Business Loan FAQs

Small Medium Enterprises (SME) loans are a form of business loans extended only to medium-sized enterprises. These loans are tailor-made to suit the needs and requirements of SMEs. Whether you're looking to grow one, Business Loan from Bajaj Finserv would prove to be the smartest option.

"When you apply for a business loan in India, it is likely that you are a self-employed individual/chartered accountant, doctor, lawyer, working in a limited/private limited company or a partnership/proprietorship firm. The easiest way however, to apply for a business loan, is to go online and get your job done in minutes. The eligibility criteria and loan amount might depend on factors such as: • Type of Business • Turnover • Cash-flow • Profit • Track Record "

Bajaj Finserv helps your growing businesses by offering one of the lowest Business Loan interest rates in India. In order to check your interest rate on Business Loan, we have a calculator for you. Other charges such as Processing Fees, Secure Fee and EMI bounce charges would be applicable. Now you can apply for a Business Loan online and get approval within minutes.

Business Loan or SME loan requirements are different from other loans. In order to read about all the documents that would be required as well as to check eligibility criteria for Business Loan in detail,

A Small Business Loan is a form of a Business Loan which has been exclusively designed and tailored to meet the requirements of a small to medium scale business.

"• Property Term Loan • Plant & Machinery Loans • Medical Equipment Loans • Business Loans "

EMI (Equated Monthly Instalment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest as well as the principal.

"The following individuals and business entities can apply for loans with us: • Self-Employed Professionals • Self-Employed Non-Professionals • Proprietorship Firms • Partnership Firms "

On an average, loans are disbursed within 7-10 days, after satisfactory and complete documentation and completion of all relevant procedures.

The documents that you need to furnish to apply for and secure a loan varies for products. However, you will need to provide all the basic documents as per RBI guidelines.

You can repay your loan either via Electronic Clearing System (ECS) OR by giving Post Dated Cheques (PDCs).

"The loan can be foreclosed only after 6 months from the loan disbursal. Post 6 months of the loan disbursal, the foreclosure charges will be applicable as mentioned in the service and charges. "

"Prepayment is allowed only after 6 months from the loan disbursal. Post 6 months of the loan disbursal, prepayment charges will be applicable as mentioned in the service and charges. Prepayment option is available only on Property Term Loans."

No. DHFL does not employ the services of a third party or Direct Selling Agent. We process all SME loan requests ourselves.

DHFL have dedicated Relationship Managers at all branches. You can get in touch with them if you have any queries about our products and/or services or in case of any issues regarding our loan application or approval process.

No, foreclosure of your loan will have no impact on your CIBIL score. Once the loan is foreclosed the same will be reported to CIBIL as ‘Closed’ along with ’0 (nil) outstanding’.

DHFL have only one EMI date (5th of every month). No option is available to change the due date.

You will receive the original documents within 15 days of foreclosure of the loan.

You need to be at least 27 years of age to apply for a Business Loan under the 'Self Employed Business Category'. A relaxation of 2 years will be made if you are a non-professional. You cannot exceed 65 years of age at the time of Loan Maturity.

"Yes, the annual turnover of your business should be between ` 10 Lakhs and ` 100 Crores*. Further, your business needs to be in continuity for the last 3 years showing positive trends in turnover and profit for the last 2 years. Your Income Tax Returns of the last 2 years should reflect taxable income of above ` 2 Lakhs per annum. *Should your turnover be above ` 30 Crores, please refer to the SME Loans section to understand the solutions that are designed for the SME segment. "

Business Installment Loans are the loans, which are used to meet medium term working capital needs.

You can repay the loan in equal monthly installments (EMIs). The loan can be repaid through post-dated cheques. You can also repay through an ECS mandate to your bank.

EMI or 'Equated Monthly Installment' is the convenient monthly amount that you have to service to pay back the loan availed. The EMI consists of both the principal and interest components.

You do not need to hypothecate any assets to avail a Business Loan from Fullerton India.

You can avail up to a maximum of ` 50 Lakhs. The amount would be calculated based on your income and other parameters that the Fullerton India Relationship Manager will explain.

Yes, you can foreclose your Business Loan after a minimum period of 6 months.

Yes, if you are an existing customer of Fullerton India, you will get additional benefits in processing time as well as in the interest rate.

You can repay your loan over a period of 12 to 36 months.

To obtain the loan, there is absolutely no need to provide any security or collateral.

You get preferred Processing Fee, priority processing and simpler documentation if you have a Current/Saving Account with HDFC Bank. This is taken into account at the time of disbursal of the loan. You can pay through Standing Instructions to debit your HDFC Bank Account with the EMI amount.

Once you submit your application form and supporting documents, we shall give approval within 5 working days provided everything is in order. All loan approvals are at the sole discretion of the bank.

You pay the loan in equated monthly installments. The loan will be paid through post-dated cheques or through Standing Instructions to debit your HDFC Bank account with the EMI amount. Calculate how much you will repay each month

Yes, you can choose to repay your loan anytime after 6 months of taking the loan and after you have paid 06 EMIs along with applicable foreclosure charges. Please note Loan can be foreclosed by issuing a Demand draft / cheque at the branch; kindly note that cash beyond Rs. 49000/- will not be accepted for loan repayment against full closure/matured loan closure payment. Any payment above Rs. 49000/- should be made vide Account payee Cheque / Pay order /Demand draft.

"In order to change your address in our records, you may visit the nearest Retail Loan Service Center and submit the following documents: • Request form for Address Change. • Self Attested copy of your revised address proof along with the original address proof for validation. • In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents(self attested copy and original for validation) of the bearer, i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided. "

Post Dated Cheques(PDCs)/Security Cheques submitted towards loan repayment that have not been encashed, will be defaced and retained by the Bank. In case, you wish to have your old Post Dated Cheques(PDCs)/ Security Cheques to be returned to you, kindly lodge a request at the Retail Loan Service Center or through PhoneBanking or write us an email at www.apnaloanbazaar.com within 45 days from the date of application of change in repayment instructions. In case, we do not hear from you within the stipulated period, the defaced cheques will be destroyed.

