What is the maximum tenure for Business Loan?
The maximum tenure period to repay principal amount is 7 years.
Bank Name | Min Interest Rate | |
---|---|---|
|
20.00% |
|
|
24.00% |
|
|
18.00% |
|
|
19.00% |
|
|
11.10% |
|
|
20.00% |
|
|
17.00% |
|
|
19.00% |
|
|
17.00% |
|
|
18.00% |
|
|
18% |
|
|
25.00% |
|
|
23.00% |
|
|
17.00% |
|
|
19.00% |
|
|
18.00% |
|
|
15.00% |
|
|
19.00% |
|
|
18.00% |
|
|
19.00% |
|
|
18.00% |
|
|
18.00% |
|
|
18.00% |
|
|
18.00% |
|
|
22.00% |
|
|
22.00% |
|
|
25.00% |
|
Don’t have any collateral or assets to pledge, no worries while this type of facility allow you to get loan without providing any collateral. Get loan at attractive interest rates with flexible tenure, As well as the process is easier to obtain. You just need to check eligibility before proceeding further.
There are some eligibility criteria you are required to have a look before applying for loan -
Note: - You can get minimum 1 Lakh to maximum 5 Cr as a loan amount.
There are Top factors that generally affects loan Eligibility Criteria as given below-
Bad cash flow of company: - Usually, lender check your business liability & outstanding as it reflects the creditworthiness of company, if it seems like bad cash flow having then probably chances get lower.
Low credit rating: - Credit rating indicate company repayment capability as it consists of your past financial history of doing payments, have you recently missed any payment to do or made after the due date are the reason behind lowering credit rating which present a bad repayment capability & reduces the chances of getting loan.
To increase business loan eligibility, you need to consider points as given below, this will aid you in increasing your eligibility level.
Business profitability: - Lenders want to know whether business gone through profit or loss in recent year to make sure your repayment stability as if your business generates sales & getting better revenue in past recent year, then it would be the plus point to fund you as the risk level seems NIL.
Good background of promoters: - In approving a business loan application, promoter background plays an important role in evaluating his/her past history, is there any criminal black mark having or not, If not then your chances increase her itself to be eligible.
What is the maximum tenure for Business Loan?
The maximum tenure period to repay principal amount is 7 years.
Can salaried are able to get Business Loan?
No, Business Loan is specially designed for self-employed individuals.
What are the other charges applicable to Business Loan?
How much processing fee is charged on Business Loan?
Generally starting from 0.5% to 2.00% of loan amount is charged.
What is the minimum credit score required for Business Loan?
It is always recommended to maintain good credit score. A good credit score help you in getting more offers & negotiation in Interest Rates. Generally, score above 700 knowns to be good.
How much Business Loan can I get?
You can avail up to 2 crore on Business Loan.
What is Business Loan Interest Rate?
Financeseva offer you the lowest Interest Rate starting 14.00% onwards.
What is Business Loan?
This type of loan come under Unsecured Loan category where you don't have to pledge any Collateral/ Assets to get a loan and it is used for fuel new business setup or expand the existing business growth.
How to get Business Loan?
The process of getting a Business Loan is much easier, firstly you have to search & compare offers from various lenders. Once chosen visit nearest bank branch or official website requesting loan application fill it with required information submit with relevant document attaching shortly customer representative will contact you for further discussion.