What is Business Loan?
Business loan is an unsecured loan an individual can avail for business purposes. A co-applicant is not necessary for a person to apply for business loan.
Business Loan Eligibility
- The personal loan eligibility criteria for salaried employee is as follows.
- Minimum age of Applicant : 21 years
- Maximum age of Applicant at loan maturity : 60 years
- Minimum Net Monthly Income : Rs. 15,000 per month (minimum Rs. 15,000 – Rs. 20,000 in some banks according to their loan eligibility criteria)
Processing Fees And Charges
Normally bankers charge a processing fee of 2% to 3% of the loan amount, which may vary based on credit profile.
If you repay your personal loan earlier than the agreed time frame, also other important part lenders charge with pre-closure or default penalty of about 4% of the pre-closed loan amount.
Minimum loan seasoning is six month means you cannot foreclose your loan before six months.
Business Loan FAQ
What is the loan amount that I can avail?
An unsecured business loan from Rs. 3 lakhs up to Rs. 50 lakhs may be availed.
What is the tenure available with these loans?
The business loan tenure can range from 12 months to 36 months.
Is the interest rate, fixed or floating?
The interest rate is fixed.
What is the mode of repayment?
You can repay through Post Dated Cheques, Electronic Clearance Service (ECS) or Direct Debit.
What do I need to do to avail a business loan?
To avail the business loan, simply Apply Online or you may call 1800-209-6060. You could also e-mail us at email@example.com or visit any of our branches.
What is the eligibility criteria for a business loan?
We offer business loans to both professionals and non-professionals, who are self-employed. Among self-employed professionals, we also offer exclusive loans for doctors with special features such as competitive business loan interest rates and quick approval. The customer segment covered under Business Loans is listed below:
> Sole Proprietorship
> Partnership Firm
> Private Limited Companies
> Closely held Public Limited Companies
> Hospitals, Nursing Homes, Diagnostic Centers, Pathological Labs