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COMPLETEBusiness Loan is an unsecured loan at an interest rate, which gives you access to credit that can be paid back over an agreed time along with the interest, without any security against it. It is given on the basis of the type of business, its repayment capacity and past banking performance of the applicant.
While a personal is given on a personal capacity and income, a business loan is given based on company’s income and capacity and is given in the company’s name.
Business loans can be categorized as:
A type of business loan which offers a 3 year term loan for proprietorship, partnership, private limited companies and limited companies based on a sound balance sheet.
Secured business loans is offered to companies/individuals with a working capital funding in rupees as well as foreign currency for proprietorship, partnership, private limited companies and limited companies.
Most banks will sanction business loans to individuals aged between 24 to 65 years.
Banks prefer businesses that have been showing stable signs of growth at least for the last 3 years. The loan amount disbursed can go up to 60% to 80% of your annual profits.
A total business experience of 5 years is preferred.
Tenure
Business loans range from min. of 1 year up to a max of 4 years
Processing Time
The processing of the loans usually takes 4 working days after all the documents are submitted.
Pre-Payment
You can pre-pay the loan after repaying a min. of 6 EMI’s. Foreclosure charges would be applicable as per the banks term and condition. You can make a part pre-payment with a minimum amount of Rs.50,000 after 6 months from the date of disbursement of the loan. This part pre-payment can be made only once in a financial year.