A service charge of Rs.500 is applicable for changes in loan repayment instructions issued from non-HDFC Bank Account (ECS or PDC facility). A cheque/payorder/demand draft for Rs. 500 favouring “HDFC Bank Ltd Loan Account No. << >>” will be required along with the revised set of repayment instructions.

In the event that you wish to change the mode of repayment/bank account for your loan repayment, you may visit the nearest the Retail Loan Service Center and submit your request with the revised account mandate/instructions.

"You may obtain a Duplicate Repayment Schedule for your loan account, free of charge by registering for our NetBanking facility on www.hdfcbank.com and download the repayment schedule for your linked loan account. Alternatively, you may visit the nearest Retail Loan Service Center and submit the following documents • Request form for Duplicate Repayment Schedule. • Duplicate Repayment Schedule Charges of Rs.200/- favouring ""HDFC Bank Ltd Loan Account No. << >>"" • In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents(self attested copy and original for validation) of the bearer, i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided. "

You can avail of a loan from Rs 50,000/- to Rs 40,00,000/- depending on your income, repayment capacity and respective location product cap.

"At Kotak Mahindra Bank., we understand the unique needs of small and medium enterprises (SMEs) and are keen to support them in their growth. We fund short-term loans up to Rs. 2 crores without any primary or collateral security for business needs, and with payment options for 12 to 48 easy installments. We also offer options of advance installments and structured repayment schedules to match your credit cycle requirements. Kotak Mahindra Bank provide loan without adequate lead-time within seven working days to facilitate seamless forward movement for your company. With competitive SME loan interest rates, flexible repayment options and a team of dedicated professionals bringing our services to your doorstep, any dream is possible. "

"Working capital: To bridge the working capital gap and foster growth of businesses. Business Expansion: For expansion of manufacturing facilities, increasing product lines, geographical expansion, technology upgrades, forward/backward integration, augmentation of project loan etc. Margin Money Funding: Margin money required for machinery purchase/LC/BG, purchase of business premises, etc. "

"Step 1: Submit loan application with required documents. Step 2: Personal visit from credit manager. Step 3: After clearance of queries, if any, decision is made Step 4: Disbursement after submission of agreement and PDCs All key internal processes are handled by a dedicated and knowledgeable in-house team to ensure your application is given due attention and to maintain the highest level of confidentiality. "

"• Leave your contact details • Write to us • Visit any of our branches. "

"• Financial statements from the last three years. • Bank statements for the past 6 months. • Incorporation documents. • Proof of address for factory and/or office. • Proofs of age, address and signature for all parties involved in the agreement. • Validation proof and tax receipts for the current year’s turnover. "

Yes. You can prepay the loan any time after 6 months with a pre payment fee as per loan agreement.

Kotak Mahindra Bank maximum Loan of upto Rs 2 Crore without collaterals.

Yes. You can choose tenure options between 12 months to 48 months. Self employed Doctors can get loans upto 60 months.

You would need to show a bank statement for the past 6 months.

Yes. You can take SME loan upto 125 kms from the nearest branch.

You can borrow loan amount from Rs.10 Lakhs to Rs.35 Lakhs depending on your eligibility basis the financial documents submitted, repayment capacity and loan amount limit in your respective location.

"RBL Bank offer Business Loan as a term loan which can be repaid in easy EMIs (Equated Monthly Installments). EMI can be paid through ECS facility, Standing Instruction to debit your RBL Bank account or though Post Dated Cheques with your EMI amount. EMI amount can be calculated using ‘EMI Calculator’ "

RBL Bank offer convenient repayment options from 12 to 36 months.

RBL Bank offers Business loan as an unsecured loan and hence you do not need to provide for any Security or Collateral for availing a Business Loan.

A processing fee of a maximum of 2% of the loan amount (plus Service Tax at the prevailing rate) is required to be paid. This fee will be deducted from the Loan amount at the time of the disbursal of your loan.

No foreclosure is allowed before the loan has completed 6 months. However, you can prepay the business loan after having paid 6 EMIs with applicable foreclosure charges (plus Service Tax at the prevailing rate). Foreclosure charges of 5% of the principal outstanding will be charged, if you foreclose the loan before 12 months. Foreclosure charges of 3% of the principal outstanding will be charged post completion of 12 months of the loan. Loan can be foreclosed by paying the foreclosure amount through a Demand Draft / Cheque at any of the RBL Bank branch.

You get the benefit of easier documentation if you have a Current / Savings Account with RBL Bank. You can avail paying your EMI through Standing Instructions to debit your RBL Bank Account for the loan. This will be taken into consideration at the time of disbursal of the loan.

An unsecured business loan from Rs.3lakhs up to Rs.50lakhs may be availed.

The loan tenure can range from 12 months to 36 months.

The interest rate is fixed.

You can repay through Post Dated Cheques, Electronic Clearance Service (ECS) or Direct Debit.

To avail the loan, simply call 040 6555 5578. You can also e-mail us at care@apnaloanbazaar.com or visit any of our branches.

"Tata Capital offer business loans to both professionals and non-professionals, who are self-employed. Among self-employed professionals, Tata Capital also offer exclusive loans for doctors with special features such as competitive interest rates and quick approval. The customer segment covered under Business Loans is listed below: • Sole Proprietorship • Partnership Firm • Private Limited Companies • Closely held Public Limited Companies • Societies • Trusts • Hospitals, Nursing Homes, Diagnostic Centers, Pathological Labs "