Home

Business Loan

Business LOAN

Boost Your Business with Business Loan

Whether you want to upgrade your equipment or hire more people, a business loan can help your company grow. These loans are made specifically for businesses that need money to expand. Whether you need to increase your marketing, find a new office, or cover everyday costs, a business loan can provide the funds you need.

Better Loanz is here to help you find and apply for the right loan. We know how important it is for your business to grow, and we're committed to supporting you every step of the way

Eligibility Criteria for a Business Loan

A Business Loan can be availed of by anyone, whether you are a salaried employee, government employee, or a working professional. All you have to do is fulfill basic eligibility conditions laid out by banks and NBFCs. While personal loan eligibility conditions can differ across banks and NBFCs, here are some standard criteria you must be:

Aged between 21 and 60 years

Having a job and a minimum of 3 months experience

Having a minimum of Rs. 25,000 net income per month.

Documentation Required

Photo Identity Proof

  • PAN Card
  • Passport
  • Voter ID
  • Aadhaar Card

Proof of Residence or Address Proof

  • Aadhaar Card
  • Passport
  • Voter's ID
  • Utility Bills
  • Driving Licence

Income Proof

  • Last 12 months’ statements for current and savings accounts
  • Balance sheet and Profit/Loss Account audited by a registered CA for the last two years
  • Last three years of ITRs - both company and individual

Others

  • PAN Card of the company/partnership firm
  • A certified copy of Partnership Deed agreement
  • GST Registration Certificate
  • Registration of Incorporation
  • Business address proof
  • Articles of Association and Memorandum of Association documents
  • Professional Practice Licence for Consultants, Doctors, etc.

Business Loan Balance Transfer

When an person moves their outstanding loan balance from one lender to another, it's known as a business loan balance transfer. This can occur for a number of reasons.

At Better Loanz, we help you make smart decisions about transferring your business loan to another lender. Whether you're looking for better terms or more flexibility in repayment, we guide you through the entire process. Count on us to ensure you get the best deal on your new loan!

Documents required for a balance transfer

  • Identity proof – Passport, Aadhar Card, Driving License, etc.
  • Address proof – Aadhaar Card, Passport, Voter’s ID, etc.
  • Bank statements - Last 12 months’ statements for current and savings accounts
  • Income proof - Balance sheet and Profit/Loss Account audited by a registered CA for the last two years, last three years of ITRs - both company and individual
  • Business proof - PAN Card, Partnership Deed agreement, GST Registration Certificate, Registration of Incorporation, Business address proof, AoA and MoA, Professional Practice Licence for Consultants, Doctors, etc.

Eligibility

Every lender has different requirements for eligibility. These are some criteria that you must fulfill in order to be eligible for a business loan.

  • Aged between 21 years to 65 years old
  • Having an annual turnover of at least Rs. 40 lakhs
  • Having a running business for at least 3 years
  • Having a profit-making business for the last 2 years
  • Proprietors, self-employed individuals/professionals, private limited companies, limited liability partnerships, HUFs, and partnership firms doing business in either trading, manufacturing or services are eligible Having a minimum annual income as specified by the lender, typically Rs. 2 lakhs.

Benefits of a Business Loan

Financial Support

Access to funds for various business needs such as expansion, purchasing equipment, or managing cash flow

Business Growth

Enables growth opportunities by investing in marketing, new projects, or upgrading technology.

Flexibility

Offers flexibility in repayment terms and options tailored to suit business cash flow.

Credit Building

Helps build a positive credit history when payments are made on time, improving future loan eligibility.

Application Process

Step-1

Reach out to us with your business loan requirements.

Step-2

Our top business loan advisors will help you select a product aligned with your needs.

Step-3

After you've picked a product, check eligibility criteria and compile basic documents. We guide you through the process and help you with the business loan documentation requirement.

Step-4

We help you apply for the business loan with the lender of your choice.

Step-5

After verifying your application, the lender will sanction your loan.

Step-6

If you want to change your loan terms in the future - like switching interest rate or refinancing - our advisors will recommend the best course of action.

Feel free to use our Equipment Finance Calculator

❮
❮

Sorry

This video does not exist.

Period Payment Interest Balance
Contact us now for a quote

Loan EMI Calculator

Amount (A)
Interest Rate (R) (in %)
Tenure (T) (in months)
Processing Fees (P) (in %)
Down Payment (D)

Total Down Payment (TDP)

12

Loan EMI (LE)

123

Total Intereste (TI)

1234

Total Payment (TP)

12345

FREQUENTLY ASKED QUESTIONS

Find Answers to Common Questions

    Some of the common business loan uses are:
    1. Pay for operational expenses
    2. Start a new project
    3. Hire more employees
    4. Business expansion
    5. Restock inventory
    6. Buy new machinery

    Most business loans are unsecured in nature and don't require collateral. However, some lenders may require you to pledge a security in case of a business term loan.

    Below are the most common factors affecting your business loan amount:
    1. Your business credit score
    2. Business financials, including balance sheets and P/L statements
    3. 3 years of business continuity

    The maximum loan amount you can borrow typically differs from one lender to another. They can go as high as Rs. 1 crore in some cases.

     

    Most lenders charge up to 3.5% of the business loan amount including applicable GST charges as processing fees. It is usually paid to the lender at the time of disbursement.

    Yes, albeit with some terms and conditions. While some lenders allow you to pre-close the loan after the 1st EMI payment, others have a prespecified lock-in period. Not to mention, some levy a penalty fee of 2% to 5% of the remaining balance while others don't levy anything.

    MSME loans, as the name suggests, are loans designed for small and medium-sized businesses. These are smaller loans available at high interest rates for day-to-day operation-related expenses. They also have shorter tenures. On the other hand, business loans are usually extended to large and established enterprises, and at comparatively affordable interest rates. These are bigger loans, often going up to crores, with longer tenures. Organisations can use them to fund expansion and diversification initiatives.

    The best business loan providers in India offer two types of interest rates:
    Fixed interest rate: A fixed interest rate remains the same for the entire business loan term. You pay a fixed EMI amount monthly.
    Floating interest rate: A floating interest rate changes according to the Repo Rate or the base rate set by the RBI. However, this change only increases or decreases the loan tenure, not the EMI amount.

    Business loan EMIs are calculated using three basic loan components.
    1. Principal loan amount
    2. Loan tenure
    3. Rate of Interest
    You just need to input the values in the business loan EMI calculator. The EMI amount and the total payable interest are displayed in a few seconds. Unlike manual calculations, a calculator offers accurate estimations.
    Use online business loan EMI calculators to understand your EMI obligations. The calculator will also help you find out which scenarios result in the lowest business loan EMIs!