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Business Loan
Small and large enterprises benefit from business loans alike depending upon the eligibility of the applicant to promote his business in just a few quick and easy steps without overwhelming the busy schedules of the entrepreneurs. This makes business loans an attractive option for businesses of all sizes and stages of development.
No matter if you are starting a business or expanding a business, there is a large amount of funding that goes into making one successful. To pay off the debts, hire a team, purchase inventory, or even gather resources, one needs to be comfortable in meeting the capital requirements of the business as long as they are aiming to achieve prosperity.Â
This is where banks offer a wide variety of deals to business enthusiasts to bring their venture with the help of financing. Loanz360 is one such place bringing together several bankers, NFBCs, and private financiers together to display their schemes at competitive interest rates against all kinds of property. To find a loan for starting new business without security, contact us today.
Unique Points & Features
Loans up to 1 crore
Whether you would want to expand your office space, stock up the inventory, or purchase new machinery, there is always more to invest in businesses seeking to expand their products or services. With Loanz360, investors can now borrow loans up to 1 crore with India’s top financiers at lower interest rates subject to conditions.
Flexible repayment period
Stay in control of your credit and make payments with ease with convenient repayment options and tenors of periods extending up to 5 years or more with limited conditions.
Minimal paperwork
You can now subdue the trouble of going through an extensive loan process with Loanz360 and acquire funds when you need them within 24 hours of approval.Â
Poor credit facility
Even if you are an applicant with a low credit score you still have a chance at securing a loan with Loanz360s leading financiers upon fulfilling the given criteria.
Collateral free loan
LAP or Loan against property is not mandatory for our partners at Loanz360, you can even obtain a loan without liability given your creditworthiness, employment stability, and repayment capabilities.
Multiple loan options
Balloon loans, term loans, machinery loans, etc may be procured with the help of our multiple loan schemes where the banks or financial partners would not ask their customers how they are using their funds as long as the payment is timely.
No profit sharing
Unlike investor funding, financiers do not ask their customers to share their profits when the business makes it big in the market.Â
Quick and easy disbursal
For any type of credit or profile, Loanz360 partners offer a quick and easy disbursal with minimal documentation and hassle-free procedures.
Tax benefits
You are at an advantage of several tax benefits if you are a small business owner. Contact our agents at Loanz360 to know under which sections you can avail of the benefits to waive off taxes on the proportion of profit acquired from the loan.
Types
Term Loan: Short-term or long-term loans ranging from anywhere between 1 – 5 years can be obtained with term loans paid over a specified period of time with loan amounts extending up to 1 crore at zero collateral funding options.
Machinery Loan: Machinery or equipment loans facilitate the purchase of high-end or high-cost machinery required for the business to operate smoothly with or without collateral varying from lender to lender.
Start-Up Loan: If you are an entrepreneur, you will need to cover the expenditure of starting a new venture and take up the burden of investing in capital growth. With a start-up loan, the lender might provide added benefits if the borrower has a clean record of their credit and submits the business proof documents of its establishment and existence in the market.
Invoice Financing: Invoice discounting or invoice factoring is when the business fails to close the gap between the raised invoices and payments from the clients in time. Thus the business receives a loan amount of up to 90% of the invoice from the lender to pay off the debts agreed upon in the contract.
Business Overdraft: Offered against collateral or security, an overdraft facility helps the borrower to draw funds from their account even when the balance is zero subjected to his/her cash inflow/outflow, relationship with the lender, credit history, etc, especially with a fixed deposit existing in the bank.
Working Capital Loan: Also known as collateral-free loans, these loans help the business owners to pay off their debts, run their equipment, and meet several other daily requirements of the business in the short term.
Point-Of-Sale (POS) Loan: POS or merchant cash advance is a loan based on your future sales. This means that it is important to make sure your business has enough cash flow to repay the loan. A business that is doing well can repay the loan more quickly.
Business Credit Card: It is a short-term loan that you can use for several purposes in case of emergencies with a variety of added benefits such as cashback, insurance covers, etc but with much higher interest rates compared to the other types of loans. Given the circumstances and nature of the loan, this is considered to be the last straw or last resort for business owners in emergencies.
LAP (Loan Against Property): A collateral or security loan can be obtained easily without any stress or burden on the borrower and the lender when the investor decides to provide security against the loan amount borrowed from the lender. This will not only improve the relationship with the lender but it gives an added advantage to the benefits in the market now that the lender knows that they can trust you with the repayment capabilities.
Eligibility Criteria
Age: 21 – 65 years (Conditions Apply)
Type of Employment: Individuals/Business Owners(Sole proprietorship, Public/Govt Enterprises, Limited LLPs, Traders, SMEs, MSMEs, Corporate Enterprises, Etc.)
Nationality: Resident of India
Business Turnover: Minimum ~ Rs. 10 lakhs – 1 crore P.A (For vintage business owners)
Collateral: Preferably for loan amount over 50 lakhs (subject to change)Â
Market Experience: ~ 12 months preferably for stable business owners
Credit/CIBIL Score: Any profile (Credit score ~ 750 (highly recommended for business entrepreneurs) or above has a higher chance of getting a quick and instant loan with high funding at lower interest rates)
Employment Stability: 1 – 5 years and above (With a stable income and continual flow of money)
Note: The eligibility criteria mentioned above are generic and may vary from lender to lender. Please reach out to us at Loanz360 for a personalized eligibility chart.
