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Business Loan - Overview

The small business loan from Loanmani is strategically crafted to address the capital requirements of small and medium enterprises (SMEs). This MSME business loan is a comprehensive financial tool that provides swift access to funds, enabling you to enhance your small business by investing in essential areas such as infrastructure, machinery, plants, operations, advertising, marketing, and more.

Loanmani's online business loan stands out as an ideal financing option for new businesses, serving as a valuable source of capital for all your business requirements. The business loan interest rates are not only attractive but also affordable, ensuring that you don't need to compromise on essential expenses for your business. Backed by thorough market research, the instant business loan process is meticulously designed to position it as one of the top business loan options in India.

Apply for an instant business loan from Loanmani today and witness your business reaching new heights of success!


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Business Loan - Features & Benefits

1. Competitive Interest Rates:

Loanmani stands out with business loans at competitive interest rates, ensuring access to affordable financing options for businesses, a crucial factor in optimizing financial strategies.

2. Flexible Loan Repayment Terms:

Benefit from the flexibility of Loanmani's repayment terms, allowing borrowers to tailor a schedule that harmonizes with their business needs and cash flow. This adaptability enhances financial management and planning.

3. Loan Amounts Tailored to Business Needs:

Loanmani recognizes the diverse financing needs of businesses, offering a range of loan amounts. This flexibility ensures businesses can secure funds tailored to their unique ventures, optimizing financial support.

4. Quick and Easy Application Process:

Experience the efficiency of Loanmani's streamlined application process. The quick and easy online platform, coupled with minimal documentation requirements, simplifies the funding application, saving valuable time for businesses.

5. Same Day Approval and Disbursement:

Prioritizes swift approvals and disbursements, providing eligible borrowers with funds on the same day of approval. This expeditious process is crucial for seizing immediate business opportunities.

6. No Collateral Requirement for Small Loans:

Small businesses benefit from the accessibility of Loanmani's business loans, with no collateral requirement. This inclusivity ensures that even businesses without significant assets can easily access the funding they need.

7. Dedicated Relationship Manager:

Each borrower enjoys the support of a dedicated relationship manager throughout the loan application and repayment journey. This personalized attention enhances the overall borrowing experience, ensuring tailored assistance.

8. Additional Funding Options:

Beyond traditional business loans, Loanmani extends additional funding options such as lines of credit, equipment financing, and invoice factoring. This diverse range caters to specific business needs, optimizing financial solutions.

9. Transparent Terms and Conditions:

Prioritizes transparency, clearly communicating all terms and conditions to borrowers. This commitment minimizes confusion and eliminates hidden costs, fostering trust and clarity in the lending process.

10. Excellent Customer Service:

Loanmani's commitment to excellent customer service ensures prompt and efficient assistance. The dedicated customer support team is readily available to address any queries or concerns, ensuring a smooth and responsive loan process.


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Business Loan - Eligiblity

  • Your age should be between 25-65 years
  • Your business must be profitable for three consequent financial years
  • Your turnover must show an upward trend
  • Your balance sheet should be audited by a registered Chartered Accountant

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Business Loan - Required Documents

  • KYC documents – Identity proof and address proof of the borrower and all co-borrowers
  • PAN Card of borrower and all co-borrowers
  • Last 6 months bank statement of main operative business account (12 months preferable to avail maximum loan amount)
  • Signed copy of standard terms (term loan facility)
  • Additional document(s) may be required for credit assessment and processing of loan request

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Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

A business loan is a type of financing that is provided to businesses to help them meet their financial needs. Business loans can be used for a variety of purposes, including starting a business, expanding an existing business, purchasing inventory or equipment, or covering operating expenses.

There are many different types of business loans, including term loans, lines of credit, SBA loans, equipment financing, and invoice factoring. Each type of loan has its own unique features and requirements.

The eligibility requirements for a business loan can vary depending on the lender and the type of loan, but some common requirements include being in business for a certain amount of time, having a minimum annual revenue, and having a good credit history. 

It's important to check with your lender for their specific requirements.

The amount you can borrow with a business loan can vary depending on the lender and the type of loan, but it can range from a few thousand dollars to several million dollars. The amount you can borrow will also depend on factors such as your business revenue, credit history, and debt-to-income ratio.

The interest rate on a business loan can vary depending on the lender and the type of loan, but it can range from a few percentage points to over 20%. The interest rate will also depend on factors such as your credit score, the loan amount, and the repayment term.

The repayment term for a business loan can vary depending on the lender and the type of loan, but it can range from a few months to several years. The specific repayment term will depend on the loan amount, interest rate, and other factors, as well as the lender's policy.

The processing time for a business loan can vary depending on the lender, but it can take anywhere from a few days to several weeks. It's important to check with your lender for their specific processing time.

The documents required for a business loan can vary depending on the lender and the type of loan, but some common documents include:
 Proof of business ownership and registration
 Financial statements for the business (such as balance sheets and income statements)
 Tax returns for the business
 Personal financial statements for business owners
 Business plan
 It's important to check with your lender for their specific documentation requirements before
applying for a business loan.

