• 14% - 17%

    Interest Rate Range
  • 0.50 - 2.5%

    Processing Rate Range
  • 2 L - 75 L

    Loan Amount
  • 1 Year - 4 Years

    Tenure Range

General information

Rs
Rs
Rs
Rs
Rs

business information

+91
Code Verified

Current Addrsss details

I have read Terms & conditions *

Company Information

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  • Yes
  • No

Documentation

1.  Pan card (individual / firm / company)
  • Pan card (individual / partners / directors )
2. Residence  Address Proof: Any One from the following:
  • Utility Bills / passport copy/Aadhar card / Driving license/ Voter card ( any One )
3. Office Address Proof: Any One from the following:-
  • Property Documents
  • Utility Bills
  • Any  registration of (industrial /firm/company)
4. Office / Residence Ownership Proof (if any): Any One from the following:-
  • Property Documents
  • Electricity Bills
5. Business Existence Proof Any One from the following:
  • Shop Establishment Act
  • Any Tax Registration Copy
  • Company Registration license
  • Company MOA& ROC return
  • Partnership Deed ( if partnership firm )
6. Income Proof:-
  • Latest 3 years Income Tax Returns including Computation of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc.,
  • Last 12 months bank statement current / limit.
7. Required Documents for Balance Transfer (Existing Bank):-
  • Foreclosure letter from the bank.
  • Loan statements

Terms & Conditions

  1. Stamp duty at actual as per applicable law.
  2. Interest rate of sub. (subject to change as per terms and conditions /agreement) as per lender (monthly reducing)
  3. Processing charge of the borrower will be according to the lender.
  4. Govt. tax and levy as per applicable government laws would be charge on all fees and charges.
  5. Cheque/SI/ECS return charges (without prejudice to the civil and criminal rights and remedies of the bank for the dishonor)  As per lender
  6. Default interest / late payment charge: as per lender
  7. Legal repossession and incidental charges: At actual
  8. Duplicate amortization/ repayment schedule: as per lender
  9. Cheque /Si/ESI swapping charges: As per lender
  10. Details of security  As per lender
  11. Taxes at actual, applicable presently or in future.
  12. Date on which annual outstanding balance statement will be issued:31st may
  13. Loan cancellation charges:  As per lender Interest would be charged for the interim period between the date of disbursement and date of loan cancellation
  14. Gap interest will be recovered from disbursement amount where the number of the days between account credit date (i.e. of the disbursement amount ) and first EMI date is more that 30/31 days

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

Avail Hassle-Free Business Loan with Flexi repayment tenure

Business Loan

A business loan is the need of the hour. It helps in expanding the current business, starting a new project, buying new equipment, purchasing assets and so on. Banks like HDFC, ICICI, Bajaj SBI, Lendingkart, and IDFC offer business loans at the best interest rates. The interest rates and loan repayment tenure varies from bank to bank. Check the below details to find out the best banks for business loans, interest rates, and loan tenure.

Bank Name

Interest Rate Loan Tenure 

HDFC

Between 14.50% -  21.00%.

12–36 months

Apply Now

IDFC

Between 16.00% - 24.00%

12–36 months

Apply Now

Bajajfinserv

17% p.a onwards

12–36 months

Apply Now

LendingKart

12% onwards

12–36 months

Apply Now

ICICI

16.50% onwards

12–36 months

Apply Now

What is a Business Loan?

Keywords:- business loan, new business loans, loan to start a new business 

A business loan is financial assistance provided by the banks and NBFCs to meet the needs of the growing business. All types of businesses such as sole proprietorships, partnership firms, privately held companies, retailers, and self-employed individuals can avail these loans. Regardless of whether you are planning to expand your business or start a new venture, the banks will come to your rescue. Several financial institutions offer loans to start a new business. The banks and other financial institutions offer term loans and Flexi loans to suit the needs of the borrower. A bank business loan is offered up to Rs. 50 lakhs. However, credit history plays a crucial role in availing new business loans. A decent credit score makes the processing apart from attracting a better rate of interest. 

