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IDFC First Bank Business Loans

IDFC First Bank Business Loans

The best thing about IDFC First Bank is that it helps you with business loans. The bank provides support even for equipment purchases, business upgrades, or any other business needs. However, the IDFC business loan will have to pay it back in equal instalments with fixed monthly intervals. Therefore, the loan is termed by the bank as Business Installment Loans.

What are the benefits of the IDFC Bank Business loan?

Here are some benefits that make it different from other bank business loans:

  • The Business Installment Loans are available not only for businesses but also for professionals and non-professionals. 
  • It is an unsecured loan requiring no collateral or security. 
  • The loan amount in IDFC first bank depends upon the kind of business, repayment capability, and income.  
  • The interest rate is given by the bank on the day of loan processing only.
  • To get a BIL loan from IDFC bank, your business must be of 3 years.

IDFC’s first bank business loan is best for those who are in search of unsecured loans.

Who can apply?
MSMEs/ non-Individuals such as:
  • Private Ltd.
  • Partnership firms
  • LLPs
  • Sole proprietors etc.,
Which are the factors IDFC First Bank Business Loan Interest Rate calculates?

There are multiple factors on which basis a bank calculates your interest rate. Some of these factors are :

  •  Loan amount: The higher the loan amount, the lesser will be the interest rate. Bank gives a loan of a minimum of ₹ 1 Lakh to up to ₹ 9 Lakh. The interest rate for high loan amounts can be lower resulting in lower EMIs.
  • CIBIL Score: To get a loan from IDFC First Bank, your CIBIL score should be at least 750. The higher the CIBIL score, the higher the chances of getting a loan at the lowest business loan interest.
  • Revenue: IDFC First Bank will offer you the loan at a lower interest rate if you have higher monthly revenue. The bank gives loans to borrowers whose annual turnover is at least ₹ 12,00,000.
  • Time in Business: The minimum business existence to get a loan from IDFC First Bank is 36 months.
What are the IDFC First Bank Business Loan Eligibility Criteria?

The main factors on which the eligibility of an applicant depends are:

  • Age: Minimum at least 25 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Loan Amount: Based on the loan amount eligibility, the bank gives you loans ranging from ₹ 1 Lakh to ₹ 9 Lakh. 
  • Profitability and Revenue: IDFC First Bank requires profit for a minimum of 2 years and a minimum business turnover of ₹ 12,00,000.
  • Business Stability: IDFC First Bank requires a minimum business track record of 36 months. The bank will also look for growth in sales for the last three years. A decline in sales might impact your eligibility to get the loan.
  • ITR and Banking: The Bank gives loans only after checking your income tax return and bank statements. Your ITR details for a minimum of 0 months and bank statement for a minimum of 0 months will be required by IDFC First Bank.
  • CIBIL Score: IDFC First Bank will check your repayment history for all current and past loans and credit cards. The bank advises you to maintain a score of 750 and above to get loan approval.
What are the Documents Required?
  • Identity proof: Passport, PAN card, voter ID card, or a driving license
  • Address proof: Driving license, Aadhar Card, Voter’s ID
  • Last 6 months’ bank statement
  • Last 2 years ITR with computation of income, P&L account, and balance sheet certified by CA
  • Proof of continuation (Trade license/Establishment/ITR/Sales Tax Certificate)
  • Business plan/project report
  • Photo identity and Address proof: As per RBI-defined KYC guidelines. Ownership proof of office or residence
  • Business Proof: Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed

In the above list, a Business plan also known as a project report is a crucial document when applying for a bank loan. The bank uses this document to analyze the overall feasibility, risks, financial viability, and potential of a project. A well-crafted and convincing project report increases the chances of loan approval. With Finline you can craft a compelling project report in less than 10 minutes. That too in your language. Our reports are accepted by all public and private sector banks working in India. Click to create your project report.

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Bank of Maharashtra Business Loan

Bank of Maharashtra is a public sector bank that offers banking and financial products at a competitive rate of interest. In addition to various lending products and MSME loans, the Bank of Maharashtra also offers loan schemes under the Pradhan Mantri Mudra Yojana (PMMY) and Stand-Up India in association with the Government of India.