The interest rate on a business loan is determined based on various factors, including the credit score of the business and its owners, the revenue and financial stability of the business, and other factors.

Yes, you can prepay your business loan, which means paying off the loan in full or making additional payments towards the loan before the end of the repayment term. Some lenders may charge a prepayment penalty for this, so it's important to check with your lender for their policy.

If you miss a business loan repayment, your lender may charge a late fee or penalty, and your credit score may be negatively affected

How To Apply

  • 1. Visit our website at www.loanmani.com
  • 2. Select your Business Loan
  • 3. Submit your application
  • 4. Provide the necessary documents and information as requested.
  • 5. Wait for our quick approval process to confirm your loan.
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Compare the Best Business Loan March, 2024

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Check out and compare the best loan refinancing options below.

Bank Name(NBFC'S & Banks) Estimated APR Available Terms Loan Amount

10.00%-22.00%

Estimated APR

48 Months

Available Terms

Up to Rs.2 L - 50 L

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other features Our Features


  1. Loan amount: HDFC Bank offers business loans ranging from Rs. 50,000 to Rs. 50 lakhs, subject to eligibility and creditworthiness.
  2. Flexible repayment options: The bank offers flexible repayment options ranging from 12 months to 48 months.
  3. Quick processing: HDFC Bank claims to process business loan applications within 48 hours, subject to documentation and eligibility.
  4. Competitive interest rates: The interest rates offered by HDFC Bank for business loans are competitive and may vary depending on individual circumstances.
  5. Minimal documentation: HDFC Bank requires minimal documentation for processing business loan applications, making the process quicker and more efficient.

Required Documents HDFC Bank Documents


  1. KYC documents of the borrower
  2. Income tax returns for the past 2 years
  3. Bank statements for the past 6 months
  4. Business proof, such as business registration certificate, GST registration, etc.
  5. Proof of business ownership, such as partnership deed, memorandum of association, etc.

Fees & Charges HDFC Bank Fees & Charges


  1. Processing fee: Up to 2.50% of the loan amount.
  2. Prepayment charges: Up to 4% of the outstanding loan amount.
  3. Late payment charges: 2% per month on the overdue amount.

Think About HDFC Bank Think About


  1. Quick processing time and disbursal of funds
  2. Competitive interest rates and flexible repayment options
  3. Minimal documentation requirements
  4. Customized loan solutions for different business needs

Eligible Criteria HDFC Bank Eligible Criteria


  1. The borrower must be a self-employed individual, a partnership firm, a limited liability partnership (LLP), a private limited company or a closely-held public limited company.
  2. The minimum age of the applicant should be 21 years and maximum age should be 65 years.
  3. The borrower should have a minimum annual turnover of Rs. 40 lakhs for non-professionals and Rs. 15 lakhs for professionals.
  4. The borrower should have a minimum of 3 years of business vintage.
  5. The borrower should have filed income tax returns for at least the past 2 years.

10.00%-18.00%

Estimated APR

60 Months

Available Terms

Up to Rs.2 L - 45 L

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Required Documents Bajaj Finserv Documents


The specific documents required for a Bajaj Finserv business loan can vary based on the type of loan you're applying for and the lender's policies. It's recommended to refer to the official Bajaj Finserv website or contact their customer support directly for the most accurate and up-to-date information regarding the required documents. However, here is a general list of documents that you might typically need when applying for a business loan:

1. Identity and Address Proof:
  - PAN card of the business entity and promoters/partners/directors
  - Aadhaar card or passport for identity verification
  - Address proof of the business entity and promoters/partners/directors (e.g., utility bills, rental agreement)

2. Business Proof:
  - Business registration documents (Certificate of Incorporation, Partnership Deed, LLP Agreement, etc.)
  - Business PAN card
  - Business address proof (e.g., utility bills, rental agreement)

3. Financial Documents:
  - Audited financial statements (Profit and Loss Statement, Balance Sheet, Cash Flow Statement) for the past few years, if applicable
  - Income Tax Returns of the business and promoters/partners/directors for the past few years
  - Bank statements of the business account for the past few months

4. Business Plan:
  - Detailed business plan outlining the purpose of the loan, projected revenue, expenses, and how the loan will contribute to business growth

5. Collateral Documents (if applicable):
  - Details of collateral being offered as security for the loan, including property documents, valuation reports, etc.

6. Loan Application Form:
  - Bajaj Finserv's official application form, properly filled out and signed

7. Trade References:
  - References from suppliers, vendors, or customers that you have a business relationship with

8. Ownership and Partnership Details:
  - Details of the ownership structure and partnership agreements, if applicable

9. Other Documents:
  - Any other documents that Bajaj Finserv specifies as per their policy

Remember that the required documents can vary based on the specific loan product you're interested in, the loan amount, the purpose of the loan, and the lender's current policies. Before applying for a business loan from Bajaj Finserv or any other financial institution, make sure to review the exact list of required documents and prepare them accordingly.

