|Loan amount||50k to 100 lakhs|
|Rate of interest||12% to 30%|
|Processing fee||2% to 3.5%|
|Loan Tenure||1 year to 5 years|
|Age||21 years to 70 years|
|Resident Type||Resident Indian|
|CIBIL score||Minimum 650|
BUSINESS LOAN: – Many bank provide business loan to meet your business needs, it can secured as well unsecured.
|Axis bank||17.00%||Upto 1.75%|
|Bajaj finserve||16.50%||Upto 3%|
|Citi bank||16.25%||Upto 0.5%|
|Fullerton india||19.00%||Upto 2%|
|ICICI bank||16.00%||Upto 2%|
|IDFC First bank||21.00%||Upto 1.5%|
|Indusind bank||17.00%||Upto 1.75%|
|Kotak mahindra bank||16.00%||Upto 2.5%|
|Muthoot finance||22.00%||Upto 3.5%|
|RBL bank||16.50%||Upto 2%|
|Standard chartered bank||17.00%||Upto 1%|
|Tata capital||18.00%||Upto 2.5%|
|Yes bank||17.00%||Upto 2%|
|Hero fin corp||17.00%||2%|
Business loan also have many advantages and disadvantages like business loan. It is very important for you to know all so that you can make a prudent decision according to your needs.
MSME Loans– Now days it is a very popular product whether you can avail an unsecured loan at the lower rate of interest, but it is required some eligibility criteria, to know more about this you can contact “Loanbhumi”.
It is only for those who either a self-employed or a self-employed professionals.
|REQUIRED DOCUMENTS FOR RESIDENT INDIAN|
|Identity proof||PAN card, AADHAR card, Driving license, Voter ID,Passport, I D card isuued by Governement institution|
|Address proof||AADHAR card, Driving license, Voter ID, Passport, Bank statement, Electrisity bill, Mobile bill, Telephone bill, Water bill|
|Signature proof||PAN card, Passport, Signature attested by your banker where is your salary account|
|Age proof||PAN card, AADHAR card, Driving license, Voter ID, Passport, Birth certificate, Secondary board certificate|
|Income proof||3 months salary slip, Form 16 for last 2 years, 6 months of your salary account bank statement|
|Other documents||All loan schedules or their loan statement(if have any existing loan)|
|REQUIRED DOCUMENTS FOR NON RESIDENT INDIAN|
|Official email id|
|Salary slip for last 6 months|
|Offer or joining letter|
|6 months bank statement of your salary account|
|NRO/NRE bank statement of last 6 months|
|Guarantor||Identity and Residence proof|
|Property Document||Same as Resident indian|
|Apply for a loan and Submit your KYC, all income documents and Bank statement with the details of existing banking liabilities (if have any)|
|Bank verify your documents|
|They Check your CIBIL score and repayment History|
|Bank check your financial eligibility|
|If the above factors are positive then you get a final Sanction, in which they mention 1.Offered Loan amount 2.Rate of interest 3. All other conditions and also send an agreement to you|
|Then you need to send an acceptance copy of this agreement with required documents to the bank|
|Then Bank Disbursed your loan|
There are many reason which can affect your business loan eligibility, in can be your salary, your current financial liabilities, your CIBIL history or it can be your job stability as well as your residential status.
If you have an equity of any blue-chip company then you can avail this loan.
Yes you can make a part-payment, but some bank have a condition of lock in period, so after this period you can make some payments.
No it is not mandatory of a co-applicant for a business loan.