The Bank of Maharashtra offers a variety of business loans, especially for self-employed entrepreneurs who might require urgent funding for financing the expansion or working capital requirements. 

What are the Benefits of the Bank of Maharashtra Business loan?

There are some benefits of taking a loan from the Bank of Maharashtra:

  • You can prepay part of your loan anytime after paying 1 % prepayment charges.
  • You can foreclose your entire Business loan anytime after paying foreclosure charges.
  • Bank of Maharashtra has over 2,263 branches in India where you can avail service.

What factors does the Bank of Maharashtra consider for business loan interest rate?

There are multiple factors on which basis a bank calculates your interest rate. Some of these factors are:
  • Loan amount: The higher the loan amount, the lesser will be the interest rate. The bank gives a loan of a minimum of ₹ 50,000 to up to ₹ 10 Lakh. 
  • CIBIL Score: Higher the CIBIL score, the higher the chances of getting a loan at the lowest business loan interest. However, to get a loan from the Bank of Maharashtra, your CIBIL score should be at least 700. 
  • Time in Business: You should be the owner of the firm for a minimum of 3 years.
  • Applicant should not be a defaulter of any other loans.

What are the Interest Rates of the Bank of Maharashtra Business Loan?

Generally, the Bank of Maharashtra determines interest rates based on RLLR. Their interest rates start from 8.5% onwards. Although, the rates vary by loan amount, occupation, and type of loan availed. 

Interest Rate 8.5% onwards
Processing Fee 0% – 3%
Tenure From 12 months to 7 years
Lowest EMI per lakh 1,583
Loan Amount Min ₹ 50,000 and Max ₹ 10 Lakh
Part Prepayment, Charges Allowed after 1 EMI’s,
Early Foreclosure, Charges NIL

What are the Eligibility Criteria for the Bank of Maharashtra Business Loan?

The following candidates are eligible for the business loan

  • Minimum age- 18 years
  • The MSME units with a profitable business and fair functioning.
  •  The business should continue in the same line for a sufficient period.
  • Professional and self-employed – Doctors, Dentists, Chartered Accountants, Cost Accountants, Lawyers, Solicitors, Engineers, Architects, Surveyors, Construction contractors or Management Consultants or a person trained/ qualified /skilled in the chosen vocation/field in which employed
  • Existing house loan borrowers are also eligible for the personal loan.

What are the Documents Required for a Loan Application?

For a business loan at the Bank of Maharashtra, the following documents are required:

  • Proof of Identity – Submit any one identity proof from your PAN card, voter’s ID card, driving license, or valid passport.
  • Passport-size photograph along with filled application form
  • Proof of Address – Such as utility bills, rent agreements, and proof of sales or ownership.
  • Business plan/Project report
  • Proofs of Continuation – Such as a trade license or your sales tax certificate.
  • Financial Documents for Sole Proprietorships and Self-Employed Professionals – ITR of the last 2 years, balance sheets, profit & loss accounts, 6 months’ bank statements, professional qualification certificate, and/or your degree certificate.
  • Financial Documents for Partnership Firms – Partnership firms must submit documents, such as partnership deeds, authority letters, and certificates of incorporation or records of stocks held by their company.
  • Statement of accounts for the past 6 months from existing bankers.
  • Passport-size photo (2 copies) of the applicant not older than 6 months.

In the above list, a Business plan also known as a project report is a crucial document when applying for a bank loan. The bank uses this document to analyze the overall feasibility, risks, financial viability, and potential of a project. A well-crafted and convincing project report increases the chances of loan approval. With Finline you can craft a compelling project report in less than 10 minutes. That too in your language. Also, our reports are accepted by all public and private sector banks working in India. Click to create your project report.

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Bank of Baroda Business Loan

Bank of Baroda (BOB) Business Loan is best suited for individuals conducting business independently, with or without hired labour. Enables them to purchase equipment (including PCs for professional use), and acquire new or repair existing business premises, tools, and working capital requirements.