Fees & Charges Bajaj Finserv Fees & Charges


Processing Fees: A one-time processing fee is charged by the lender for processing and disbursing the loan. This fee is usually a percentage of the loan amount and may vary depending on the loan type and amount.

Prepayment Charges: If you decide to pay off the loan before the end of the loan tenure, the lender might charge prepayment fees. Some loans might have a lock-in period during which prepayment is not allowed.

Think About Bajaj Finserv Think About


Considering a business loan from Bajaj Finserv is a significant financial decision, and it's important to make an informed choice. Bajaj Finserv is a well-known financial institution in India that offers various financial products, including business loans. Before proceeding, I recommend that you thoroughly research and understand the features, eligibility criteria, interest rates, terms, and conditions associated with their business loan offerings. 

Eligible Criteria Bajaj Finserv Eligible Criteria


Eligibility criteria for a Bajaj Finserv business loan can vary based on the type of business loan you're applying for and the lender's policies. Please note that eligibility criteria might have changed since my last update in September 2021, so it's important to verify the most current information directly from Bajaj Finserv's official website or by contacting them directly. However, here are some general factors that might influence your eligibility for a Bajaj Finserv business loan:

1. Business Type: Bajaj Finserv might have specific criteria for the type of businesses they lend to. Certain industries might be favored due to their stability and growth potential.

2. Business Vintage: The length of time your business has been operating could impact eligibility. Some loans might require a minimum number of years in business.

3. Business Turnover: Your business's annual turnover or revenue could be a key factor in determining your eligibility and the loan amount you're eligible for.

4. Creditworthiness: Your personal and business credit history will likely be considered. A good credit score could increase your chances of approval and favorable terms.

5. Age of Applicant: There might be a minimum and maximum age requirement for the applicant (business owner or partner).

6. Loan Amount: Different loans might have different minimum and maximum loan amount criteria. Your eligibility could be influenced by the loan amount you're seeking.

7. Documentation: Bajaj Finserv would require various documents to verify your business's existence, financials, and other relevant information.

8. Nature of Business: The nature of your business, whether it's a sole proprietorship, partnership, private limited company, etc., could affect eligibility.

9. Purpose of Loan: The intended use of the loan funds could influence eligibility. Some loans might have specific purposes, such as working capital, expansion, equipment purchase, etc.

10. Existing Financial Obligations: Bajaj Finserv could consider your existing loans and financial commitments when determining your eligibility.

11. Collateral: Depending on the type of loan, Bajaj Finserv might offer both secured and unsecured loans. Collateral could influence your eligibility for certain loan types.

12. Business Profitability: The profitability and financial health of your business might impact your eligibility for a loan.

To determine your specific eligibility for a Bajaj Finserv business loan, I recommend visiting their official website or contacting their customer service. They will be able to provide you with the most accurate and up-to-date information regarding their eligibility criteria and the application process.

12.00%-18.00%

Estimated APR

60 Months

Available Terms

Up to Rs.2 L - 100 L

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other features Our Features


  • Loan amounts: ICICI Bank provides business loans ranging from INR 50,000 to INR 75 lakh, depending on the type of loan and the creditworthiness of the borrower.
  • Flexible repayment options: ICICI Bank offers flexible repayment options, including customized repayment schedules that match the cash flow of the business.
  • Quick disbursal: ICICI Bank's business loans are approved and disbursed quickly, with funds typically available within a few days of the loan application.
  • Collateral-free loans: Some of ICICI Bank's business loan products, such as the Unsecured Business Loan, do not require collateral, making it easier for small businesses to access financing.
  • Competitive interest rates: ICICI Bank's business loan products are available at competitive interest rates, which can help businesses save on borrowing costs.
  • Online account management: ICICI Bank provides an online portal where borrowers can view their loan account details, track payments, and access other services.
  • Dedicated relationship managers: ICICI Bank assigns a dedicated relationship manager to each business loan customer, providing personalized service and support.
  • Multiple loan options: ICICI Bank provides a variety of business loan products, including term loans, working capital loans, overdraft facilities, and others, to meet the diverse needs of businesses.

Overall, ICICI Bank's business loan products offer flexible and customized financing solutions to help businesses grow and expand their operations. The bank's wide range of products and services, competitive interest rates, and quick disbursal process make it a popular choice among small and medium-sized enterprises (SMEs) in India.

Required Documents ICICI Bank Documents


  • Identity proof: Any one of the following documents can be submitted as identity proof - Aadhaar Card, Voter ID, Passport, PAN Card, or Driving License.
  • Address proof: Any one of the following documents can be submitted as address proof - Aadhaar Card, Voter ID, Passport, Bank statement, or Utility bill.
  • Business proof: The borrower must provide proof of business, such as a business registration certificate, partnership deed, or Memorandum of Association (MOA) and Articles of Association (AOA).
  • Financial documents: ICICI Bank may ask for financial documents such as bank statements, audited financial statements, income tax returns, or balance sheet and profit and loss statements to evaluate the creditworthiness of the borrower.
  • KYC documents: The borrower must submit Know Your Customer (KYC) documents, such as PAN Card or Aadhaar Card, to comply with regulatory requirements.

