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Business Loan

Business Loan Features

Features and Benefits of our Business Loan

  • Term Loans
  • Working Capital Loans
  • Business Expansion Loans
  • Equipment Financing Loans
  • Invoice

Business Loan Eligibility Criteria

Business Type: Most lenders provide loans to various types of businesses, including sole proprietorships, partnerships, limited liability companies (LLCs), corporations, and more.

Credit Score: A good credit score is often required to qualify for a business loan. Lenders use your credit history to assess your ability to repay the loan.

Business Age: Some lenders require a minimum operational history for your business, usually ranging from a few months to a year or more.

Annual Revenue: Lenders may have a minimum annual revenue requirement to ensure your business has a stable income.

Collateral: Secured loans might require assets as collateral to secure the loan. Collateral can be real estate, equipment, inventory, or other valuable assets.

Cash Flow: Lenders often evaluate your business's cash flow to determine your ability to repay the loan.

Age Criteria: Min. 21 years at the time of loan application & Max. 65 years at the time of loan maturity.

Eligible Entities: Individuals, MSMEs, Sole Proprietorships, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders, manufacturers, and other non-farm income-generating business entities engaged only in the services, trading, and manufacturing sectors

Business Vintage : Min. 1 year or above

Business experience: Min. 1 year, business location to remain same

Annual Turnover: Shall be defined by the Bank/NBFC

Credit Score: 700 or above (Preferred by most private and public sector banks)

Nationality: Indian citizens

Additional Criteria: Applicants must own either a residence, office, shop, or Godown.

Business Loan Documents

The list of documents required for a business loan to be submitted varies based on type of business entity. Submit the following documents to begin with the loan process:

  • ITR for the past 2-3 years
  • Current Bank Account Statement for the last 12 months
  • Photocopy of PAN Card
  • Address Proof for Residence such as Voter Card, Passport, Aadhaar Card, Telephone Bill, Electricity Bill
  • Address proof for Business such as the Telephone Bill or Electricity Bill
  • Last Financial Year's provisional Financials and future year's projections.
  • Company's business profile on the letterhead
  • 2 photographs of promoters and property owners.
  • Sanction letter and Repayment schedule of existing loan
  • GST registration certificate and GST returns of latest 2 years.
  • D-Vat/Sale tax registration copy
  • Udhayam Aadhaar registration certificate
  • Rent agreement copy of factory and residence (if property is rented)
  • Business Continuity proof of 3 years (3 years old ITR/Company registration etc)
  • Company PAN Card, Certificate of Incorporation, MOA, AOA, List of Directors, and Shareholding pattern for Pvt Ltd companies
  • Partnership Deed, Company pan Card for Partnership Companies

Business Loan Fees & Charges

The fees and charges of business loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to business loans:

Particulars Charges
Loan Processing Fees 1.5% to 5% of Loan Amount
Loan Cancellation Usually 0 to 5% of Loan Amount

Other fees and charges that lenders may levy on your business loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.

Business Loan Reviews

I was a housewife and wanted to start my own kitchen for food delivery. Rupeemap helped me to get a business loan from my preferred bank. The rate of interest is very much affordable and now I have started my kitchen, which is running very smoothly and is profitable.

Female

DHARA GORI

All employees and staffs in Rupeemap are helpful. They are very co- operative and try to clearly understand customer’s needs. I felt very comfortable dealing with them through for my business loan from ICICI bank

Male

PRANALI FATAK

Business Loan FAQs

A business loan is a type of financing provided to businesses for various purposes, such as starting a new business, expanding operations, purchasing equipment, or managing cash flow. The amount one can borrow depends on several factors, including the lender's policies, the borrower's creditworthiness, the purpose of the loan, and the financial health of the business. Typically, business loans can range from a few thousands to several Lakhs. Lenders assess the borrower's ability to repay the loan based on factors such as credit score, business revenue, and profitability.
Business loans are available to various entities, including sole proprietorships, partnerships, LLCs, corporations, non-profit organizations, and startups. Eligibility is typically based on factors like the business's creditworthiness, revenue, profitability, and the borrower's personal credit history. Each lender may have specific criteria, so it's advisable to check with them for exact requirements.
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