Key Take-Aways
  • This loan suits any business/profession independently with or without hired labour such as persons in the medical profession, lawyers, engineers, contractors, consultants, electricians, hairdressers, handicrafts artisans, etc., are eligible.
  • To get a business loan, a DP note, with a letter of hypothecation of equipment with the mortgage of business premises, has to be submitted to the bank.
  • The maximum limit of the loan is Rs. 5 Lakhs for businessmen and professionals out of which the working capital should not exceed Rs. 1 Lakh.
  • A limit of Rs.10 Lakhs with a sub-limit not exceeding Rs. 2 Lakhs for working capital is applicable for professionally qualified medical practitioners setting up practice in semi-urban and/or rural areas.
    Bank of Baroda Business Loan Details
Particulars Details
Interest Rates 7.25% – 13.50%
Minimum Amount – Rs.2 lacs (Rural/Semi Urban Branches)
– Rs.5 lacs (Urban / Metro Branches)
Maximum Amount – Rs.1 Crore (Rural Branches)
– Rs.3 Crore (Semi Urban Branches)
– Rs.5 Crore (Urban Branches)
– Rs.10 Crore (Metro Branches)
Loan Repayment Tenure 12 months to 36 months
Maximum Loan Tenure 5 years (60 months)
Processing Fee Nil
Pre-payment Charges – Up to 12 months: 2%
– More than 12 months: Nil
What are the Key Benefits of a BOB Business Loan?
  • Benefits to purchase any necessary equipment, like a personal computer (PC) for professional use.
  • Funds can be used for the repair and renovation of existing equipment.
  • Simple application procedures.
  • Acquisition and repairs to business premises, or tools.
  • To generate working capital.
  • All the accounts rated as A+ will be entitled to loans at a lower interest rate.
  • Avail of loans at all branches of Bank of Baroda. 
  • All complaints and grievances can be reported to the regional zone offices or directly to the Central office.
  • You can prepay part of your loan anytime after paying 1 % prepayment charges
  • You can foreclose your entire Business loan anytime after paying 1 EMI at foreclosure charges – No prepayment charges
  • Bank of Baroda has over 5,373 branches in India where you can avail service
What are the Eligibility Criteria for the Bank of Baroda Business Loan?

The two most basic and important aspects like your loan repayment ability and your repayment history are assessed as part of the eligibility criteria for the Bank of Baroda business Loan process.

The following is a list of candidates eligible to apply for a BOB business loan :

  • Individuals
  • Proprietorships
  • Partnership Firms
  • Co-operative societies
  • Age: Age is of significant importance as it determines your repayment capacity. As per the eligibility criteria of your business loan scheme, the age of the borrower is not to be more than 50 years.
  • Credit score/CIBIL score: CIBIL score or credit score must be more than 750. However, Your repayment history, loans, etc. will be taken into consideration.
  • Business sturdiness: If your business is stable and has the potential to grow only then you will be able to give the money back. To assess your business’s strength, the bank looks into the growth in your business’s sales. 
What are the Documents Required for the Bank of Baroda Business Loan?

The following are the documents required for a Bank of Baroda business loan:

  • Duly filled application form 
  • 2 passport-sized photographs
  • Business Plan/Project Report
  • Identity proof- Aadhaar card, PAN card, voter’s ID, passport
  • Address proof- Aadhaar card, PAN card, passport, bank statement, agreement of rent, etc.
  • Business proof- PAN card, sales tax, service tax, registration documents, a copy of partnership deed, registration certificate by RBI, SEBI, etc.
  • Copy of last 2 years’ income tax returns
  • Project reports
  • Last 6 months’ bank statement
  • Business address, vintage and establishment proofs

In the above list, a Business plan also known as a project report is a crucial document when applying for a bank loan. The bank uses this document to analyze a project’s overall feasibility, risks, financial viability, and potential. A well-crafted and convincing project report increases the chances of loan approval. With Finline you can craft a compelling project report in less than 10 minutes. That too in your language. Also, our reports are accepted by all public and private sector banks working in India. Click to create your project report.

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Indian Bank Business Loan

Indian Bank has taken over Allahabad Bank lately. The bank offers various MSME loans and corporate loans for its customers. The loans can be used to meet the customers’ working capital needs and extend their business with new equipment, workspace, and fixed assets.

Indian Bank is a state-owned banking and financial entity. The bank provides business loans at an interest rate of 8.75% onwards. Any Individual desiring to start a business or wanting to expand their business needs funds. Entrepreneurs and individuals take loans at a previously agreed rate of interest and time for expansion, buying plant & machinery, purchasing raw materials, paying salaries, hiring and training new staff, etc through business loans. The Indian bank’s eligibility criteria are wide to accommodate as many applicants as possible. 

