Business Loan
@9.5% p.a. Rate of Interest
A business loan is a sort of loan that is specifically created for commercial purposes, such as developing your firm, purchasing long-term assets, or meeting working capital requirements. It must be compensated in accordance with the agreed-upon terms and circumstances.
A company loan is issued based on the preceding year’s total revenue and income tax returns. It’s intended to be utilised as a capital investment in a growing business. When you apply for a business loan, you will be offered a specific amount of money over a specific time period. The bank determined the EMIs and interest rates for a specific time period. A candidate must be between the ages of 21 and 55 and have operated a successful business for at least one year. The bank determined the EMIs and interest rates for a specific time period. An applicant must be between the ages of 18 and 55 and have owned and operated a successful business for at least one year.
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In this area, all banks and other financial institutions offer a variety of products to serve to firms of various sizes, incorporations, and industries, among other things. Simply pay the bank or lenders back the borrowed amount. Investors do not require propagate ownership in the business.
Businesses that take out bank loans benefit from a tax break. Before computing the tax due to the government, the interest paid on borrowed funds is deducted from profits.
Feature and Benefits
With just a few clicks, you can get the following advantages.
The loan amount begins at Rs. 50,000/-.
Process of documentation is simple and straightforward.
The term of a business loan might range from 24 to 120 months.
There are no requirements for collateral or security.
Interest rates for business loans range from 9% to 25%, depending on the borrower’s eligibility and the quality of the business.
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Key Features :-
Starting From 9% p.a. – 24%p.a.
₹50,000 – ₹45,000,000
Policy gives repayment period of Upto 650 Days
- Now Up To 5-10 Years
How to Apply for a Business Loan?
For an Business loan applications, go online:
- Apply for a Business loan online with all of the Complete information to get a quick approval.
- Business loan applications submitted online are accepted in a few minutes.
- Find out if you qualify for a loan and fill out the necessary paperwork.
- After that, experts verify the submitted papers and loan application.
- The loan is sanctioned after approval, and you will receive the funds in your bank account within 24 hours.
For taking offline Business loan :
- Visit our nearby branch.
- Submit the loan application form and the required documents.
- You can also get in touch with our employee on a call.
- Offline Business loan applications can take up to five to ten working days to process.
Business Loan Information
* You can take out a loan of up to INR 1 crore*. The amount will be determined by your income and other factors. To learn more about your business loan eligibility, contact a Instant Credit customer service agent today. You must be at least 21 years old to apply for a small business loan from Instant Credit. You must be under the age of 55 at the time of the loan’s maturity. This criterion applies to those who are self-employed. If you are a non-professional, you may be subject to a separate set of eligibility requirements.
* For example, if you borrow Rs. 1 lakh at a rate of 7.99% and repay it over three years, your EMI will be Rs. 3,133.18. The entire payment due after three years would be Rs. 1,12,794.48. In addition, you are paying a total interest amount of Rs 12,794.48. This, however, does not include other charges that can be measured as follows:
Loan Processing Charge = Rs.2,500
Documentation charges = Rs. 650 Amortization
Schedule charges = Rs. 350
Eligibility & Documentation
The Business loan is available to anyone who is an Indian citizen or national with residual income. Because Business Loans are designed to be unsecured, an applicant does not need to bother about providing collateral papers. As part of the eligibility criteria for a business loan, you must meet certain requirements.
- Credit Rating or Cibil score
- Income criteria – Business to be in profit in the past financial years
- Income Tax Return and GST
- Business Registration certificate – Proof of Business existence (like Certificate of Incorporation, etc.) – Should have 2 years business continuity proof
- age criteria/Photo id – Minimum age of 21 years and maximum 50 years
- Personal Proof: Aadhar Card & Pan Card
- Recent photograph
- Account details/Statement
- Employment stability for 2 years
- Existing EMIs Employer
Your credit score will have a significant impact on whether or not you get approved for a loan. A credit score, such as the CIBIL/CREDIT score, is typically used to evaluate an applicant’s creditworthiness. Applicants with poor credit may face rejection of their loan applications. It’s a good idea to check your credit score on a regular basis. Keeping track of your credit score is a smart thing. We can help you obtain personal loans from NBFCs, financial institutions, and peer-to-peer lenders if you have a low credit score.”
A business loan applicant must be able to repay the loan on a monthly, quarterly, or annual basis with on-time payments and fulfil the lender’s minimum salary standards.
For Salaried:- must be between 18 to 50 years.
For Self-Employed:- must be between 21 to 55 years.
Yes it matters. You should have employment stability of 24 months. You must be receiving income for the last one year .
If you are paying any installment, let us know. It determines your eligibility for a Business loan.
The employer with whom the applicant is working plays a significant role in a Business loan approval