How to Get Business Loan Up To 30 Lakh

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 AmountUp To 30 Lakh
Interest Rate15% to 18% p.a.
Tenure1 -3 years
Age Required21 -65 years
Income Required12 lakh per annum
Processing FeesUp to 3% of the loan amount
Eligible ForSelf Employed

Benefits 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

LenderInterest RateLoan AmountLoan Tenure
Chola Finance 14% p.a. to 21% p.a.Rs.30,000 to Rs.20 lakh12 months to 60 months
IIFL11.25% p.a. to 33.75% p.a.Rs.50,000 to Rs.30 lakh12 months to 60 months
Tata Capital13.50% p.a. to 19% p.a.Up to Rs.75 lakh1 year to 3 years
Poonawalla  Fincorp15% p.a. to 28% p.a.Up to Rs.50 lakhUp to 3 years
FT Cash12% p.a. to 22% p.a.Up to Rs.50 lakhUp to 3 years
NeoGrowth19% p.a. to 24% p.a.Up to Rs.75 lakhUp to 7 years
FlexiLoans12% p.a. onwardsUp to Rs.1 crore1 year to 5 years
UGRO Capital9% p.a. to 36% p.a.Up to Rs.50 lakh12 months to 36 months
Capital Float15% p.a. to 24% p.a.Rs.5 lakh to Rs.50 lakh12 months to 36 months
Aditya Birla14% p.a. onwardsUp to Rs.15 lakh12 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 yr required
  • Minimum 1 yr 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 yr Trade License required
  • 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: Upload KYC documents, vintage proof documents & bank statements.

Step 5: After checking CIBIL & eligibility criteria, you will get the loan offer. Within 72hr money will be credited to your bank account.

FAQs on Business Loan

  1. Is a business loan available for a pan India location?

    You can apply for a business loan from anywhere in India.

  2. How much loan amount is available?

    Minimum Rs. 50,000 to maximum Rs. 30 lakh loan available.

  3. What is the minimum criterion required to apply?

    Yearly 12 lakh transactions required with a recent 3-month average bank balance of 8,000 required.

  4. Can I apply for a loan with -1 CIBIL?

    You can apply for a loan with a -1 CIBIL score or a 700+ CIBIL score.

  5. How to download bank statements?

    Log in through net banking user ID & password and download 1 yr bank statement pdf format.

  6. What is the minimum age required?

    The minimum age required is 21 yr the maximum age required is 65 yr.

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