About the business loans offered by the Indian Bank:
Loan Types Offered IB Tradewell
IND SME Secure
IB Micro
IND-SME e-Vaahan
IB Contractors
IB My Own Shop
IND SME Mortgage
IB Doctor Plus
IND MSME Vehicle
IB Standby WC Facility (WCDL) for MSMEs
IND-SME Ease
IND-Surya Shakti
Restructuring of MSME Exposure
Loan Amount Rs.1 lakh up to Rs.10 crore (No limit on specific schemes)
Loan Tenure Up to 120 months
Interest Rate

General MSME Loans (Rs.50 lakh up to Rs.5 crore)

General MSME Loans (Rs.5 crore and above)

 Based on the repo rate current 4.40%

9.45% – 13.90%

8.75% – 13.60%
What are the Documents Required for Business Loan Application?
To avail of a business loan facility, some of the documents are as follows:
  • Duly filled application form 
  •  Passport-sized photographs
  • PAN Card, Aadhaar Card, Voter’s ID, etc.
  • Identity, Age, Income, and Residential Proofs
  • The firm’s Address, establishment, and vintage proof
  • Balance Sheet of last 3 years
  • Last years’ IT Returns
  • Any additional document required by the bank
What are the Features of Business Loan schemes under Indian Bank?
Some features of business loans that hold are as follows:
  • IB My Own Shop: The loan amount is Rs. 50 Lakh with a repayment time of 120 months. The security availed by the bank is the equal collateral on the corporate property is acquired with some personal collateral too
  • IB Doctor Plus: The loan amount provided here is Rs. 1 lakh without any limits. The collateral is decided as per the loan amount if the loan amount is Rs. 10 Lakh
  • IB Contractors: The loan amount starts from Rs. 10 Lakh till Rs. 5 Crore with 84 months of reimbursement of the amount and security for the bank on collateral worth not less than 200%
  • Tradewell: The loan amount for this loan is Rs. 0.10 Crore to Rs. 5 Crore with 60 months of reimbursement amount.
  • IND SME Secure: The loan amount for this loan starts from Rs. 10.00 Lakh with 120 months of the period for reimbursement. 
  • IB Micro: 20 Lakh is the amount provided under this loan with a repayment period of 60 months. 
  • IND SME Mortgage: Rs. 10 Lakh and for the existing lender Rs. 1 Lakh, with a repayment tenure of 120 months. It takes the security from a lender of fixed property in the name of the lender. 
About Finline!

Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline will help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. All public and private sector banks working in India accept our project report. Click to create your report.

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HDFC Bank Business Loan

HDFC Bank Business loan offers business loans to help you develop your own business anywhere in India, be it large-scale ventures or small-scale firms. 

Funds are the lifeline of every business. From running day-to-day operations, paying employees, miscellaneous expenses, buying equipment, and machinery, partnering with logistics, and servicing customers – all aspects require money, and accessing funds in the case of emergencies may become difficult.

HDFC Business loans are free of collateral. Its low interest rates and policy transparency make it one of the best business loan schemes in India. 

HDFC Bank Business Loan Interest Rates

The HDFC Bank business loan interest rate starts at 15.50% but varies as per individual profile. Banks update their interest rates as per RBI guidelines.