Fees & Charges ICICI Bank Fees & Charges


Processing Fee: Up to 2% of the sanctioned loan amount.

Pre-payment/Foreclosure Charges: Charged as per T&Cs under sanction letter

Think About ICICI Bank Think About


Competitive interest rates: ICICI Bank offers attractive interest rates on business loans, making it easier for borrowers to manage their loan repayment.

Flexible repayment options: ICICI Bank offers flexible repayment options, which allow borrowers to choose a repayment tenure that suits their financial situation.

Minimal documentation: ICICI Bank requires minimal documentation, which makes the loan application process quicker and hassle-free.

Quick disbursal: ICICI Bank has a quick loan disbursal process, which ensures that borrowers can access funds quickly and without any delays.

Customised loan options: ICICI Bank offers customised loan options based on the borrower's business needs, ensuring that they get the right loan for their requirements.

Dedicated customer support: ICICI Bank has a dedicated customer support team that is available to assist borrowers with any queries or concerns they may have throughout the loan tenure.

Eligible Criteria ICICI Bank Eligible Criteria


  • Unsecured Business Loan: ICICI Bank's unsecured business loan is a collateral-free loan product that is available at interest rates ranging from 18% to 24%.
  • Secured Business Loan: ICICI Bank's secured business loan product, which requires collateral, is available at interest rates ranging from 10% to 16%.
  • Working Capital Loan: ICICI Bank's working capital loan product is designed to meet the short-term financing needs of businesses and is available at interest rates ranging from 10% to 16%.
  • Machinery Loan: ICICI Bank's machinery loan product is designed to help businesses purchase or upgrade their machinery and is available at interest rates ranging from 10% to 16%.

14.00%-18.00%

Estimated APR

60 Month

Available Terms

Up to Rs.2 L - 50 L

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other features Our Features


  • Collateral free
  • Loan amount can be availed from minimum of 50 k up to 75 lakhs
  • Loan amount can be availed for a minimum tenure of 12 months up to 60 months

Required Documents Axis Bank Documents


  • Identity proof (PAN card, Aadhaar card, passport, or driving license)
  • Address proof (Aadhaar card, passport, or utility bills)
  • Business ownership proof (Certificate of Incorporation, MOA, AOA)
  • Bank statement for the last 6 months
  • Income tax returns for the last 2 years
  • Business proof (GST registration, trade license, etc.)

Fees & Charges Axis Bank Fees & Charges


  • Processing fees: Up to 2% of the loan amount
  • Prepayment charges: Up to 5% of the principal outstanding
  • Late payment charges: 24% p.a. on overdue amount
  • Cheque bouncing charges: Rs. 500 per bounce

Think About Axis Bank Think About


  • No need to have any security or assets
  • Less documentation requirement
  • Quick to arrange
  • Simple loan process

Eligible Criteria Axis Bank Eligible Criteria


  • The applicant must be an Indian citizen
  • The minimum age for the applicant is 21 years, and the maximum age is 65 years
  • The business should have been in operation for at least 3 years
  • The business should have a minimum turnover of Rs. 40 lakhs per year
  • The business should be profitable for the last two years

15.00%-22.00%

Estimated APR

12 - 20 Years

Available Terms

Up to Rs.2 L - 50 L

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other features Our Features


  • Business Loan from Rs. 3 Lakhs upto Rs. 75 Lakhs.
  • Business Loan with No Collateral
  • Business Loan with quick approval and hassle free processing
  • Business Loan with Flexible Repayment Options

Required Documents Kotak Mahindra Bank Documents


Identity proof : PAN Card/Driving License/ Passport/ Voter's ID/ Aadhaar Card

Address Proof : Passport/Driving License/Voter's ID/Aadhaar Card/Utility Bill/Bank Statement/Bank Account Passbook (Updated and no more than 3 months old)

Ownership proof : Agreement Copy / Electricity Bill / Maintenance Bill with share certificate / Municipal tax bill/Share certificate 

Business continuity proof : Shop and Establishment certificate/Tax registrations-VAT/Service tax/GST registrations Firm Constitution MOA/Partner Ship Deed/GST Registration Certificate

Fees & Charges Kotak Mahindra Bank Fees & Charges


Processing  Fee : (Non-refundable)    Maximum 2% of the loan / facility amount (Plus Taxes as applicable)

Think About Kotak Mahindra Bank Think About


  • Kotak Business Loans are available from Rs. 3 lakhs to Rs. 75 Lakhs
  • Minimal paperwork and speedy approvals
  • Easy repayment options
  • Services are made available at your doorstep

Eligible Criteria Kotak Mahindra Bank Eligible Criteria


Are you thinking of availing a business loan anytime soon? Browse through our business loan eligibility criteria mentioned below, to make sure your business loan is approved at the very first go:

  • The applicant has to be in business for last 3 years with a minimum turnover of Rs.40 Lakhs
  • The business must have generated profit for a minimum of 1 year
  • The applicant should be a Sole Proprietor / Partnership firm / Private Ltd Co. / Trust / LLP involved in the business of Manufacturing, Trading or Services
  • The main applicant should be minimum of 25 years of age & should be no older than 65 years at the time of loan maturity

15.00%-20.00%

Estimated APR

48 Months

Available Terms

Up to Rs.2 L - 100 L

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other features Our Features


Flexible Loan Amount: IDFC FIRST Bank might offer a range of loan amounts to cater to different business needs. The loan amount could vary based on factors like your business turnover, creditworthiness, and the purpose of the loan.

