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What is Business Loan?

Basic Fact Sheet

Is Security Required? No
Is Guarantor Required? Not in most cases
What is the Tenure? 1 to 4 years
What is the Interest Rate? 15% to 36% (Diminishing)
Is Part Payment Allowed? No
Is Pre-Closure Allowed? Yes (for a nominal fees)
Is Balance Transfer Allowed? Yes
What is the minimum Income? Rs. 1,00,000 /- Net Profit (pa)
How many days does it take? 5 to 10 days
What is the loan amount? Rs. 1,00,000 /- to Rs. 70,00,000 /-

When should you choose Business Loan?

Business Loan to a Self Employed is similar to a Personal Loan to a Salaried. This loan does not require a security and thus the documentation involved is minimal. Thus a Business that requires a quick financial assistance during an unforeseen situation, can opt for a Business Loan.

Who would be eligible for a Business Loan?

As this is a Loan without security, Banks rely on Business Stability as the main criteria to extend a Business Loan. Banks look for a stability of at least 3 years with steady growth in profits (in most cases it is minimum of 5 years). Business Loans are also extended based on previous loan track and on a healthy bank statement.