HDFC Bank Business Loan Details
Loan Amount Min Rs. 50,000 and Max Rs. 50 Lakh
Interest Rate 15.50% to 18.30%
Loan Tenure 12 months to 48 months
What are the Features and Benefits of HDFC Bank Business Loans?
Features and benefits of HDFC Bank Business Loan are as follows:
  • Collateral-free: HDFC Bank Business Loans do not involve any collateral, security, or guarantor.
  • Business Loan Balance Transfer: Business Loan balance transfer lets you transfer existing debts into a single consolidated Business Loan which is paid back at an easy monthly
  • Interest Rates: Low interest rates, starting at 15.75% p.a.
  • Low Processing Fees: The processing fee starts at 0.99%.
  • Up to 40 Lakhs Loan Amount: Get a loan of up to 40 Lakhs (and 50 Lakhs in select locations) without any collateral security.
  • Overdraft Facility: Pay back your interest only on the utilized amount.
  • Quick Eligibility Check and Loan Disbursal: Your loan eligibility is checked in less than 60 seconds, giving you the required funds instantly.
  • Flexible Repayment Tenures: Pay back your loan within a flexible tenure of 12 to 48 months.
  • Many Branches: There are over 4,972 branches of HDFC Bank in India where you can apply for a Business Loan directly.
  • Credit Protect Option: HDFC doesn’t just give you a Business Loan, but also provides credit insurance. This credit protection comes with tax benefits.
What is the HDFC Bank Business Loan Eligibility?
  •  Self-employed individuals, Proprietors, Private Ltd. Co., and Partnership Firms involved in the business of Manufacturing, Trading, or Services.
  • Individuals who have been in the current business for a minimum of 3 years, with 5 years total business experience.
  • The business should have a minimum turnover of Rs. 40 lakhs
  • The business should have a Minimal Annual Income (ITR) of Rs. 1.5 lakhs per annum
  • Those whose business has been profit-making for the previous 2 years
  • The applicant should be at least 21 years old at the time of applying for the loan and should be no older than 65 years at the time of loan maturity.
What are the Documents Required for an HDFC Loan Application?
  • Duly filled application form with passport-sized photographs
  • Business Plan/Project Report
  • Identity proof: Passport, PAN card, Aadhaar card, Driver’s license, Voter’s ID card
  • Address proof: Aadhaar Card, Driving license, Voter’s card, Passport
  • Age Proof: Birth certificate, Class X certificate, Passport
  • PAN Card of the applicant, partners, directors
  • Bank account statement for the last 6 months
  • Income Tax returns duly filed with the income tax department for a minimum of 2 financial years
  • ITR should be accompanied by a balance sheet, income statement, and computation of income
  • Business address, vintage and establishment proofs
  • Copy of licenses, certificates, permissions, if any
About Finline!

Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline will help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Our reports are accepted by all public and private sector banks working in India. Click to create your report.

 

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ICICI Bank Business Loan

ICICI Bank Business loan is one way to fund your business requirements. Funds are the most important to run a business. Furthermore, timely finance makes the most of business opportunities for SMEs. The bank is a popular private sector bank in India with a new package of business loans.

ICICI Bank Business Loan Details

Interest Rate 12.90% to 16.65%
Loan Amount Up to Rs. 40 lakhs
Loan Tenure 12 months to 60 months
What are the Factors on which ICICI Bank’s Business Loan Interest Rate is calculated?

There are multiple factors on which basis a bank calculates your interest rate. Some of these factors are –

  • Loan amount: The business loan rate in ICICI Bank depends upon the loan amount you apply for. The higher the loan amount, the lesser will be the interest rate. Bank gives a loan
  • CIBIL Score: The higher the CIBIL Score, the higher the chances of getting a loan at the lowest interest. ICICI Bank offers loans at a higher interest rate if your CIBIL score is low or vice versa. However, your CIBIL score should be at least 700.                                          
  • Revenue: The Bank gives loans to borrowers whose annual turnover is at least ₹ 60,00,000. They will offer you a loan at a lower interest rate if you have higher monthly revenue.
  • Time in Business:  The minimum business existence to get a loan from ICICI Bank is 36 months. Bank offers loans at lower rates if you have significant business experience.
What are the Eligibility Criteria for ICICI Bank Business Loan?

The various factors considered for the Eligibility of ICICI Business loan are:

  • Your ability to repay the loan
  • Your past track record in repayment of loans.
  • Age: Minimum at least 25 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Loan Amount:  Apply for a loan amount that you can comfortably service. Bank gives you loans ranging from ₹ 1 Lakh to ₹ 40 Lakh. 
  • Profitability and Revenue: The Bank requires profit for a minimum of 2 years and a minimum business turnover of ₹ 60,00,000.
  • Business Stability: The Bank requires a minimum business track record of 36 months. The bank will also look for minimum growth in sales for the last three years. 
  • ITR and Banking: Your ITR details for a minimum of 24 months and bank statement for a minimum of 6 months will be required by the Bank.
  • CIBIL Score: The Bank requires a score of 750 and above to get loan approval. The bank will check your repayment history for all current and past loans and credit cards. 
  • Entities:  Self-employed individuals, Proprietors, Private Ltd. Co., and Partnership Firms involved in the business of Manufacturing, Trading, or Services are eligible.
  • Individuals who have been in the current business for a minimum of 3 years are eligible.
What are the Benefits of ICICI Bank Business Loans?

