You can get up to 1 crore business loan in India. The loan repayment tenure is 12 months to 60 months. The business loan interest rate starts from 9.65% to 18% per annum. You will get the loan within 6 days.
24hrLoan gives you the best business loan offers through 25 lenders. You will get the different Banks & NBFC companies.
Business Loan Quick Recap
|Loan Amount||Up to Rs.1 crore|
|Interest Rate||9.65% to 18% p.a.|
|Tenure||12 months to 60 months|
|Required Age||23 years to 60 years|
|CIBIL Required||-1 / 700+|
|Processing Fee||Up to 5%|
Features & Benefits of Business Loan
Online Process: You don’t require to visit brunch to get the loan. You will get the digital loan approval.
Flexible Tenure: You will get flexible loan tenure. We provide 12 months to 60 months loan repayment tenure.
High Loan Amount: Applicant is eligible for a higher loan amount. 24hrLoan is offering up to 1 crore business loan.
Interest Rate: Our lenders offer the best interest rate. The loan interest rate starts from 9.65% to 18% p.a.
No Upfront Charges: There are no upfront charges. 24hr Loan doesn’t take any charges to get the loan.
Zero Collateral: This is a fully unsecured business loan. The applicant doesn’t require to give any security for a business loan.
Also Read: WeRize Personal Loan
Eligibility Criteria for Business Loan
Check the below eligibility criteria to get the business loan:
- Self Employed Business (Proprietorship, Private Limited Company, Limited Liability Partnership)
- Minimum 3-year business vintage proof (Trade License/ MSME Certificate)
- Minimum 2-year Income Tax File (Annual income 2.5 lakhs or above required)
- Applicant age should be 23 to 60 years required
- Minimum Average Bank Balance (ABB) of 8,000 required
- CIBIL Score should be -1 or 700+ required
- The minimum business turnover required is 12 lakh per annum
Business Loan Documents Required
- Applicant Aadhaar Card
- Applicant Pan Card
- 3 years Trade License / MSME Certificate
- 2-year IT File with balance sheet and P&L
- 1-year bank statement pdf
- Residential Proof ( Electricity bill / Land Property Tax )
Also Read: 5 Best Buy Now pay Later Apps in India
Business Loan Provider Lenders
|Lender||Interest Rate||Loan Amount||Loan Tenure|
|HDFC Bank Mudra Loan||8.60% p.a. to 20% p.a.||Rs.50,000 to Rs.10 lakh||12 months to 60 months|
|IIFL||11.25% p.a. to 33.75% p.a.||Rs.50,000 to Rs.30 lakh||12 months to 60 months|
|Bandhan Bank||10.60% p.a. to 17.26% p.a.||Up to Rs.10 lakh||Up to 7 years|
|Faircent||12% p.a. to 28% p.a.||Up to Rs.5 lakh||Up to 36 months|
|NeoGrowth||19% p.a. to 24% p.a.||Up to Rs.75 lakh||Up to 7 years|
|FlexiLoans||12% p.a. onwards||Up to Rs.1 crore||1 year to 5 years|
|LendingKart||12% p.a. to 28% p.a.||Up to Rs.1 crore||12 months to 36 months|
How to Apply for Business Loan
Step 1: Click on the “Apply Loan” button.
Step 2: Fill out the form carefully.
Step 3: Our customer representative calls you for the documentation process.
Step 4: Now, Lenders will check your eligibility
Step 5: If you are eligible, you will get the loan offer.
FAQs on Business Loan
What is the maximum business loan can I get?
You can get up to 1 crore business loan. It will depend on your bank statement.
As a doctor, Can I apply for a business loan?
You may get a loan as a professional doctor. But you should provide the qualified documents.
Can I apply for a loan without Income Tax File?
Some lenders offer business loans without IT files. IIFL, LendingKart offer business loan without Trade License.
Can I apply for a business loan through a home?
24hrLoan provides a fully digital loan process. You can apply at home. Just submit the required documents to us.