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Business Loan

A business needs funds to start or even to carry on its existing operations but the question arises from where can one get these funds. A business loan may be an answer to this question. Thus, one can approach a reputed financial institution and opt for a business loan according to one’s need and thus fulfill his /her dream of starting a business or even financing, expanding his/her existing business. These loans can be secured as well as unsecured. Secured business loans generally have lower interest rates. Apart from a business loan a financial institution may have other kind of products like overdraft facilities to take care of the business needs of the individuals.

Apply Business Loan

Professional Details
Loan Amount:
Annual Income/ITR:
Annual Turnover
City:
 
 
Who is Eligible for business loan ?
Any person who is running a legitimate business with good earnings can go for a business loan. Banks have certain criteria to validate on how much and whom to give. This is on the basis on.
  1. Type of the business- Ie Proprietorship, Partnership, Pvt Ltd or Public Ltd.
  2. Turnover of the business.
  3. Profit of the business.
  4. Cash flow of the business.
  5. Track record and type of business.
How much Business loan I can get
Based on the profit and years of business and cash flow- Banks come out with eligibility of the loan amount it can give to business. This is based on how much profit he is making and how he can manage to pay the emi with the cash flow.

Who can give me business loan
There are various Banks that can give me loan.
The lists are as follows:

  1. HDFC Bank
  2. ING Vysya Bank
  3. Bajaj Finserv
  4. ICICI Bank
  5. Standard Chartered Bank
  6. Fullerton India

What is the rate I will get these loans as?

Bank Name

ROI

Processing Fee

Loan Amount

HDFC Bank

17% - 22%

2% - 2.5%

75K - 15 Lacs

ING Vysya Bank

15.25% - 19.25%

2% - 2.5%

2 Lacs - 20 Lacs

Bajaj Finserv

19% - 20%

2%

1 Lac – 45 Lacs

ICICI Bank

15% - 19%

2% - 2.5%

2 Lacs - 25 Lacs

Fullerton India

21% - 28%

2% - 3%

1 Lac - 20 Lacs


How to compare business loans.
  1. Compare per month Emi of Banks.
  2. The processing fee
  3. The prepayment Charges
If You want to  pay the loan in the tenure then sum of 1 & 2  whoever is  lowest, take the loan from that Bank.
If you think you might have cash flow and can pay earlier, then also check the prepayment charges.

Documents Required for business loan.
  1. ID Proof
  2. Address Proof
  3. Proof of Continuity Of Business
  4. Bank Statement 6 Months
  5. Board Resolution (If pvt ltd co. is co-borrower/Partnership Authorization Letter {if partnership firm is co-borrower}
  6. ITR & Statement Of Computation of Income – for last 2 Years
  7. CA Certified or Audited P/L Acc Statement and for >40 Lacs cases Audit report along with schedules of P&L and Balance Sheet – for last 2 years
  8. Latest ITR of Co-Applicants – For last 2 Years
  9. Ownership Proof of Residence or Office


 Let us have a close look on the business loans offered by some of the reputed banks in India.

ICICI Bank – Apply for ICICI Bank Business Loans a. Secured Loans
  • Cash credit /Overdraft for meeting working capital finance requirement.
  • Export credit to provide pre-shipment and post shipment finance.
  • Letter of credit to facilitate trade.
  • Bank guarantees for meeting performance and financial obligations.
  • Term loans for purchase of commercial assets and business expansion needs.
  • Loan amount- up to Rs 50.0 million for working capital and capital expenditure needs.
  • Interest rate is linked to ICICI Bank’s base rate for fund based facility.
  • Low collateral requirement and lending available upto 3 times of the value of collateral.

Business Loans by CGTMSE ( Credit Guarantee Fund Trust for Micro and Small Enterprises) scheme of  SIDBI and Ministry of Small and Medium Enterprises-
Features –

  • Cash credit /Overdraft for meeting working capital finance requirement.
  • Letter of credit to facilitate trade.
  • Bank guarantees for meeting performance and financial obligations.
  • Term loans for purchase of commercial assets and business expansion needs.
  • Loan amount- upto Rs 10.0 million for working capital and capital expenditure needs.
  • Interest rate is linked to ICICI Bank’s base rate for fund based facility.
  • No collateral is required.

HDFC Bank  - Apply Here for HDFC Business Loans
Features-

  • Designed to help businessmen involved in manufacturing, trading and the service industry.
  • Loan amount up to Rs15 lakhs and this amount can be up to Rs 30 lakhs in some selected locations.
  • No collateral /guarantor /security required.
  • Rack interest rate range 17.5% to 22%.

HSBC Bank – Apply for HSBC Business Loans

  • Can choose from a range of finance options like export/import financing, discounting of export receivables, bank guarantees for business requirements, treasury line to manage cross currency transaction risk.
  • Maximum loan amount upto Rs 10 crores
  • MSE( Micro and Small Enterprise) can avail loans  upto Rs 10 lakhs without collaterals.
  • Flexible quantum and tenor of loans.
  • Interest rate is calculated on the prevailing base rate at the time of processing.

SBI – Apply for SBI Business Loans
SBI has an array of loan products for small and medium business enterprise-

Manufacturing
SBI SME Collateral Free Loan-
  • Borrowers eligible under the scheme will be covered under CGTMSE guarantee scheme.
  • No collateral required.
  • Max Loan amount up to Rs 1 crore.
  • Repayment period- Max 7 years including moratorium period.

SME Smart Score

  •   Available to small and medium enterprise units engaged in manufacturing, trade or services.
  • For manufacturing units the maximum loan amount is Rs 50lakhs and for trade and services units the total limit is up to Rs 25lakhs.
  • Repayment period 5 years excluding moratorium not exceeding 6 months
  • The interest rate is floating rate of interest and is linked to base rate.

Fullerton India – Apply for Fullerton India Business Loans

  • Maximum Loan up to 30lacs without any collateral for self-employed businessman involved in Manufacturing, Trade and service
  • Repayment period 12 to 48 months
  • Pre-payment facility.

Bajaj Finserv – Apply for Bajaj Finserv Business Loans

  • Maximum loan amount up to Rs 45 lacs
  • No collaterals or guarantors required.
  • Repayment period – 12 to 36 months.

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