Fiscalmitra

Business Loans starting @16%*

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Business Loan

At Finance Mitra, we understand that business owners might have to face cash crunch and challenges during the regular operations or under special circumstances. Therefore, we offer a unique business loan portfolio to provide easy loan assistance with flexible funding and repay facilities. Get the customized business loan options from Finance Mitra – your ideal financial partner. Choose from our affordable plans for empowering any business loan requirements like starting a new business, expanding the current business, revamping an existing venture, modernizing equipments & machinery, boosting working capital, and funding plans to outperform competition. Keep afloat your personal business dreams while we take the trouble of entire processing and documentation. With us, enjoy easy and hassle-free business loan services within quick clicks.


Eligibility

  • Indian resident
  • Age from 18 to 65 years
  • Ideal for Individuals, SMEs, MSMEs, Sole Proprietorship, Partnership firms, public and private limited companies, limited liability partnerships, retailers, traders, manufacturers engaged in only services, trading and manufacturing sectors
  • Business Vintage for minimum 2 years in profit
  • Business should in operations for minimum 2 years in the same location
  • Annual Turnover shouldn’t be less than Rs. 25 lakhs
  • CIBIL Score shouldn’t be less than 730
  • Applicant must own either a residence, office, shop or go down

Documents Required:
SELF-EMPLOYED
  • 6 months bank statement
  • Income tax returns for the last 3 years
  • Business proof
  • Ownership proofs regarding the possessions used in the business
  • Identity proof like Aadhar card, PAN Card, Voter ID Card, etc.
  • Know Your Customer (KYC) documents of the co-applicant
  • Residential proof

Benefits of Business loan from FiscalMitra
  • No security or collateral
  • Affordable repayment facilities
  • Warranty isn’t required
  • Minimal interest rates
  • Minimal paperwork and documentation
  • Structured loaning process
  • Easy disbursal in your account

A business loan is one of the financing services any business owner can look for improving, expanding, or developing the business. A business loan is often required for expanding the existing business to the next level, for purchasing any machinery or asset, increasing the production of the company, and much more. It helps in meeting the heavy expenses of the company while looking for some growth and development. There are various types of Business Loans available which include SBA loans, credit business lines, term loans, and many more.

A Business Loan eligibility criterion includes self-employed individuals, Private limited companies, proprietors, Partnership Firms, etc. who are dealing in trading and services, manufacturing, etc. The business should have a yearly turnover of minimum Rs. 40 lakhs, individuals running the business for a minimum of 3 to 5 years, companies making profits for a minimum of 2 years, any business having a Minimal Annual Income of around Rs. 1.5 lakhs, and lastly, the minimum age of the business owner should be 21. Also, the applicant should not be older than 65 when the loan matures.
A Business Loan can be taken when the owner is looking for expansion of the business or physical location, building credit, purchase of equipment or essential assets, purchase of additional inventory, for grabbing any development opportunity that requires potential debt, or for hiring fresh talent or meeting short term working capital requirements.

Be it a small company or a huge organization, Finance Mitra recommends Business loans for companies looking for some quick financial aid. Here is how the Business loan is beneficial.
  • Use the funding amount for any business-oriented demand as per your requirement
  • Low-interest rates compared to the premium loans available in the market
  • Easy repayment facilities
  • Warranty not required
  • Helps in facing the business competitors
  • No collateral required

A business loan is an ideal option when your business needs short term working capital to meet various emergencies or opportunities. The loans are provided at affordable rates. Here are the characteristics of a business loan.
  • Flexible loan facility
  • High loan amount
  • Security free loans
  • Pre-approved loan offers
  • Online loan account

Whether you are looking for expanding your business space, purchasing new assets, investing in inventory, or even hiring new talents, our team of experts at Finance Mitra are ready to aid in your boost by saving your time and money.
Whether you are looking for expanding your business space, purchasing new assets, investing in inventory, or even hiring new talents, our team of experts at Finance Mitra are ready to aid in your boost by saving your time and money.
With quick processing, flexible repayment selections, and low-interest rates in the market, Finance Mitra is all set to provide you with easy funding options to boost your business for increased profits. All the documentation processes would be worked out by our team which makes the process quick and comfortable for you.

Here is the list of documents that are required to be submitted by the business owner to avail of a business loan.
  • Statement of the bank account for the last 6 months
  • Business proof
  • Ownership proofs regarding the possessions used in the business
  • Identity proof like Aadhar card, PAN Card, Voter ID Card, etc.6
  • Know Your Customer (KYC) documents of the co-applicant
  • Residential proof

FAQ's -

Q1.What is Business loan?

Business loan is the primary unsecured type of funding, designed to meet the day-to-day business requirements of business owners or enterprises. Borrowers are not pressurized to submit any collateral or security to avail unsecured business loan.

Business loans can be used for business expansion purposes, manage cash flow, buy equipment/machinery, hire/train staff, purchase raw materials, upgrade inventory and much more.

There is no minimum loan limit criteria to borrow, whereas customers can avail collateral-free business loans up to Rs. 1 crore with flexible and customized repayment options.

Q2.Business Loan Eligibility Criteria ?

Following are the Business loan eligibility criteria that most banks and NBFCs require their applicants to meet before loan sanctioning. Business loan eligibility criteria shall differ from lender to lender. These details can also be checked with the help of business loan eligibility calculator.

Q3. What are the mandatory documents required in applying for a Personal Loan?

-The mandatory documents are:

Q4.Do I need to provide any security or collateral or guarantors?

No, for Personal Loan you don’t need to provide any security, collateral or guarantors.

Q5. How is the maximum loan amount decided?

When calculating the maximum personal loan amount in case of salaried people, the bank/financial institution takes care that the EMI does not exceed 30% to40% of the applicant’s take home salary. Any existing loans that are being serviced by the applicant are also considered when calculating the personal loan amount. And, for the self employed, the loan value is determined on the basis of the profit earned as per the most recent acknowledged Profit/Loss statement, while taking into account any additional liabilities (such as current loans for business etc.) that the applicant might have.

Q6. What is the tenure of a personal loan?

Personal loans feature tenure of 1 year to 5 years or 12 to 60 months. In rare cases, shorter or longer personal loan tenures may be allowed by the borrower on a case by case basis.

Q7. What What is the minimum and maximum loan amount?

We provide Personal Loans from a minimum of ₹ 75,000 to a maximum of ₹ 25,00,000/- depending on your eligibility.

Q8.Can I get a Personal Loan with a low CIBIL score?

It is important to have a good CIBIL score. But this should not stop you from applying for a Personal Loan. Approval of Personal Loans depends on your ability to repay.

Q9.Will I get a loan with a low CIBIL score?

If you need a Personal Loan and have a low CIBIL score, you have the option to take a joint loan with your spouse or parent. However, approval of Personal Loans depends on your ability to repay.

Q10.How does credit report impact Personal Loan approval process?

Credit report provides details on your financial status and your ability to repay a Personal Loan. This helps us evaluate your financial history. A good credit report with a score of 750 will help you take a loan easily.

Q11.Do you have a Personal Loan transfer facility?

Yes, you can get your Personal Loan transferred from one Bank/NBFC to another Bank with lower ROI.

Q12.How much time does it take for the Personal loan to be disbursed?

Once we have all your documents with us and the verification process is completed, it generally takes about 72 hours for the Personal Loan amount to be credited to your bank account.