How to Get Business Loan Up To 30 Lakh

Grow your startup business with an instant loan. 24hrloan provides up to 30 lakh business loans in pan India. You can apply for a business loan from anywhere in India. Get approval within 3 days. This is a fully digital process.

We are going to cover how to get a business loan up to 30 lakh.

Business Loan Quick Recap

Loan Amount	Up To 30 Lakh
Interest Rate	15% to 18% p.a.
Tenure	1 -3 years
Age Required	21 -65 years
Income Required	12 lakh per annum
Processing Fees	Up to 3% of the loan amount
Eligible	Self Employed Person

Benefits and Features of Business Loan

Fast Process: 24hrloan offers fast business loans. Loan approval within 3 days. Apply for a loan from home.

Digital Loan: This is a 100% digital loan process. Just upload documents to get instant approval.

High Loan Amount: You can get up to 30 lakh business loans.

Affordable EMI: Business loan comes with up to 36 months of flexible repayment tenure.

Minimum Documents: Required minimum documents to apply for a business loan.

Lower Interest Rate: Business loan comes with an 11% to 18% interest rate.

Unsecured Loan: A business loan is a fully unsecured loan. Don’t be required to give any property paper to apply.

Also Read: Fi Money Personal Loan

Compare Lender’s Business Loan Interest Rates

Lender	Interest Rate	Loan Amount	Loan Tenure
Chola Finance	14% p.a. to 21% p.a.	Rs.30,000 to Rs.20 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
Tata Capital	13.50% p.a. to 19% p.a.	Up to Rs.75 lakh	1 year to 3 years
Poonawalla  Fincorp	15% p.a. to 28% p.a.	Up to Rs.50 lakh	Up to 3 years
FT Cash	12% p.a. to 22% p.a.	Up to Rs.50 lakh	Up to 3 years
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
UGRO Capital	9% p.a. to 36% p.a.	Up to Rs.50 lakh	12 months to 36 months
Capital Float	15% p.a. to 24% p.a.	Rs.5 lakh to Rs.50 lakh	12 months to 36 months
Aditya Birla	14% p.a. onwards	Up to Rs.15 lakh	12 months to 36 months

Business Loan of 30 Lakh EMI Calculator

Entrepreneurs can use the Business Loan EMI Calculator to calculate monthly installments. EMI calculator tool simplifies your financial planning process. Put some details of loan amount, interest rate, and loan term to determine the accurate EMI result.

The hassle-free online calculator tool is available for users all the time. But, you must have an internet connection to use this tool.

Eligibility Criteria for Business Loan

Fulfill basic eligibility criteria to apply for a business loan:

• Indian Citizen
• Age 21 to 65 years required
• Minimum 1 year vintage Proof
• Minimum Annual turnover required Rs. 12 lakh
• Not defaulter at previous loan track
• CIBIL score required -1/700+

Understanding Your Financing Needs

The borrower must have a clear picture of understanding of your financial requirements. Research and set proper business goals, operational expenses, and expansion plans. The following points will help you to determine the loan amount and use the fund the right way.

Research Lenders

Different financial institutes are available in the market. It’s crucial to conduct the proper research and identify the best lender for your business loan. Explore government business loan schemes, and MSME loans that offer reliable interest. Also, check repayment terms, eligibility criteria, and additional fees before making a decision.

Business Plan

A comprehensive business plan is needed to grow your business. It will also help to make a document list for business loans. You must outline the business model, target market, competitive analysis, financial projections, and repayment strategy. The lender will check your business in detail before loan approval.

Assessing Creditworthiness

Borrower creditworthiness is the main game changer. Creditworthiness determines your loan approval and interest rate. Lenders fletch credit bureaus’ reports and review them in detail. Always maintain a healthy credit report paying bills one time, reducing outstanding debt, and avoiding credit inquiries.

Also Read: Flipkart Pay Later EMI

Documents Required

• Pan Card
• Aadhaar Card
• 1 yr. Bank Statement pdf format
• 2 year Trade License required
• MSME Certificate
• Residential proof (Electricity Bill)

How to Apply for Business Loan

Step 1: Click on the “Apply Now” button to initiate the loan application process.

Step 2: Enter your mobile number and fill basic application form.

Step 3: Enter the applicant’s KYC and income details.

Step 4: Please upload your KYC (Know Your Customer) documents, proof of vintage documents, and bank statements.

Step 5: After checking your CIBIL score and eligibility criteria, you will receive a loan offer. The money will be credited to your bank account within 72 hours.

FAQs on Business Loan