Varied Loan Types: The bank might provide different types of business loans to suit various business requirements, such as working capital loans, term loans, machinery loans, expansion loans, etc.

Competitive Interest Rates: The bank might offer competitive interest rates on its business loans, which can impact the overall cost of borrowing.

Quick Loan Processing: IDFC FIRST Bank might have a streamlined application and approval process to ensure quick disbursal of funds for eligible applicants.

Collateral Options: Depending on the type and amount of the loan, the bank might offer both secured and unsecured loan options. Secured loans might require collateral, while unsecured loans might not need collateral but could have higher interest rates.

Repayment Flexibility: The bank might provide flexible repayment options tailored to your business's cash flow, including monthly, quarterly, or annual repayment schedules.

Loan Tenure: Business loans from IDFC FIRST Bank might come with varying loan tenures, allowing you to choose a repayment period that suits your business needs.

Online Application: The bank might offer an online application process, allowing you to apply for a business loan from the comfort of your office or home.

Minimal Documentation: IDFC FIRST Bank might emphasize a simplified documentation process to make it easier for businesses to apply for loans.

Business Expertise: The bank might have dedicated relationship managers or experts who can guide you through the loan application process and help you choose the right loan product for your business.

Prepayment and Foreclosure: The bank might allow prepayment or foreclosure of the loan, either in part or in full, after a certain period, subject to terms and conditions.

Customized Solutions: IDFC FIRST Bank might tailor loan solutions to match the specific needs and financial situations of different businesses.

Additional Services: In addition to loans, the bank might offer other financial products and services that can benefit your business, such as business accounts, credit cards, insurance, and more.

Required Documents IDFC Bank Documents


The specific documents required for a business loan from IDFC FIRST Bank can vary based on the type of loan you're applying for and the bank's current policies. However, here is a general list of documents that you might be asked to provide when applying for a business loan:

1. **Identity and Address Proof:**
  - PAN card of the business entity and the promoters/partners/directors
  - Aadhaar card or passport for identity verification
  - Address proof of the business entity and the promoters/partners/directors (e.g., utility bills, rental agreement)

2. **Business Proof:**
  - Business registration documents (e.g., Certificate of Incorporation, Partnership Deed, LLP Agreement, etc.)
  - Business PAN card
  - Business address proof (e.g., utility bills, rental agreement)

3. **Financial Documents:**
  - Audited financial statements (Profit and Loss Statement, Balance Sheet, Cash Flow Statement) for the past few years, if applicable
  - Income Tax Returns of the business and promoters/partners/directors for the past few years
  - Bank statements of the business account for the past few months

4. **Business Plan:**
  - Detailed business plan outlining the purpose of the loan, projected revenue, expenses, and how the loan will contribute to business growth

5. **Collateral Documents (if applicable):**
  - Details of collateral being offered as security for the loan, including property documents, valuation reports, etc.

6. **Loan Application Form:**
  - The bank's official application form, properly filled out and signed

7. **Trade References:**
  - References from suppliers, vendors, or customers that you have a business relationship with

8. **Ownership and Partnership Details:**
  - Details of the ownership structure and partnership agreements, if applicable

9. **Other Documents:**
  - Any other documents that the bank specifies as per their policy

Please note that these are general documents that are commonly required for business loan applications. The actual documents and requirements may vary depending on factors such as the loan amount, the type of business, the purpose of the loan, and the bank's specific policies at the time of application.

Before applying for a business loan with IDFC FIRST Bank or any other financial institution, I recommend contacting the bank directly or visiting their official website to get the most accurate and up-to-date information regarding the required documents and application process.

Fees & Charges IDFC Bank Fees & Charges


Here are some common fees and charges that might be associated with business loans from IDFC FIRST Bank or any other financial institution:

Processing Fees: This is a one-time fee charged by the bank for processing your loan application. It's usually a percentage of the loan amount and is non-refundable.

Prepayment Charges: If you decide to pay off your loan before the scheduled tenure, the bank might levy prepayment charges. These charges vary and can be a percentage of the outstanding loan amount.

Late Payment Fees: If you miss your loan repayment deadline, the bank may charge a late payment fee.

Loan Closure Charges: Some banks may charge a fee when you close your loan account after repaying the entire loan amount.

