A. The below mentioned entities can get business loan:
Individuals, artisans, retailers, manufacturers, traders, Startups, MSMEs, sole proprietorship, partnership firms, LLPs, NGOs, Co-operative societies, trusts and many more.
A. The key information that you require to know before applying for small business loans is as follows:
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A. The processing fee varies from bank to bank that can be Nil for a bank and can exceed up to 4% of the loan amount as per the loan requirements.
A. Any CIBIL score that is as close to 900 is considered best by financial institutions.
A. The maximum loan amount offered by banks via business loan is up to Rs. 1 crore.
A. The interest rate offered by various banks and NBFCs starts from 11.90% onwards
A. Ideally, if you avail short-term loan then the repayment tenure should not exceed 12 months. However, it may increase as per the desired loan amount. The maximum repayment period can be chosen up to 5 years.
A. The GST plays an important role in getting business loans, as more the GST is paid, larger shall be the business volume. Therefore, it becomes easy for banks to rely on such applicants or borrowers
A. The minimum loan amount offered is Rs. 10,000 and maximum loan amount can exceed Rs. 5 crore, depending on the business requirements and applicant’s profile.
A. The business loan tenure or repayment tenure ranges from 12 months – 5 years, and may exceed depending on business requirements.
A. No, you are not required to submit any collateral to bank or NBFC, for few specific secured business loans, collateral is required
A. The pre-closure and part-payment charges vary from bank to bank. It may be Nil from some banks and may exceed up to 4%-5% of the loan amount.