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Business Loan in Bangalore - Quick & Easy Business Loan

Welcome to Business Loan Bangalore, we offer business loan at less rate of interest in Bangalore. If you are looking for Business Loan in Bangalore, then you are at the right place. For the business entrepreneurs of Bangalore, Personal Loan Bangalore brings to you the best services in Business Loan

Business loan is availed by individuals who need funds to start a new business or require working capital for the existing business. All major banks like HDFC Bank, ICICI Bank, Standard Chartered Bank, Axis bank, Yes Bank, Citibank offer business loan. Individuals can avail secured or unsecured business loan depending on their requirements and repayment capacity.

We at business Loan Bangalore have joined with all major banks in Bangalore to provide easy and quick business loan at best interest rates.

  • Business Loan Bangalore provides expert advice to the individuals to help them choose best Business loan deals in Bangalore. Our team members are up to date about the features and benefits offered by all the major banks so they can advice the loan seekers as to which loan to choose.
  • Our team at Personal Loan handles all the paperwork required to process the business loan of our customers. The customers are relaxed about the paperwork and are provided services at their doorstep.
  • Our loan procedure is easy and quick. The business loan may be required by an individual to finance immediate business needs. So we help provide quick business loan by cutting down on the time required for documentation and standing in the long queues.

Eligibility for Business Loan Bangalore

Any entrepreneur with a legitimate business with reasonable earnings can apply for a business loan. The banks mainly decide on the amount to be given on the basis of following criteria:

  • Type of business (partnership, proprietorship, Private or public limited company)
  • Turnover of the business
  • No. of years in business
  • Annual income, cash flow
  • Age of the applicant

Required documents for a business loan in bangalore

  • Identity proof
  • Address proof
  • Proof of continuity of business
  • Bank Statement for last 6 months
  • Income Tax Return with audited the balance sheet and Profit & loss statement for last 2 years
  • Partnership deed in case of partnership firm. MOA, AOA, ROC, annual returns Director’s report and shareholding pattern in case of company.

Business Loan - Comparison of interest rates and other fees charged by various banks

Bank Loan amount Rate of interest Processing fee Prepayment charges
HDFC Bank Up to Rs.15 lakhs ( up to Rs.40 lakhs in selected locations) 17% to 22% Up to 2.50% of the loan amount subject to a minimum of Rs.1,000/- & maximum of Rs.75,000/- 4% for 7-24 months
2% for 25-36 months
Nil for >36 months
ICICI Bank   14% to 20% Up to 2% of the loan amount. Rs. 5000/- is collected upfront Up to 2% of the loan amount
Bajaj Finserv Rs.8 Lakhs to Rs. 30 lakhs   2% of the loan amount Nil
Standard Chartered Bank Up to Rs. 75 lakhs 12% to 12.50%   5% of the outstanding loan amount

Features of business Loan offered by various Banks

HDFC Bank Business Loan

  • Loan seekers can find out the eligibility for business loan in 1 minute online and across all branches
  • Business loan can be availed on the basis of repayment of home loans, auto loans and credit cards
  • HDFC Bank offers special and exclusive benefits in case of business loan transfer from other banks
  • It provides Credit Protect Insurance Plan at nominal premium

ICICI Bank Business Loan

  • ICICI has decentralized operations which results in faster processing of loans
  • It offers various kinds of loans like Loans for the SME Segment, Collateral Free Loan, Pre-qualified Loans for Micro Enterprises Credit (MEC), Loans for Merchant establishments
  • The business loans are available at attractive interest rates and lower charges
  • ICICI Bank offers attractive pricing for customers under priority sector lending

Bajaj Finserv Business Loan

  • Bajaj Finserv offers instant 100% online loan process, application and approval
  • It offers up to Rs. 30 Lakhs as business loan. This is the highest unsecured loan amount offered by any online loan provider in India
  • There are NIL foreclosure charges
  • Bajaj Finserv provides part prepayment facility to its borrowers. The borrowers can prepay the business loan up to 6 times in a calendar year, with the minimum amount per prepay transaction not less than 3 EMIs.

Standard Chartered Bank Business Loan

  • Standard Chartered Bank provides various kinds of business loan solutions like loan against property, Business Installment Loans, Lease Rental Discounting and Term Loans.
  • The Business Installment loan can be take for a period of up to 36 months and loan seekers can borrow up to Rs.75 Lakhs
  • There are NIL foreclosure charges
  • Standard Chartered Bank guarantees to take a decision about the business loan application of the loan seekers within 5 business days. The bank agrees to refund Rs. 500 per business day of delay up to a maximum of Rs.5, 000 in case of approved cases.

Business Loan Frequently Asked Questions

Managing a business is not easy. From balancing the accounting books to delivering the orders on time, it all takes a lot of effort. There are times when the next big growth is all set to happen provided you are willing to pump in a little extra cash. However, your business is unable to bear the financial burden. So, does that mean you have to let go of the golden opportunity. Well, surely not. Our business loan facility is here to bail you out of such situations. Applying for a business loan is easy. Thanks to our efficient services, we understand the emergencies that the client is facing and therefore work hard to deliver quick responses.

Am I eligible?

Our business loan eligibility rules are very simple. This helps in increasing the ambit of people who can apply for our loan and make the most of our services. You need to be of legal age to apply for a business loan which is in the range of 21 to 65 years. Additionally, when applying for a loan, you will need to show your business revenues or source of income that will justify your ability to pay. In case the income is not supporting the loan amount, you can also mortgage property of equivalent value.

What is the maximum loan amount that can be granted?

Ideally, the bank decides the loan amount on the basis of the earning capacity of the business or the actual worth of the property that you are planning to mortgage.

What happens if I have another loan?

Having another loan surely affects your eligibility adversely. But, this is applicable only if your business lacks the ability to handle another EMI. If your requested loan amount still falls within the permissible limit, it will be granted.

What will be my EMI amount?

EMI or equated monthly instalment differs according to the loan amount that you have applied for, the tenure that you choose and also your ability to repay. Therefore, this amount differs from case to case but you can always ask your bank’s representative to give you an actual figure before your finalize the loan application procedure.

In how much time do I have to repay the loan?

Well, the tenure of the loan is flexible. Depending on your payment capacity, you can choose a repayment plan with a tenure that meets your requirement. The idea of our business loan service is to supplement your organization with the cash when needed without burdening the financial planning in any major way.

Can I submit my application online?

Yes! You can submit your application online and even check its status when it is being processed through the online portal itself.

How soon will my loan application be processed?

Ideally, a loan application is processed within a period of thirty working days. However, this is the maximum time required. In most cases, the entire procedure is completed before this time.

What are the charges?

There is a processing charge levied on all business loan applications. Even in case of failure of timely repayment or bouncing of EMI cheques, a fine is levied on the applicant.

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