Types of Business Loans

Explain all the types of Business Loans

Here’s all about 7 different types of business loans: 

  1. Term Loan: A term loan is availed generally for capital expenditure. This loan could be a secured or unsecured loan. The unsecured term loan ranges for a period of 1-5 years whereas the secured business loan is for 15-20 years.
  2. Start-Up Loan: As the name suggests, a start-up loan is generally offered for new business ventures. There must be an established business and the applicant must submit proof of the business existence and registration. This loan can be easily availed as they are provided without any security or collateral. The other striking feature of a start-up loan is that if there’s a loan default, the company can be liquidated to repay the dues. 
  3. Working Capital Loan: It’s majorly taken to meet the day-to-day operations of the running business. It helps in balancing the cash flow that’s required to run a business. A working capital loan is mostly opted for by manufacturers, wholesalers, service providers, retailers, and export and import traders.
  4. Loan against Property for SME: These loans are given to businesses whose loan requirement is more than 50 lakhs. The applicant has to mortgage the property to avail this loan. The loan can go up to 70% of the current market value of the property. The loan tenure is up to 15 - 20 years based on the policies set by the financial lending institution.
  1. Invoice Financing: This type of financing is especially for small businesses that face a gap between raising invoices and receiving payment from the clients. The invoice financing can go up to 80% of the invoice amount. The debt is cleared once the business receives the payment.
  2. Equipment Financing: This loan is exclusively for manufacturing businesses as they would recurrently need equipment and machines. Usually, heavy machines are expensive and to purchase this equipment, heavy investment is required. The interest rates are lower for equipment financing when compared to term loans.
  3. Business Loan for Women: There are exclusive business loans for women to encourage them to start new businesses. The Government of India also has initiatives to support women in small and medium-sized businesses. Women can avail of flexible loans, start-up loans, discounts on the standard interest rates, and a faster loan process. 

Features and Benefits

Keywords:- online business loan, best business loans 

Features of best business loans: 

Fixed Interest rate: The interest on business loans are fixed, usually between 14-24% a year. As the interest rate is constant throughout the year, the borrower can plan investment and business operations wisely. 

Flexible Repayment Tenure:  It is an attractive feature that helps businessmen to plan the repayment tenure based on his/her financial conditions.  

Collateral free loans: One can avail best business loans without any security or collateral loans. You do not have to pledge any asset to get a start-up business loan. 

Loan Amount: An individual can avail maximum loan of up to 50 lakhs.  

Minimal Paperwork: An individual can also apply for online business loans by visiting the respective website. It requires minimal paperwork. 

Benefits Of Business Loans: 

  • Business loans can be availed for all business needs such as managing operations, working capital requirements, expanding a business and so on.
  • A borrower can opt for business loans without pledging any assets. 
  • The business loan process is very simple and can be applied online too.

Business Loan Eligibility Criteria

Keywords:- business loan, private business loans 

  • The private business loans can be applied by manufacturers, service providers, self-employed, private limited companies and so on. 
  • The applicant must be between 21 years to 65 years.
  • The applicant must have been in business for the last 3 years.
  • The profit must be a minimum of 2 lakhs or annual business turnover must be Rs 50 lakhs.
  • The applicant must have filed IT returns for the last 3 years to avail of a business loan.

Business Loan Fees & Interest Rates 

The current rate of interest on business loans starts at 14.00% and processing fees is mostly 2% to 3% on loans. However, this varies from bank to bank. Check the business loan fees and interest rates with the financial institution before applying for a business loan.

 

Documents Required for Loan Application 

Here’s a list of general documents required for business loans:

  • Proof of business
  • IT return statement of last 3 years
  • Bank account statement of last 6 months
  • KYC documents of co-applicant
  • Residential proof
  • Identity cards such as PAN card, Voter card & Aadhar card
  • Proof of ownership of possessions uses in business

 

Why Should you choose the Aapka Bank For Apply Business Loan 

Aapka bank is India’s leading financial market service place that has helped individuals to avail business loans. You can submit your documents online and opt for a hassle-free loan process. With over 20 years of service and having served 10,000 plus customers, Aapka bank helps in managing finances. Now, you can easily apply for small business loans, private business loans, personal business loans, car loans, home loans, mortgage loans and medical loans.

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Frequently Asked Questions

The applicant must be between 21 years to 65 years of age. The business must have a Minimal Annual Income (ITR) of Rs. 2 lakhs per annum.

You can approach banks like ICICI, HDFC, Lendingkart, IDFC, Bajaj and other financial institutions for business loans.

You can fill up the online application form for a business loan. Submit all the relevant documents to complete the process. You may also visit the bank and apply for a business loan directly.

The credit score range for business loans is generally 750.

It depends on your existing liabilities, monthly budgets, financial prospects and other business factors.

Business loans became expensive after the implementation of GST as the GST is levied at the rate of 18%.

A borrower can opt for business loans without pledging any assets for start-up business loans.

A high credit score will help you attract better interest rates and also you will be able to process business loans smoothly.

A bank business loan is offered up to Rs. 50 lakhs. Your credit score plays a crucial role in processing business loans.

No, you can visit the website and apply for a business loan. Aapka Bank is your go-to bank for all your financial assistance. You may get in touch with the team for further assistance.