| Bank Name | Min Interest Rate | Processing Fee | Foreclosure Charge | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
LoanTap
|
20.00% | 2 % | 4 % | 36 |
|
|
Davinta Financial Services
|
24.00% | 2 % | 4 % | 36 |
|
|
Deutsche Bank
|
18.00% | 2% | 4% | 36 |
|
|
Fullerton India Private Limited
|
19.00% | 2% | 4% | 36 |
|
|
State Bank of India
|
11.10% | 2% | 4% | 36 |
|
|
Ashv finance
|
20.00% | 2% | 4% | 36 |
|
|
HDFC Bank Ltd
|
17.00% | 2% | 4% | 36 |
|
|
Hero FinCorp Limited
|
19.00% | 2% | 4% | 36 |
|
|
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ICICI Bank Ltd.
|
17.00% | 2% | 4% | 36 |
|
|
IDFC First Bank
|
18.00% | 2 % | 4% | 36 |
|
|
Lending Kart Finance Limited
|
18% | 2% | 4% | 36 |
|
|
Capital float
|
25.00% | 2 % | 4 % | 36 |
|
|
Indifi Technologies Private Limited
|
23.00% | 2 % | 4 % | 36 |
|
|
Magma Fincorp Limited
|
17.00% | 2 % | 4 % | 36 |
|
|
Axis Finance Limited
|
19.00% | 2% | 4% | 36 |
|
|
RBL Bank Ltd.
|
18.00% | 2 % | 4 % | 36 |
|
|
Standard Chartered Bank
|
15.00% | 2 % | 4 % | 36 |
|
|
Tata Capital Financial Services Limited
|
19.00% | 2 % | 4 % | 36 |
|
|
YES Bank Ltd.
|
18.00% | 2 % | 4 % | 36 |
|
|
SMC Finance
|
19.00% | 2% | 4 % | 36 |
|
|
Axis Bank Ltd.
|
18.00% | 2% | 4 % | 36 |
|
|
Federal Bank Ltd.
|
18.00% | 2% | 4 % | 36 |
|
|
Aditya Birla Finance Limited
|
18.00% | 2 % | 4 % | 36 |
|
|
Loan Frame Technologies
|
18.00% | 2 % | 4 | 36 |
|
|
Edelweiss Finance
|
22.00% | 2% | 4 % | 36 |
|
|
Neogrowth
|
22.00% | 2 % | 4 % | 36 |
|
|
Growth Finance
|
25.00% | 2 % | 4 % | 36 |
|
|
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.
business loan Eligibility CriteriaThere 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.
What are the factors generally affecting business loan Eligibility Criteria?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.
What are the ways to increase business loan eligibility?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.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
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The maximum tenure period to repay principal amount is 7 years.
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No, Business Loan is specially designed for self-employed individuals.
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Generally starting from 0.5% to 2.00% of loan amount is charged.
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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.
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You can avail up to 2 crore on Business Loan.
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Financeseva offer you the lowest Interest Rate starting 14.00% onwards.
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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.
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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.
CA Vikas Jain - Our Mentor
9863-02-02-02