Small Business Loan : Which Bank Is Best For Business Loan -

What is a small business loan?

Leading small business loan lenders in India

HDFC Bank Business Loan

  • You can transfer your existing business loan with another lender to HDFC Bank
  • Dropline overdraft facility up to Rs. 5 lakh to 15 lakh
  • No security/ guarantor needed
  • No foreclosure charges
  • Flexible tenure
  • Attractive rate of interest

Tata Capital Business Loan

  • Business loan can be customized as per your business requirements
  • High eligibility
  • Fully unsecured business loan
  • Structured EMI option

Bank of Baroda Business Loan

  • Simple application procedure
  • Multipurpose loan: for acquisition and repair of business premise or tools
  • Loan is available at every branch of the bank
  • Accounts rated A+ will get loan at lower interest rate

Magma Fincorp SME Loan

  • Loan can be customized as per borrowers needs
  • Easy documentation and fast processing
  • No primary security or collateral requirement

ICICI Bank SME business loan

  • Attractive interest rate
  • Pay interest only on the amount used
  • Loan for various working capital needs

Eligibility for small business loan

  • Self-employed individuals as wells as enterprises such as partnership firms, private and public limited entities, proprietors engaged in manufacturing, services, wholesalers, and retailors etc.
  • Borrowers should be at least 21-year old at the time of application and less than 65-year old at the time of loan maturity
  • Minimum turnover Rs. 40 lakhs p.a.
  • Minimum income Rs. 1.5 lakh p.a. while making profit for the last two years

Documents required for small business loans

  • Fully filled and duly signed application
  • Passport-size photographs of business owner or partners
  • Business entity proof, partnership deed, Article of Association (AOA), shop establishment certificate
  • Proprietor’s/ partner’s / director’s promoter’s PAN card
  • Address of the business entity
  • Bank statement for the last 6 months
  • Financials:
  • Projected turnover and current year performance of business entity
  • Audited and provisional reports last 3 years (balance sheet, profit and loss account, VAT returns, tax audit report)
  • Last 1 year ITR (income tax return) of the borrowing entity

Common business loans in India

--

--

--

I am a diligent and motivated self-worker with 3+ years of experience working in credit review and loan processing within the financial tech industry.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

A Complete System for New Traders: Trading without a Stop Loss

Become Independent in your Financial Investment

See You on Wall Street

Federal Direct Loan Consolidation

For Anyone Thinking About Buying a New Build Home (What You Need To Know)

Should I Change My Long-Term Investment Strategy Because Of COVID-19?

Instructions to Get Rich From Casino Gambling

Debt Relief Programs in Worcestershire #Debt #Relief #Services #Worcestershire https://t.co/3nyQpALK

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Ajitsamal Afinoz

Ajitsamal Afinoz

I am a diligent and motivated self-worker with 3+ years of experience working in credit review and loan processing within the financial tech industry.

More from Medium

Interest Rate Caps

The Proven Optimism of The Uncertain Future

Be smart by learning about crypto investing strategies

Why Consider Investing In I Bonds Now