Run and Grow Your Business
Business Loan
Business Loan
A loan for all your business needs
Afinoz is your one-stop solution to all loan related problems. Tired of visiting different banks to get the best business loans? We can help! Afinoz has access to all the leading banks, NBFCs and other financial institutions. Choose from a wide range of business loans. Search, compare and apply for the best services as per your terms, hassle-free.
Use our Loan Eligibility calculator to find out the amount you can borrow from.Use our online calculator to calculate your EMI.
About Business Loan
Avail a business role to scale your business. Add an extra boost to your operating cost and fund your dream. Give your business a head start and capital boost by availing of our Business Loans at affordable rates.
Features & Benefits
Avail the following benefits with just few clicks.
- Loan amount starts from Rs. 50,000
- Simple and easy documentation process
- Tenure for business loans ranges from 12 months to 60 months
- No collateral or guarantor required
- Business loan interest rates vary from 13% to 35% depending on the eligibility of the applicant and the quality of business.
So How does it Work?
You can apply for a business loan if you need capital to start a new business or secondary units for your existing business. There are many banks & NBFCs that offer loans up to 50 lakhs, with or without collaterals and with pre-approved offers. The rate of interest applicable and tenure offered for the loan depends upon several factors such as your credit rating, the profitability of the business, future growth potential etc.
Eligibility & Documents Required
Business loan eligibility criteria
Establish your eligibility and get the funds hassle free. It depends on the bank and the amount of risk they are ready to take on a particular business. It also depends upon whether the loan is for an existing business or to start a new one. There are many banks & NBFCs in India that offer loans for both small and big businesses. Getting approval & disbursal is possible within a few days, if you have all the essential documents and you meet the eligibility criteria. Given below is the list of generic eligibility criteria required to apply for a business loan in India.
Factors Deciding Business Loan Eligibility
There are many factors that are considered while determining your eligibility for a business loan. Every bank or lending institution that offers you a loan will look into many aspects prior to sanctioning the loan. Few important ones are provided below:
Customer Profiles that lending institutions consider for Business Loans
There are different types of customers for business loans. Some are individuals who are self-employed or salaried and others are entities or companies. A large bank will cater to both these types of customers. The eligibility criteria, interest rates, processing charges, tenure and other features extended by a bank will vary from customer to customer. Therefore, while applying for a business loan, check which category of customers you belong to and check your eligibility accordingly.
Document Required
Each bank has its own specific set of requirements, criteria and eligibility factors. Here is a general list of documents and information required from you to process your loan application:
- Identity proof - Driving License/PAN Card/Passport/Voters ID card
- Address Proof (Ration card/latest telephone or electricity Bill/Passport/Trade license/Lease agreement/Sales Tax certificate)
- Bank statement for the last 6 months
- Proof of continuation
- Other Mandatory Documents such as Sole Proprietorship Declaration, Certified true copy of Memorandum & Articles of Association
- Audited financials (signed by a CA) for the last 3 years.
- Copies of IT returns for the last two years
Interest Rate & Charges
Business Loan Interest rates & other charges applicable on a loan depend upon the health of the firm i.e. annual turnover and profitability amongst other factors. Has the entity been growing, reducing in size or been at the same level for the past few years? What is the amount you are looking to raise as debt? How many years are you planning to avail it for? How is the promoter’s credit history? Has he / she ever defaulted on any debt, credit card payments etc.?
We, at Afinoz, can assure you that we will get you the best interest rate available & possible ,considering all the above-mentioned factors.
Bank
Business Loan Interest Rates*
Processing Fees