Every business requires adequate amount of capital for funding start-up expenses or for expansion. Here is when a business loan is required to gain the required financial assistance.

At Fincent we understand the aspirations of growth and expansion which is required by almost every entrepreneur over the period of time. Entrepreneurs come across a phase when the financial support is required to fuel the growth and expansion of the organisation.

Our expert team from Fincent is beside you to assist in getting you the financial support and capital requirement along to keep your business functional. Our team of expert professionals assists you in each step towards bringing you the best competitive deals as per the required amount. We stand by your side, right from the application to the disbursement of the loan amount. So whether you aspire to buy a new machinery or equipment or want to expand your existing venture, Fincent is always there to assist you getting the much desired financial support.

Unsecured Business loan amount varies from Rs 5 lacs to Rs 100 lacs depending on the industry and credentials of the entity

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Documents required

  • Recent Passport-sized Photographs
  • Identity Proof - PAN card, Aadhaar card, Valid passport, Voter's ID card, Driving License
  • Address Proof - Voter's ID card, Aadhar card, Passport, Driving license, Utility bill, Water Bill, Electricity Bill
  • Copy of Partnership / MOA / AOA
  • Copy of Trade License for last 3 years
  • Last 12 months' bank statement
  • Last 3 Years Financial statements and ITR
  • GST Registration Certificate

faqs

I am 19 years old; can I get a business loan?

Yes, any individual who is 18 years and above is eligible to avail business loan.

How much is the minimum and maximum loan amount I can get?

The minimum loan amount offered is Rs. 50,000 under MUDRA loan category and maximum loan amount can exceed Rs. 50 crore, depending on the requirements.

What is the maximum age of availing business loan?

The maximum age of availing a business loan is up to 65 years. Whereas, there are very few banks that sanction loan for people who are 70 years of age, or below.

What is the interest rate offered under Business Loan?

Interest rate offered by various banks and NBFCs starts from 8.45% onwards.

For how long I can repay the loan amount?

You can repay the loan amount in minimum 12 months and maximum up to 10-15 years, depending on the respective bank or NBFC.

Do I need to submit any collateral to bank before applying for a business loan?

No, you are not required to submit any collateral to bank or NBFC.

What are the foreclosure charges and processing fees of business loan?

The foreclosure charges and processing fees varies from bank to bank. Every bank and NBFC has different charges, so you need to check online from their official website.

For what purposes business loan can be availed?

Business loans can be availed for small or large scale businesses. If you are willing to start a new business, expanding the existing business, buy machinery and other capital goods, expand the business operations and purchase equipment you can apply for business loan from your preferred provider.

What are the types of business loans in India that I can avail?

There are different kinds of business loans offered by banks and NBFCs and that include loans for self-employed and MSMEs, Mudra loans, Loans under PMMY and Stand-Up India, Working Capital loans, Term loans, SIDBI loan scheme, invoice discounting, letter of credit, loan for equipment purchase, etc.

Are there any business loans for women entrepreneurs?

Yes, women entrepreneurs too can avail business loan which are specifically designed for women. Most of the banks and NBFCs offer women entrepreneur centric business loans.

Special schemes for women

Nowadays, banks are giving attractive schemes to women entrepreneurs. These lending schemes are exclusively for women and it gives them relief in terms of interest rates and collateral. Some of the banks also have special departments for women entrepreneurs where they provide them business consulting, training and counseling along with avenues for marketing and showcasing of their products. Women entrepreneurs whose ownership is less than 50% in the company are not eligible to avail the benefits of the women’s special schemes.

Some of the popular loan schemes for women entrepreneurs are as follows:

Mahila Udyam Nidhi Scheme
Mahila Samridhi Yojana
Cent Kalyani from Central Bank of India
Stree Shakti Package from State Bank of India
Shringaar and Annapurna from Bhartiya Mahila Bank
Dena Shakti Scheme from Dena Bank

Benefits

Helps to increases the cash flow
Comes with flexible re-payment tenure
Higher loan amount can be availed
Collateral Free Loans
Get pre-approved loans from selected lenders
Availability of short-term loans, as well
Minimum paperwork
Quick disbursal

Why to avail business loan

Multi-purpose loan
No security or Collateral free
Fixed rate of Interest
Flexible tenures from 6 months up to 60 months based on the profile of the customer.
Quick processing and recommendable in emergency
Loan payable (Repayment) in easy installments

Features of business loan

Fixed Interest Rate

Business Loan Interest Rates are mostly fixed, which means the Interest Rate will not change for the entire loan tenure. The business loan interest rate offered by banks and NBFCs starts at 8.45% onwards and can go up to as high as 24% onwards,depending upon the loan amount or applicant’s requirements.

Collateral Free Loan

Business Loans being unsecured loans do not require any collateral from the applicant. However, there are specific and very few loans in which plant, machinery or raw material need to be provided as collateral. Applicant does not require providing any asset like car or house to avail business loan.

Flexible Repayment tenure

The loan applicants enjoy flexible repayment tenure that goes up to 10-15 years, making it more preferable over other loans. The applicant also have an option of loan pre-payment in which he/she can foreclose the loan by paying some additional charges defined by the respective bank or NBFC.




Eligibility criteria for business loan

  • Minimum age – 18 years
  • Maximum age – 65 years

Business Loans are offered to the following entities

  • Retailers
  • Manufacturers
  • Traders
  • Sole Proprietorship Firms
  • SMEs, MSMEs and Large Enterprises
  • Partnership Firms involved only in Manufacturing, Trading or Service sectors
  • Self-employed individuals / professionals - CAs, Doctors, etc.
  • Private limited companies and closely held limited companies
  • Business Turnover, Operation History, Business existence, credit score and profitability criteria are defined by the respective bank and NBFC.


FINCENT is a one stop Finance Advisory platform for all your financial requirements from setting up of a new business entity, arranging loans at your door step, assisting you with subsidies.



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