Get a hassle-free business loan from Shriram Finance, which offers various financial products. Appy for Shriram Finance business loan up to Rs. 30 lakh at a 15% rate. Small, medium, and enterprise businesses can take flexible loans for equipment purchases, hire employees, or do other purposes.
Shriram Finance Business Loan Recap
| Loan Available | Up to Rs. 30 Lakh |
| Interest Rates | 15% p.a. |
| Loan Repayment | 12 to 60 months |
| Processing Charge | 1% of loan approval + GST |
| Eligible | Proprietorship, Private Limited Company, Partnership, LLPs |
Benefits of Shriram City Business Loan
Quick Approval: Shriram Finance provides a swift loan disbursement process within 3 days. Business owners get financial requirements that enhance business productivity.
Simple Documents Criteria: Get a Shriram city business loan with a minimal document process. This facility reduces time and hassle-free approval.
Affordable Interest Rates: Shriram Finance offers affordable interest rates based on your profile. The competitive interest is 15% per annum applicable.
Flexible Tenure: Customize repayment options as per borrower requirements. Shriram Finance gives 1 year to 5 year repayment option. You can make better financial planning.
Fast Loan Process: Ensure a quick and fast loan process with Shriram City Finance. Get instant approval with an online application and disburse the loan within 72 hours.
Eligibility Criteria
- Age must be under 23 to 65 years for a Shriram business loan.
- Your business operation requires at least 3 years old.
- The credit score report must be 720 enough for a creditworthiness score.
- Business turnover should complete 20 lakh within a year.
- The applicant’s residence must be owned.
Also Read: 10 Reasons to Consider Collateral-Free Business Loan
Essential Documents for Shriram Business Loan
- Passport, Pan Card, Aadhaar Card, Voter Card (Mostly Pan Card & Aadhaar Card Required)
- 3 year Trade License Proof & 2 year Income Tax File
- 12 months Bank Statement with 20 lakh transaction
- Photocopy of borrower
- Electricity bill / Property Tax / Deed for Residence proof.
Shriram Finance Business Loan Interest & Charges
| Rate of Interest | 15% p.a. |
| Processing Charge | Up to 2% + GST Charge |
| Foreclose Charge | Up to 6% + Tax |
| Late Charge | Applicable |
Where to use Shriram Finance Business Loan
Manufacturers, retailers, and service providers can use Shriram Finance loans for various requirements that are included below:
1. Working Capital: Cover your daily expenses, inventory purchase, and manage employee salary from a working capital loan.
2. Plan New Project: Shriram Finance is helping hand to make a new project loan for your business growth.
3. Equipment Purchase: Buy equipment or machinery for business operation through a Shriram Finance business loan.
4. Closed Existing Debt: You may close your existing debt and convert it to a single manageable loan.
How to Obtain a Shriram Finance Business Loan
Following steps you should complete for applying for a Shriram Finance loan:
1. Online Application: Visit Shriram Finance’s official website or directly apply from the “Apply Now” button.
2. Fill Your Details: Provide your personal information and business details.
3. Documents Process: Complete document verification through 24hrLoan representative.
4. Verification: The lender verifies all your submitted documents and approves the loan amount.
5. Disburse Loan: Your approval loan amount will be credited to your bank account after the e-nach process.
FAQs
-
What is the credit score accepted for the Shriram Finance business loan?
The required credit score of 720 is accepted for the Shriram Finance business loan.
-
Is it necessary to have an income tax file when applying for a loan from Shriram Finance?
The income Tax file is an essential document for Shriram Finance business loan. But, you can go with other lenders like Tata Capital, LendingKart, and IIFL Finance to for apply business loans without an ITR File.
-
How much amount Shriram Finance provide in the business loan segment?
Shriram Finance offers up to 30 lakh loans in the business loan segment.
-
Does Shriram Finance offer a mortgage loan?
Yes, Shriram Finance provides up to 20 lakh mortgage loans with a one-year ITR file. But if you want a higher amount, you should provide additional documents.