Documentation Charges: These are charges related to the verification and processing of documents required for the loan application.

Legal and Valuation Charges: For certain types of loans, there might be charges related to legal documentation and property valuation.

Commitment Fees: In some cases, if the loan is sanctioned but not fully disbursed, the bank might charge a commitment fee.

Interest Rate: The interest rate is a crucial component of the cost of borrowing. Make sure you understand whether the interest is fixed or variable and how it will impact your repayments.

Miscellaneous Charges: There could be other charges such as administrative charges, service charges, and more. It's important to go through the loan agreement carefully to understand all potential charges.

Think About IDFC Bank Think About


IDFC Bank, now known as IDFC FIRST Bank, is an Indian banking institution that provides a wide range of financial products and services to its customers. It was founded in 2015 as a result of the merger between IDFC Bank and Capital First, a non-banking financial company. The bank primarily operates in India and offers services such as retail banking, corporate banking, wealth management, and various financial products.

Eligible Criteria IDFC Bank Eligible Criteria


Eligibility criteria for a business loan can vary based on the bank's policies, the specific type of business loan you're applying for, and your financial circumstances. It's important to note that these criteria might have changed since then, so I recommend checking the official IDFC FIRST Bank website or contacting the bank directly for the most up-to-date and accurate information.

However, I can provide you with a general idea of the typical eligibility criteria that banks might consider for a business loan:

1. Business Type: Banks often have specific criteria regarding the type of business they lend to. Some industries might be considered riskier than others, and certain types of businesses might be favored due to their stability and growth potential.

2. Business Vintage: Banks might prefer businesses that have been operating for a certain period of time. This could range from a few months to a few years, depending on the bank's policy.

3. Business Turnover: Your business's annual turnover or revenue is a key factor. Banks might have a minimum turnover requirement to qualify for a business loan.

4. Creditworthiness: Your personal and business credit history plays a significant role. A good credit score and clean credit history are generally favorable.

5. Financial Statements: You might need to provide your business's financial statements, including profit and loss statements, balance sheets, and cash flow statements.

6.Collateral:Depending on the loan amount and type, banks might require collateral as security against the loan. This could be in the form of property, equipment, or other valuable assets.

7. Purpose of Loan: You'll need to clearly specify the purpose of the loan and how it will be used for the growth of your business.

8. Ability to Repay: Banks will assess your business's ability to repay the loan based on its cash flow and financial projections.

9.Documentation: You'll need to submit various documents such as business registration documents, tax records, identity proof, address proof, etc.

10. Business Plan: Some banks might require a detailed business plan that outlines your business's goals, strategies, and how the loan will be used to achieve them.

 

17.00%-22.00%

Estimated APR

60 Months

Available Terms

Up to Rs.1 L - 10 L

Apply Now

other features Our Features


That said, here are some common features that you might find in business loans offered by various financial institutions:

Loan Amount: The loan amount you can borrow to support your business needs, which can vary based on your eligibility and the lender's policies.

Interest Rates: The rate at which you'll be charged interest on the loan amount. This can be fixed or variable and can impact your overall repayment amount.

Repayment Terms: The duration over which you'll repay the loan, usually expressed in months or years. Longer terms might result in lower monthly payments but higher overall interest costs.

Collateral: Some business loans may require collateral, such as assets or property, to secure the loan.

Unsecured Loans: Some lenders offer unsecured loans, which don't require collateral but might have higher interest rates.

Purpose: Business loans can be used for various purposes, such as working capital, equipment purchase, expansion, or debt consolidation.

Application Process: Details about how to apply for the loan, whether online or through a physical branch, and the required documentation.

Approval Time: The time it takes for your loan application to be reviewed and approved.

Fees: Information about any origination fees, processing fees, or other charges associated with the loan.

Credit Requirements: The minimum credit score or credit history required to be eligible for the loan.

Use of Funds: Some lenders might have restrictions on how you can use the loan funds.

Industry Focus: Certain lenders might specialize in providing loans to specific industries or sectors.

Prepayment Options: Whether you can make extra payments or pay off the loan early without penalties.

Customer Support: Availability of customer service for inquiries and assistance throughout the loan process.

Online Account Access: If the lender provides an online platform to manage your loan account, make payments, and view statements.

Additional Services: Some lenders offer additional services, such as financial advisory or business networking opportunities.

Required Documents Piramal Finance Documents


Business Plan: A detailed plan outlining your business goals, operations, marketing strategies, and financial projections.

Business Financial Statements: Income statements, balance sheets, and cash flow statements that provide a snapshot of your business's financial health.

Personal and Business Tax Returns: Personal and business tax returns for the past few years to assess your financial history.

Bank Statements: Recent bank statements for both personal and business accounts to evaluate your financial transactions and cash flow.

Business Registration Documents: Legal documents that establish the business entity, such as articles of incorporation, partnership agreements, or sole proprietorship registration.

Ownership and Management Details: Information about the ownership structure of the business and key management personnel.

Personal Identification: Valid government-issued IDs, such as passports or driver's licenses, for all owners and key individuals.

