Business Loan in Mumbai

Business Loans ranging from Rs.75K to Rs.55L with a tenure starting from 6 months.

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Our Financial Institutions

  • HDFC Bank
  • ICICI Bank
  • Fullerton India
  • Yes Bank
  • Axis Bank
  • IDFC Bank
  • Tata Capital
  • Indiabulls
  • Ujjivan Small Finance Bank

Basic Eligibility Criteria

You're probably eligible for a Loan if you are

  • At Least 23 Years Old

  • Less Than 65 Years Old

  • Minimum Net Annual ITR 1.5 Lakh

  • Must have a 6 month old current account

  • Business must be 2 years old

  • No Collateral required

Get Business Loan in Mumbai With Aapka Bank


For every business, it is important to have sufficient funds. While some businesses need money to carry on daily operations, others may need it for growth and expansion. For businesses that lack enough funds for their business, a business loan is a great option. There is so much that goes behind getting a business loan, and it is important to make an informed decision so that you get the best deal.

If you are also looking for a business loan in Mumbai, Aapka Bank can be of substantial help. While Aapka bank doesn’t offer you a loan, it offers a whole lot of information that helps in getting the best loan. We are a leading financial institution that offers assistance in getting all types of loans along with information about credit score assessment, eligibility, documentation, and process along with interest rates about various banks and NBFCs. You can make required comparisons between business loan provider in Mumbai and choose the best option that suits your needs. 

There are certain things that you must know and prepare before you apply for the business loan.   

  • You must have a business plan
  When you are seeking a business loan, the first thing to do is have a full-proof business plan so that you can convince the lender. The lender would wish to know that you have a credible business and you have required skills and knowledge to grow the business. The business plan must have everything that has to do with your business. It must include goals, competitors, past, as well as projected revenue along with market analysis, expenses, and how you plan to expand your business. Also, write a summary to draw the attention of the lender to your vision as it is the first thing that they read. 
  
  • Making financial statements
  You must provide the financial statements to the lenders of both past and future. You should provide a plan that you aim to follow and show the projected numbers so that lenders can see your goals clearly and determine if you will be able to make money and pay them back. You must include your cash flow statements, income statements, and balance statements for the past 3 to 5 years along with estimates for these statements for the next few years.   

  • Purpose and amount of loan
  When you are done with the financial statements and business plan, you must be clear about what you wish to accomplish with the loan and how much money you need to reach the goal. It would be easy for the lender to understand if you can state your goals. You must identify the strategy and equipment you need for growth and anything else that you would do with the loan amount.   

  • Have a look at your credit history
  It is a known fact that for any kind of loan, it is important to have a good credit history. Thus, you must have a look at it before applying for a business loan. This becomes all the more important when you didn’t have time to build a credit history. The lenders will want to be sure about the credit history of the individual whom they are lending a loan. Your financial responsibility has a significant role to play. You must build your personal credit history before applying for a business loan. Some lenders may also ask for your personal bank statement and tax returns for the last year.   

  • Determine your capacity for collateral
  There are few loans that need you to put down some type of collateral and business loan is one such type of loan. You need to assess the value of your collateral that you put against the business loan. The lender will want to know about this number, and you will have the assurance that you have something tangible to secure the loan. Just make sure that you are able to repay the loan so that you don’t jeopardize the property and lose it in case of non-payment of the loan.   

  • Estimate the overall cost of the loan
  You must find out how much time you would need to pay off the loan. It is important to find out the kind of offers various lenders will be able to give and use the interest rates and fee for estimating the payments. You must add up all this information to your payments to see how much the loan will cost you in the end. Know the terms and conditions attached to each loan offer before you decide which one will be best for you.   

  • Research all loan options
  Research is the first step when looking for the best loan deal as only, then you will be able to find the best bank or NBFC. There is no rule of thumb when it comes to loans. You may find a bank a suitable option, and others may find NBFC or credit unions a better option. It all depends on your goals and needs. Be ready to adjust plans as you may get turned down but keep trying as you will certainly find someone who would be ready to offer a business loan. 

Requirements to meet for a business loan  

  • For a limited or Pvt. Ltd. company, the net income should be 150000/ annum for a business loan up to 1500000 and over 300000 for business loan above 1500000. 
  • For Partnership or proprietorship firm, a minimum of 25% stake each can be clubbed to the income of the concern.
  • A chartered accountant/self-employed professional. 

Factors deciding business loan eligibility
  
  • The applicant should be minimum 21 years and maximum 65 years old.
  • Business should be profit-making at least for the past 2 years.
  • The turnover should be a minimum of 150000 per annum.
  • Co-applicant is not mandatory for a business loan. 
If you are looking for small business loans in Mumbai, connect with Aapka Bank as we work towards making more and more people self-reliant by offering required assistance for getting loans.   

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