Documentation
Identity Proof: Voter’s ID/Passport/PAN Card or Form 60/Driving License/Aadhaar Card
Address proof: Electricity Bill/Aadhaar Card/Passport/Ration Card, Copy of Utility Bill (not more than 3 months old)/Insurance Bond/Lease/Bank Statements/Income Tax Assessment Order/Property Registration documents/Property Purchase Agreement/Pensioner Book/Property Tax Receipt/Employer Certificate/Driving License
Income Proof Documents – Latest six months bank statements, Copy of Income Tax Returns (ITR)/C.A certified Balance Sheet, Profit, and Loss Statements, Sales Tax certificate/Trade License/Business stability and ownership proof/MOA & AOA/Certificate of Practice/ Partnership Deed/ GST Registration and Filing Documents/ or Shop Act License for Business Owners.
Other documents – Partnership agreement/Financial forecast/VAT Registration(If available)/Letter of request for a business loan/ Collateral property valuation or legal opinion(If applicable)
Note: The list of documents mentioned above may be generic and vary from lender to lender. Please reach out to us at Loanz360 to obtain the list of definitive documents needed at the time of your loan application.
Charges & Interest Rate
CURRENT BUSINESS LOAN INTEREST RATES START @9.63% P.A ONWARDS.
Compare interest rates and check more deals offered on business loans by our financial partners at Loanz360 in 2022.
Bank Name   | Interest Rate (P.A) |
HDFC | 11.90% onwards |
Magma Fincorp | 17.50% |
Kotak Mahindra | 16.00% |
Bajaj Finserv | 18.00% |
Capital First | 11.90% |
Citi Bank | 13.49% |
IDFC First Bank | 10.49% |
SBI | 11.20% |
ICICI | 16.50% |
IndusInd Bank | 10.60% |
Axis Bank | 14.25% |
Shriram Finance | 14.99% |
DHFL | 17.00% |
HSBC | 15.00% |
IIFL Finance | 11.75% |
Tata Capital | 19.00% |
IndusInd Pvt Ltd | 10.49% |
Bajaj Finserv | 12.99% |
Fullerton India | 17.00% |
Federal Bank | 9.63% |
RBL Bank | 17.50% |
HDBFS Personal Loan | 14.99% |
Yes Bank | 16.25% |
Standard Chartered Bank | 13.50% |
Ujjivan Small Finance | 12.00% |
Muthoot Finance | 10.50% |
Note: Our financial partners are not limited to the above-mentioned banks. Contact Loanz360 to discuss options. The interest rates may vary subject to conditions.
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Click HereContact NowFAQ
Several banks offer collateral-free business loans up to 50 lakhs for customers with satisfactory credit histories.
In order to qualify for a business loan in India, borrowers typically need to have a good credit score, a strong business plan, and a profitable and established business. Additionally, some lenders may require collateral such as property or equipment, as well as financial statements and tax returns to prove the viability of the business. Additionally, some lenders might also require a minimum turnover or years in business. The overall qualifications may vary depending on the lender and type of loan being applied for.
Loanz360 is a financial go-to where you can sit at your home and manage your loan requirements. By entering just your basic details like name, phone number, and email ID, you can now get a call back from our financial experts with a detailed list of several banks, NBFCs, and private financiers providing their services at competitive rates to compare and apply in real-time.
Yes. NRIs can get a loan with LAP subject to working income conditions varying from lender to lender.
For a secured loan, collateral is all that is necessary. However, for an unsecured loan, most banks expect a deposit of 10% to 30% of the loan value and it may vary from bank to bank. So, banks have no set deposit amount for a business loan.
While personal loans can be obtained for a variety of personal and professional usage, business loans exclusively offer tax and additional benefits for business owners on their loans.
Depending on the loaning scheme; MUDRA or MSME, the borrower may avail of a loan of up to 10 lakhs or even 5 crores.
Micro-small and medium enterprises, also known as MSMEs are loans requested by small and medium business enterprises to obtain a loan without security or collateral in India.
MUDRA (Micro-Units Development and Refinance Agency) or PMAY is an Indian govt initiated scheme to offer financial help for non-farming or non-corporate micro and small organizations.
Yes. But the working professional is required to work in an MNC/public/private reputed company as expected by the mortgage lender varying in demand from bank to bank.
Most banks do not ask for personal credit to sanction a business loan. However, if you are looking forward to getting a term loan or an SBA loan, personal credit will be requested by the bank (conditions apply).
A good credit score for any type of loan is 700 or above.
Secured business loans are a better financing option for investors with poor credit. However, small capital requests are also ideal without the need for a secured loan. Loanz360 can help individuals with any profile upon request.
There are several ways to establish business credit without a personal guarantee. Few such include, smaller loans, secured loans, establishing EIN, applying for trade lines with vendors, etc.
Yes. Partnerships, nonprofit organizations, Traders, SMEs, MSMEs, Limited LLCs, large corporations, sole proprietorships, etc. can qualify for a business credit card.
Employer identification number or EIN is a unique identification number assigned to a business for being recognized by the government of India for tax reporting purposes by the revenue department.
Flexi loans offer overdraft facilities to borrow funds up to a preapproved limit freely.
We work with an exclusive network of over 50 leading financial institutions across the country to provide only the best bank loans. So, we’re sure to find a solution that’s right for you. With our years of experience and intimate knowledge of the industry, we’ll make sure you get the best loan possible. You can now even avail of a loan for starting new business without security at Loanz360, with the best deals possible.
