Many times businessmen find themselves in need of credit to expand or fund their business for multiple reasons. They need the funds to buy some equipment, working capital gap ,payment to creditors, pay off business dues, pay employee's salary, to expand etc. Businessmen can't put the funds in line from their personal savings. Thus they opt for business loans. The business loan works as the perfect financial aid for such situations. Taking a business loan is always a safe and easy way to tackle your business related financial needs. You can also apply for a business loan if you want to start a new business. The terms and conditions to avail such a loan are different than the loan taken for already running business. Also each business is different in various aspects thus it requires different documents and is applied to different criteria. That's why banks and NBFCs offer customized business loan plans as per the requirement of applicant/s. These plans are applicant/s centric and made with keeping financial alternatives in lure. Banks and NBFCs also offer special loans for women entrepreneurs. They are customized business loan plans for women to cater their needs and give them a chance to build a competitive business in the market.

Bank ROI Processing Fees Loan Amount Tenure Business Vintage Institution Type Best Fit For  
Incred Finance Incred Finance 24% ONWORD 2 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
Anand Rathi Financial Services Limited Anand Rathi Financial Services Limited 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Easy Eligibility Checks
Aditya Birla Capital Aditya Birla Capital 18% ONWORD 2 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Easy Eligibility Checks
Arohan Finance Arohan Finance 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
Bajaj Finserv Bajaj Finserv 18% ONWORD 3 40 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - OD FACILITY
Capital Float Capital Float 18% ONWORD 2 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Special Offers
Citibank Citibank 16% ONWORD 2 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff BANK Trader,manufacture,service provider - Low Interest Rate
Clix Capital Clix Capital 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
DCB Bank DCB Bank 18% ONWORD 2 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff BANK Trader,manufacture,service provider - Different Income Categories
Edelweiss Retail Finance Edelweiss Retail Finance 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
Finplex Finplex 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
Fullerton India Fullerton India 18% ONWORD 2 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Below 650 Cibil Cases
Growth Source Growth Source 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Easy Eligibility Checks
HDB Finance HDB Finance 18% ONWORD 2 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
HDFC Bank HDFC Bank 16% ONWORD 2 50 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff BANK Trader,manufacture,service provider - Self-Employed Professional
Hero FinCorp Hero FinCorp 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
ICICI Bank ICICI Bank 18% ONWORD 2 50LAKH 36 Months Minimum 3yrs same business ,one owner ship proff BANK Trader,manufacture,service provider - Quick Disbursal
IDFC First Bank IDFC First Bank 18% ONWORD 2 50 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff BANK Trader,manufacture,service provider - Loan on Banking sarogate
IIFL IIFL 18% ONWORD 2 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Easy Eligibility Checks
Indiabulls Indiabulls 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Easy Eligibility Checks
Indostar Indostar 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
Indusind Bank Indusind Bank 18% ONWORD 2 40 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff BANK Trader,manufacture,service provider - Different Income Categories
INTELLIGROW INTELLIGROW 20% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
Kapital Tech Kapital Tech 18% ONWORD 2 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
Kotak Mahindra Bank Kotak Mahindra Bank 16% ONWORD 2 50LAKH 36 Months Minimum 3yrs same business ,one owner ship proff BANK Trader,manufacture,service provider - Quick Turnaround Time
LendingKart LendingKart 24% ONWORD 3 50 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
Magma Finance Magma Finance 24% ONWORD 2 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
Muthoot Finance Muthoot Finance 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Easy Eligibility Checks
Neogrowth Neogrowth 24% ONWORD 3 75 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
Poonawala Finance Poonawala Finance 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Easy Eligibility Checks
RBL Bank RBL Bank 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff BANK Trader,manufacture,service provider - Different Income Categories
Shriram Finance Shriram Finance 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
Standard Chartered Bank Standard Chartered Bank 18% ONWORD 2 75 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff BANK Trader,manufacture,service provider - Quick Disbursal
Tata Capital Tata Capital 18% ONWORD 2 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Flexible Interest Rates
Tribe Tech Tribe Tech 18% ONWORD 3 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff NBFC Trader,manufacture,service provider - Different Income Categories
Yes Bank Yes Bank 18% ONWORD 2 25 LAKH 36 Months Minimum 3yrs same business ,one owner ship proff BANK Trader,manufacture,service provider - Affordable Interest Rates

Businessmen or entrepreneurs take business loan to meet with their various business related needs. We have listed a few of them below:

Business loan for working capital

Even in an ongoing business, businessmen require ample amount of funds to sustain and fund for their daily operations. These loans help them to be sustainable soon and it can be paid off once the business starts to grow. This type of loan comes handy in a situation when the business earnings are not adequate.

