About Business Loan
Business loan is the obvious choice if you need a finance for Operational Expenses, Purchase any machinery / goods, to clear invoices and to pay advances.
Getting finance for your Business needs, you should owning any Pvt Ltd, Public Ltd., LLP, Partnership or Proprietorship Firm. We, as a Loanzmitra make the process Simplify and Door Step Service.
With our expertise of services and extensive industry expereince, we will assist you the best possible Business Loan based on your requirement and profile.
Business loan Benefits with Loanzmitra
- Simplified Documentation
- Loan Disbursal in 4 Business Days
- Transparent Processing
- Competitive Pricing
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Features and Benefits of Loan
It’s a unsecured loan, Business loan is granted to an individual who is owning any firm by a Bank or NBFC to meet their individual Business needs
For any Business Loan, you should owner of the firm / company and the ROI will be vary based on the Company / Firm.
Faster Loan Disbursal
The disbursal time depends on the bank but it’s generally within 3 Business Days or 5 Business Days at most. You may even be eligible for instant online approval if you are an existing customer of the bank you’re applying to.
Fewer Documents
Required less documents for your Business loan. Few banks approve online, and you need to upload scanned documents for verification, thus you will be granted or approved the loan within minutes. This makes it faster to process.
Collateral Free
If you are eligible based on your income and CIBIL score, you no need to collateral your property for Business Loan. Since it is unsecured loan, you can considered as the best form of getting financial assistance at an emergency.
Attractive Interest Rates
Interest rates for Business loan depends upon turnover and existing debts with any financial institutes. Your EMI remains fixed for the entire tenure of your loan.
Eligibility Criteria for Loan
Any Business Owner owning a Pvt Ltd Company, LLP Firm, Partnership Firm and Sole-Proprietorship Firm is eligible for a Business Loan.
Age
Maximum age of applicant at loan maturity: 60 years
Income
Minimum Turnover Per Annum: Rs 10,00,000
Credit Rating
Applicant should have the bank specified credit score.
Check Eligibility
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Documentation
The following documents are required along with your Business Loan application:
| Company Documents |
| Incorporation Certificate / Partnership Deed / LLP Certificate / Sole-Proprietorship Document |
| Company Pan Card |
| Bank Statement of past 12 Months |
| Last 2 Years ITR and P&L Statement |
| GST Certificate, if available |
| Rental Agreement, if company/firm is in rented premises |
| Electricity Bill |
Fees and charges
Each Bank's and NBFCs have different charges for Loan Application based on the customer profile and requirements:
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Types of fees
Charges applicable
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Rate of interest
Starts from 15.75%
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Processing fees
Starts from Rs. 10,000/- to 2.00% of Loan Amount
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Insurance
Depends on the Customer Profile
*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges
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Frequently Asked Questions
We are almost ready with your Frequently Asked Questions. Already we answered all question please check below may i will help to you.
Banks will determine your Business Loan Eligibility based on your income and other factors like age, additional income, and other financial factors.
EMI refers to the ‘Equated Monthly Installment’, where you pay the amount to Banks on a specific date of every month till your loan is repaid in full. The EMI comprises of the principal and interest components which are structured based on number of months you took the Loan.
Generally, Bank offers various modes for repayment of your loan. Like ECS (Electronic Clearing System), it directly deduct from your Savings Account which you given at the begining stage of Loan.
Any interest levied on a business loan is exempt from taxation. This is because the interest paid is considered to be a business expense and not revenue. Registering as an MSME can also help you avail of business loan tax benefits on excise and other charges. However, the principal amount is not tax-deductible.
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