work, they santioned my loan within 7 days. Thanks to Loan Bazaar.

Aruna Kate

5/5

I work for an MNC financial services company in the customer service department and I must say that Loan Bazaar has one of the most user friendly website and EMI Calculator. Well done! In an endeavour to automate, My first visit to the website has been a pleasurable one!

Yash Sharma

5/5

Loan Bazaar Team’s commitment shown on the job are enthusing. I had opted for a switch over on HL recently and been able to get best possible attention and faster clearance over my request. Kudos Loan Bazaar…

Babu Patil

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

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

Was struggling to get loan for my home from last 3 months, suddenly one day I found Loan Bazaar on google who is one of the most well known DSA for home loan. They offered me doorstep service and with the limited paper work, they santioned my loan within 7 days. Thanks to Loan Bazaar.

Aruna Kate

5/5

I work for an MNC financial services company in the customer service department and I must say that Loan Bazaar has one of the most user friendly website and EMI Calculator. Well done! In an endeavour to automate, My first visit to the website has been a pleasurable one!

Yash Sharma

5/5

Loan Bazaar Team’s commitment shown on the job are enthusing. I had opted for a switch over on HL recently and been able to get best possible attention and faster clearance over my request. Kudos Loan Bazaar…

Babu Patil

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

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