 There are some benefits of taking a loan from ICICI Bank:

  • Overdraft facility available
  • No collateral or guarantor required
  • Loan for professionals and businessman
  • You can foreclose your entire Business loan anytime after paying 6 EMI’s at foreclosure charges – 5%
  • ICICI Bank has over 2,660 branches in India where you can avail service
  •  Fast loan processing documentation is needed and gets processed faster.
What are the Documents Required for ICICI Bank Business Loans?

The following documents are required along with your Business Loan application:

  • PAN Card – For Company/Firm/Individual
  • A copy of any of the following documents as identity proof:
  • Aadhaar Card
  • Passport
  • Voter’s ID Card
  • PAN Card
  • Driving License
  •  A copy of any of the following documents as address proof:
  • Aadhaar Card
  • Passport
  • Voter’s ID Card
  • Driving License
  • Business Plan/Project Report
  • Bank statement of the previous 6 months
  • Latest ITR along with computation of income, Balance Sheet, and Profit & Loss account for the previous 2 years, after being CA Certified/Audited
  • Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)
  • Other Mandatory Documents [Sole Prop. Declaration or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)

In the above list, a Business plan also known as a project report is a crucial document when applying for a bank loan. The bank uses this document to analyze the overall feasibility, risks, financial viability, and potential of a project. Also, a well-crafted and convincing project report increases the chances of loan approval. With Finline you can craft a compelling project report in less than 10 minutes. That too in your language. Our reports are accepted by all public and private sector banks working in India. Click to create your project report.

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PNB Business Loan

Punjab National Bank (PNB), provides business loans to startups, entrepreneurs, as well as self-employed professionals. They intend to support the business capital requirements or to expand business operations.

The business loan interest rate given by PNB depends on the applicant’s profile and business requirements, along with the applicant’s financial history, CIBIL score, loan repayment history, etc.

Punjab National Bank Business Loan Details

  • Interest rate starting from 10.30%
  • Loan available up to 5 crore

What are the Benefits of a PNB business loan?

PNB offers loans to self-employed professionals and businessmen for funding the expansion or working capital requirements of their businesses. There are also some benefits of taking a loan from PNB:

  • Firstly, you can prepay part of your loan anytime after paying 1 % prepayment charges
  • There are no prepayment charges for PNB business loan
  • You can avail of PNB services across 6,352 branches in India 

What are the Eligibility Criteria for a PNB Business Loan?

  • Eligible Entities: Individuals, SMEs, MSMEs, business owners, women entrepreneurs, self-employed professionals, sole proprietors, partnership firms, public and private limited companies, and limited liability partnerships who are engaged only in trading, services, and manufacturing sectors.
  • Age: Minimum at least 21 years old at the time of loan approval and a maximum of 58 years at the time of loan maturity.
  • Profitability and Revenue:  PNB requires profit for a minimum of 2 years and a minimum business turnover of ₹ 0.
  • ITR and Banking:  Your ITR details for a minimum of 0 months and bank statement for a minimum of 0 months will be required by PNB.
  • CIBIL Score: PNB will check your repayment history for all current and past loans and credit cards. The bank advises you to maintain a score of 750 and above to get loan approval.

What are the Documents Required for the PNB Business Loan Application

PNB offers a wide array of Business Loan Schemes to its customers. The following set of documents are commonly required under the business loan schemes:

  • Duly filled application form 
  • Passport-sized photographs
  • Business Plan/Project Report
  • Business PAN card
  • Identity proof and Address proofs, including Aadhaar Card, Voters Identity Card, Passport and Driving License
  • Business Incorporation Certificate
  • Last 12 months’ bank statement
  • Last 2 years’ Balance Sheet, P&L statement, ITR, and Sales Tax returns
  • Any other document required by the bank

From the above, a Business plan also known as a project report is a crucial document when applying for a bank loan. The bank uses this document to analyze the overall feasibility, risks, financial viability, and potential of a project. A well-crafted and convincing project report increases the chances of loan approval. With Finline you can craft a compelling project report in less than 10 minutes. That too in your language. Also, our reports are accepted by all public and private sector banks working in India. Click to create your project report.