Proof of Address: Recent utility bills or other documents that verify your residential and business addresses.

Fees & Charges Piramal Finance Fees & Charges


Interest Rates: This is the cost of borrowing money and is a significant component of loans and credit products. Interest rates can vary based on the type of product, your creditworthiness, and prevailing market conditions.

Origination Fees: Some lenders charge an origination fee when you take out a loan. This fee covers the administrative costs of processing your application and setting up the loan.

Processing Fees: Similar to origination fees, processing fees cover the costs of evaluating and processing your application for a loan or other financial product.

Late Payment Fees: If you fail to make a payment on time, you may incur a late payment fee. This is common with loans and credit cards.

Prepayment or Early Repayment Fees: Some loans come with penalties if you pay them off early. Lenders impose these fees to recoup potential interest income.

Think About Piramal Finance Think About


Reputation and Trust: Financial institutions with a strong reputation for reliability, transparency, and ethical practices often attract customers who value trustworthiness.

Range of Services: If Piramal Finance offers a diverse range of financial services, customers might find it convenient to have various financial needs met under one roof.

Specialized Services: Financial institutions that specialize in a particular type of service, such as business loans or real estate financing, might attract customers seeking expertise in that area.

Competitive Rates: Favorable interest rates and fees on loans and other financial products can be a significant factor in choosing a financial institution.

Flexible Terms: Institutions that offer flexible repayment terms, customizable loan options, and adaptable solutions can be appealing to customers with unique financial needs.

Quick Approval Process: If Piramal Finance has a streamlined application and approval process, it could be attractive to businesses seeking fast access to funds.

Customer Support: Good customer service, easy communication, and responsiveness to inquiries can enhance the overall experience.

Online Services: In the digital age, convenient online platforms for applications, account management, and customer support can be a deciding factor.

Track Record: Positive customer reviews and success stories can influence potential customers to choose a particular financial institution.

Industry Expertise: If Piramal Finance has a strong understanding of a specific industry, it might be particularly appealing to businesses within that sector.

Innovative Solutions: Financial institutions that offer innovative financial products or technologies may attract customers looking for modern and efficient solutions.

Networking Opportunities: Some financial institutions offer networking events or connections that can benefit businesses by providing access to potential partners or clients.

Community Focus: Institutions that are actively involved in community development and support might attract customers who prioritize social responsibility.

Longevity and Stability: Established institutions with a long history of financial stability can provide a sense of security to customers.

Eligible Criteria Piramal Finance Eligible Criteria


Credit Score: Lenders typically consider the credit score of both the business and its owners. A higher credit score generally improves your chances of being approved and getting favorable terms.

Business Age and Revenue: Many lenders prefer to lend to businesses that have been operating for a certain period and have demonstrated a consistent revenue stream. This helps them assess the business's stability and ability to repay the loan.

Financial Statements: Lenders often require business owners to provide financial statements, including income statements, balance sheets, and cash flow statements. These documents give the lender insight into the financial health of the business.

Business Plan: A well-structured business plan can demonstrate how you intend to use the loan funds and how the investment will help your business grow. It's particularly important for startups and businesses seeking significant funding.

Collateral: Some loans, especially larger ones, may require collateral. Collateral is an asset that you pledge to the lender as security for the loan. It could be real estate, equipment, inventory, or other valuable assets.

Debt-to-Income Ratio: Lenders assess the debt-to-income ratio to evaluate whether your business has enough income to cover existing debts and the new loan payments.

Industry and Risk Assessment: Some lenders may consider the industry your business operates in and assess the risk associated with it. Certain industries may be perceived as higher risk than others.

Purpose of Loan: Lenders may want to know how you plan to use the loan funds. Business expansion, equipment purchase, working capital, and debt consolidation are some common purposes.

Business Legal Structure: The legal structure of your business (e.g., sole proprietorship, partnership, corporation) can impact your eligibility for certain types of loans.

Personal Background: Lenders might also consider your personal background, including your experience in the industry and your role in the business.

21.00%-30.00%

Estimated APR

48 Months

Available Terms

Up to Rs.1 L - 10 L

Apply Now

other features Our Features


  • Fullerton India offers business loans of up to Rs. 50 lakhs.
  • The loan repayment tenure ranges from 12 months to 48 months.
  • The loan can be availed without any collateral or security.
  • The loan processing is quick and hassle-free.
  • The loan amount is disbursed within 72 hours of loan approval.

Required Documents Fullerton India Documents


  • Identity proof (Aadhaar card, PAN card, Voter ID, etc.)
  • Address proof (Electricity bill, phone bill, etc.)
  • Business vintage proof (bank statements, IT returns, etc.)
  • Business registration proof (GST registration, trade license, etc.)
  • Financial documents (balance sheet, P&L statement, etc.)

Fees & Charges Fullerton India Fees & Charges


  • Fullerton India charges a processing fee of up to 6% of the loan amount.
  • Late payment charges are applicable at the rate of 3% per month on the overdue amount.
  • Prepayment charges may be applicable if the loan is prepaid before the completion of the tenure.