Business loan for buying machinery or equipment

Almost all types of businesses need specific machinery or equipments for smooth functioning. Many times these equipments are higher in price. Thus businessmen opt for this type of loan to buy such equipments and pay it off with profits which will come from the use of these equipments or by putting them out on lease later.

Business loan for business expansion

Every entrepreneur wants his or her business to flourish beyond the boundaries of its local position. This though comes to their mind when business starts to grow in its initial location and there is a positive flow of profit. Businessmen understand the need and urge to expand their own product i.e. the very own business. But expanding the business beyond local capacities is not easy, financially speaking. It surely needs a strong monetary backing to meet with the needs of expanding the business. Whether its location, equipments, new recruitments or paying for new communication channel, businessmen need a bucket full of finance. Thus they opt for business expansion loan. By taking this loan, businessmen make sure that their respective business touches new heights of success.

Business loan for developing infrastructure

Having a well built exquisite infrastructure is one of the key points of a business. Your clients many times judge you from the infrastructure you work within. Also it is easier to many businesses to have a well sorted customized infrastructure for smooth day to day affairs. Obviously having any kind of infrastructure, small or large, does not come in cheap. Thus businessmen opt for this type of loan.

  • You can avail this loan to tackle with your immediate financial requirement like daily capital needs.
  • Business loans can also help in tax benefits for the company
  • You don't have to put anything as collateral or need a guarantee for a business loan up to Rs. 75,00,000.
  • Banks offer customized repayment schemes for business loans. You can repay the business loan Daily, Weekly or fortnightly.
  • You don't need to show Income Tax Return for loan up to 10,00,000.
  • Business loan offers you lower interest rate compared to personal loans.
  • You can avail a business loan ranging anywhere between Rs.50,000 to Rs. 75,00,000.
  • Documents Required for Self-Employed Businesspersons:
  • You can avail this loan to tackle with your immediate financial requirement like daily capital needs.
  • Business loans can also help in tax benefits for the company
  • You don't have to put anything as collateral or need a guarantee for a business loan up to Rs. 75,00,000.
  • Banks offer customized repayment schemes for business loans. You can repay the business loan Daily, Weekly or fortnightly.
  • You don't need to show Income Tax Return for loan up to 10,00,000.
  • Business loan offers you lower interest rate compared to personal loans.
  • You can avail a business loan ranging anywhere between Rs.50,000 to Rs. 75,00,000.

Banks have divided applicants in two categories based on their profession. The eligibility criteria and list of documents change as according to these two categories

  • Banks have divided applicants in two categories based on their profession. The eligibility criteria and list of documents change as according to these two categories
  • 1. Self Employed Professionals (SEP): Doctors, CA, CS, architects, engineer etc.
  • 2. Self Employed Non Professionals (SENP): Trader, commission agent, contractor etc.
  • Also, if you are applying as a company, you can avail loan by applying under following entities:
  • 1. Partnerships/Propretorship
  • 2. Limited Liability Partnerships
  • 3. Private Limited Companies
  • Other important requirements to avail Business Loan:
  • 1. The minimum turnover of your business should be Rs. 60,00,000. The turnover should be in positive track.
  • 2. You should have minimum 3 years of experience in current business and 5 years of experience in overall business industry.
  • 3. Your business must be making profit for last 2 years.
  • 4. The age of the applicant should be minimum 25 year and maximum 65 years5. You should have paid your business's Income Tax Returns for last 2 years.
  • 5. You should have paid your business's Income Tax Returns for last 2 years.
  • 6. The borrowers should have a strong credit history. They should have a credit report ready for bank reviewing.

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