Now nothing is stopping you from starting your dream business. Begin your journey with Finline right away!

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Axis Bank Business Loan

Axis Bank has come up with a quick business loan that can boost your business growth. Through this loan, they offer competitive interest rates, flexible repayment terms and an easy application process. Axis Bank business loan is a great choice for entrepreneurs who are planning to expand their businesses.

Here’s a quick glance to find out if it’s for you:

  • Entrepreneurs between the age of 21 to 65 with a business vintage of 3 years are eligible for this loan.
  • Through this business loan, you can get up to 20 crores. (Rs.75 lakhs for an unsecured business loan)
  • Interest rates will be between 11.05% to 20%.
  • Easy loan approval through minimal procedures.

They offer both secured and unsecured loans. There is no need for collateral in the case of an unsecured loan. You must provide an approved form of security for secured loans to receive funding.

Features

Some of the features of the Axis Bank business loan are listed below;

  • The loan amount varies between Rs.50,000 and Rs.50 Lakhs.
  • Additional benefits such as quick loan approval and little paperwork.
  • Interest is determined after evaluating the borrower’s credit history, income, business turnover, and profit, among other factors
  • No security is needed.
  • Axis Bank charges a standard 2% processing charge for their loans.
Interest rate for Axis Bank business loan

Axis Bank business loan’s interest rate is based on the evaluation of your business profile, financial situation, prior performance, loan amount, and duration. It offers various loan packages at various interest rates for its business loans.

  • The starting interest rate is 11.05%, while the maximum rate is 20%.
  • The reset time for loans with floating rates tied to the repo rate is every three months.
  • The introductory interest rate for loans with fixed rates is 14.25%.
Who may apply?

The main highlight of this loan is that it is designed to assist a wide range of business entities and professionals. Below is the list of entities that can apply for Axis Bank business loans.

  • Individual (with business registration)
  • Proprietorship Firm
  • Partnership
  • Limited Liability Partnership
  • Pvt Ltd Companies
  • Unlisted Public Ltd. Companies
  • Trust & Societies (for educational institutes / Hospitals)
Eligibility criteria for Axis Bank business loan

The following are some criteria for Axis Bank business loan eligibility:

  • Business vintage – There should be at least a minimum business experience of 3 years.
  • Turnover – Minimum business turnover of 30 lakhs is a must
  • Age – Minimum 21 years at the time of loan application; Maximum 65 years at the end of loan tenure.
  • Residence/Office stability – Either office or residential property should be owned. In the case of rented accommodation, residence stability should be for at least 12 months, not applicable if shifted to an owned house. Office stability should be for at least 24 months.
  • Minimum Income – In the case of individuals, the minimum income is to be 2.5 lakhs as per ITR for the last 2 years. In the case of non-individuals, the minimum cash profit should be Rs 3 lakhs for the last 2 years.
Documents Required
  • KYC Documents
  • Duly filled in application form signed by the customer
  • Relevant financial documents
  • Bank account statement for the last 6 months
  • PAN card/Form 60
  • Business Proof
How to apply?

You can apply for this loan through online as well as offline mode. Either you can visit your nearest Axis Bank branch or you can apply through their official site. To apply online Click here.

FAQs

Q. I have just started my business. Am I eligible for this loan?
Ans: No, Axis Bank business loans require at least 3 years of business experience.

Q. What is Axis Bank’s business loan interest rate?
Ans: It offers various loan packages at various interest rates for its business loans. The starting interest rate is 11.05%, while the maximum rate is 20%.

Q. Can I apply for this loan offline?
Ans: Yes, you can apply for this loan by visiting your nearest Axis Bank branch.

Q. Does Axis Bank offer loans to the MSME sector?
Ans: Yes, Axis Bank provides loans to enterprises under MSMEs.

About Finline!

Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline will help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Also, all public and private sector banks working in India accept our project report. Click to create your report.