Think About Fullerton India Think About


  • Fullerton India offers flexible repayment options.
  • The loan application process is simple and convenient.
  • The company has a wide network of branches across the country.
  • Fullerton India offers personalized customer service.

Eligible Criteria Fullerton India Eligible Criteria


  • The applicant should be a self-employed individual or a business owner.
  • The business should have a minimum turnover of Rs. 10 lakhs per annum.
  • The business should be operational for a minimum of 3 years.
  • The applicant should be between 27 to 65 years of age.

24.00%-32.00%

Estimated APR

48 Months

Available Terms

Up to Rs.1 L - 8 L

Apply Now

Required Documents InCred Documents


Business Plan: A detailed business plan outlining your company's operations, growth strategy, and financial projections.

Business Financial Statements: Including profit and loss (income) statements, balance sheets, and cash flow statements for the past few years, if applicable.

Personal and Business Tax Returns: Typically for the past few years to assess your personal and business financial history.

Bank Statements: Recent bank statements for your business accounts to show cash flow and financial stability.

Proof of Business Ownership: Documentation that proves your ownership of the business, such as business licenses, articles of incorporation, partnership agreements, or operating agreements.

Personal Identification: Copies of government-issued identification documents, such as driver's licenses or passports, for all business owners.

Business Legal Documents: Contracts, agreements, leases, and other legal documents related to your business operations.

Collateral Documentation: If the loan requires collateral, documents proving ownership and value of the collateral (such as property deeds or vehicle titles) will likely be needed.

Business Debt Information: Details of any existing business loans or debts.

Use of Funds: Information about how you intend to use the loan funds. This could be outlined in your business plan.

Industry-Specific Documentation: Certain industries might require additional documentation. For example, healthcare businesses might need licensing documentation, while construction companies might need building permits.

Business References: Contact information for business references who can vouch for your business's credibility and ability to repay the loan.

Financial Projections: Forecasts of your business's future financial performance, including expected revenues, expenses, and profits.

Personal Financial Statements: Especially for small businesses, lenders might request personal financial statements from business owners to assess their personal financial stability.

Management Profiles: Information about the management team, their qualifications, and experience.

Any Additional Information: Lenders may request additional documentation depending on their specific underwriting process.

Remember that providing accurate and complete documentation is essential for a smooth loan application process. Always confirm the document requirements directly with the lender you're applying to, as they can provide the most accurate and up-to-date information for their specific loan application process.

 


 

Fees & Charges InCred Fees & Charges


Interest Rate: This is the cost of borrowing the loan amount. It's usually expressed as an annual percentage rate (APR). The interest rate can vary based on factors such as the loan amount, the term of the loan, the borrower's creditworthiness, and prevailing market rates.

Origination Fee: Some lenders charge an origination fee, which is a one-time fee for processing the loan application and setting up the loan. It's typically a percentage of the loan amount.

Processing Fee: This fee covers the administrative costs associated with processing the loan application. It might cover things like credit checks, documentation, and verification.

Late Payment Fee: If you miss a loan payment or make a payment after the due date, the lender might charge a late payment fee.

Think About InCred Think About


Incred Finance is a private NFI (NBFC) in India. The company focuses on Consumer Loans - Personal Loan, Educations Loans and SME Business Loans. It is headquartered in Mumbai, Maharashtra. It was founded by Bhupinder Singh, ex-head of the Corporate Finance division of Deutsche Bank.

Eligible Criteria InCred Eligible Criteria


Credit Score: Lenders often consider the personal and/or business credit scores of the applicants. A higher credit score generally indicates a lower risk for the lender.

Business Financials: Lenders may require detailed financial statements, including profit and loss statements, balance sheets, and cash flow statements, to assess the financial health and stability of the business.

Time in Business: Many lenders prefer to work with businesses that have been operating for a certain period of time, typically at least 1-2 years. This demonstrates stability and a track record.

Revenue and Income: Lenders often want to see a certain level of annual revenue to ensure that the business has the capacity to repay the loan.

Business Plan: For startups or businesses seeking expansion, a well-defined business plan outlining how the loan funds will be used and how they will contribute to the growth of the business can be important.

Collateral: Some loans may require collateral, which is an asset that the lender can take ownership of if the borrower defaults on the loan. This provides additional security for the lender.

Debt-to-Income Ratio: Lenders assess the borrower's ability to take on additional debt by looking at the ratio of their existing debts to their income.

Industry and Purpose: The type of industry your business operates in and the purpose of the loan can also affect eligibility. Some industries might be considered riskier than others.

Legal and Regulatory Factors: Lenders might consider factors such as the legal structure of the business, any outstanding legal or tax issues, and compliance with relevant regulations.

Personal Guarantees: Small business owners might be required to provide a personal guarantee, making them personally responsible for the loan if the business is unable to repay.

Ownership and Management: Lenders could assess the experience and qualifications of the business's owners and management team.

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