business-loan-guide

Business Loan: Everything you need to know

When you start a business, most of the time the best route is to use your savings as seed money. And then use the revenue to grow your business. But, this is not possible once your business starts to grow.

Many a time, your business is growing faster than your current revenue and you can’t afford to miss out on current opportunities. A business loan is a good solution for such planned and unplanned business expenses.

Business Loan: Complete Guide

What is Business Loan?

A Business loan is a loan designed for businesses to meet their planned and unplanned expenses. Unlike other loans, this loan is a kind of unsecured financing as it can be without providing any collateral.

Who can apply for Business Loan?

Any registered business, professional and self-employed person can apply for a business loan. All you need is eligible documents to apply for the loan.

Once you submit your documents list with your loan application, it is sent for approval and on approval, the loan is disbursed within 24-36 hours.

What are the requirements to get a business loan?

Business loan eligibility criteria (Link)

  • Nationality. Indian.
  • Business vintage. At least 3 years.
  • CIBIL score. 685 or higher.
  • Work status. Self-employed.
  • Age. 24 to 70 years* *Age should be 70 years at the time of loan maturity.

Documents required for Business Loan

  • KYC Documents – Aadhar Card, PAN Card, Voter ID Card, DL, or any other Government-approved KYC document.
  • Address Proof – Electricity Bill, Rent Agreement, or passport may be used as proof of address.
  • Financial Documents – Copy of GST returns, Bank account statements, and other financial documents.

Business Loan Process

If your business loan requirement is of a small amount ( below 5-10 Lakh), you can use our online loan application facility to apply for a loan and get it processed quickly and effortlessly. Please use this link for the same.

For a Business loan amount higher than 10L, please provide your contact details and our senior specialist will contact you with the best loan offer in the market. With our experience and banking knowledge, our offers are the best in the market.

Here is the quick take on Our Business Loan Process

  • A meeting/call to understand your loan needs. This helps us in choosing the right loan structure and banking partner for you.
  • Getting the best loan offer for you after discussing with our banking & NBFC partners.
  • If you agree, then collect your documents and get your loan processed and approved in minimal time.
  • Loan approved and disbursed 🙂

Frequently Asked Questions for Business Loan

Do banks give loans to start a business?

Yes, Banks and other lenders do give loans to start a business. But, the approval for such a loan depends on your credit profile, business viability(to be explained to the bank by your project file) & overall loan amount applied for.

What is the limit of a business loan?

You can get business loans up to 1 crore.

Can a salaried person get a business loan?

Yes, a salaried person can definitely get a business loan. The condition is that such a person should be working in MNCs, public companies, or any private reputed company. The monthly income should be greater than ₹25,000.

Which bank is best for a business loan?

The list below is in no specific order:
HDFC Bank
Citi Banks
IDFC First Bank
ICICI Bank
SBI Simplified Small Business
Tata Capital
IIFL Financial
Bajaj Finserv MSME Loans

Why a business loan from us is the right decision

  • We offer a smooth and convenient application process that reduces the hassles of visiting offices physically and applying for business loans.
  • We offer you the choice of multiple lending partners with our recommendation for a lending partner with the best rate of interest and suitable terms and conditions for your needs.
  • We offer quick approval and disbursal system to meet your urgent requirements. We at apekshrupyaa also focus on providing you 100% transparent application process to maintain high customer quality standards.

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