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Andhra Bank Business Loan 

Many people will have the dream of starting their own business or if one already has a business to expand it and build it into something better. MSMEs or MNCs everyone will require funds at one point in time or another. Andhra Bank provides business loans just for that purpose.

What is the Interest rate & other charges for Andhra Bank Business Loan?
  Scheme Name Abhivrudhi
 Interest Rate 10.55% onwards
  Loan Amount Minimum – Rs. 10 lakh; Maximum – Rs. 6 crore
Repayment Tenure 7 years – Term Loan2 years – Working Capital
Margin Min. 10%
  Processing Fee As per loan policy guidelines
What are the Eligibility Andhra Bank Business Loan?
Eligibility of Business loan in Andhra Bank relies on two important factors:
  • Your ability to repay the loan
  • Your past track record in repayment of loans.

The main factors on which the eligibility of an applicant depends are

  • Age: Andhra Bank offers loans to those who are at least 21 years old at the time of loan approval and a maximum of 55 years at the time of loan maturity.
  • Loan Amount:  Apply for a loan amount that you can comfortably service. Based on the loan amount eligibility, the bank gives you loans ranging from ₹ 50,000 to ₹ 5 Lakh.
  • Profitability and Revenue: Andhra Bank requires profit for a minimum of 2 years and a minimum business turnover of ₹ 0. 
  • Business Stability: The bank will also look for minimum growth in sales for the last three years. A decline in sales for a certain period or below a certain limit might impact your eligibility to get the loan.
  • ITR and Banking: TheBank gives loans only after checking your income tax return and bank statements. Your ITR details for a minimum of 0 months and bank statement for a minimum of 0 months will be required by Andhra Bank.
  • CIBIL Score: TheBank advises you to maintain a score of 750 and above to get loan approval. Andhra Bank will check your repayment history for all current and past loans and credit cards. 
What are the Documents Required for a Loan Application?
  • Identity Proof
  • Proof of Residence
  • Business Address Proof
  • Balance sheets from the last 3 years along with income tax and/or sales tax returns
  • Memorandum of Association (MoA)
  • Rental agreements from the physical address of the business
  • Copy of SSI and MSME registration certificate
  • Projections in balance sheets for the next 2 years for working capital limits
  • If any takeovers of advances have occurred, sanction letters must be availed from bankers and financial institutions.
  • Copies of lease deeds for properties that are furnished as collateral
About Finline!

Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Our reports are accepted by all public and private sector banks working in India. Click to create your report.

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SBI Business Loan

Any person aspiring to start a business or any individual who wants to expand their business requires funds. Individuals and entrepreneurs take loans at a previously agreed rate of interest. SBI offers loans to self-employed businessmen for financing the expansion or working capital requirements of their business.

There are some benefits of taking a loan from SBI:

  • You can prepay a portion of your loan anytime after paying 1 % prepayment charges.
  • You can dispossess your entire Business loan anytime after paying 6 EMI’s at foreclosure charges – 3%
  • SBI has been rated 4.0/5.0 by customers for its service quality
  • SBI has over 22,405 branches in India where you can avail service.

Factors on which SBI bank calculates your interest rate.

Some of these factors are:
  • Loan amount: The higher the loan amount, the lesser will be the interest rate. The bank gives a loan of a maximum of ₹500 Cr. The interest rate for high loan amounts can be lower resulting in lower EMIs.
  • CIBIL Score: SBI offers loans at a higher interest rate if your CIBIL score is low. However, to get a loan from SBI, your CIBIL score should be at least 700. The higher the CIBIL score, the higher the chances of getting a loan at the lowest business loan interest.
  • Time in Business: SBI offers loans at lower rates if you have significant business experience. The minimum business existence to get a loan from SBI is 36 months.

Business Loan Eligibility Criteria for State Bank of India (SBI)

  • Self-employed individuals, Proprietors, Private Ltd. Co., and Partnership Firms involved in the business of Manufacturing, Trading or Services.
  • Individuals who have been in the current business for a minimum of 3 years.
  • The business should have a Minimal Annual Income (ITR) of Rs. 1.5 lakhs per annum.
  • The applicant should be at least 21 years old and should be no older than 65 years at the time of loan maturity.

About Finline!

Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline will help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. All public and private sector banks working in India accept our project report. Click to create your report.