Business Loan in Jaipur

• Business Loans: These loans are secured/unsecured loans given with/without any collateral or security. However, before approving the loan, the banks verify your credit report and CIBIL Score, age and income of the last 3 years.
• Fixed Interest Rate: The rates of interest on the business loan are fixed, which means that the interest rate remains constant across the tenure. The rate of interest on a business loan is starting from 12.75% to 21% a year.
• Flexible Repayment Tenure: Business loans come with flexible repayment tenure up to 5 years. This is an important feature of business loans that gives them an attractive funding opportunity for businessmen.
• Maximum Loan Amount: Self-Employed and professionals can avail the highest business loan up to Rs 50 Lakhs given If he has a good credit score and a consistent source of income. Banks also check the financial credibility of the borrower before approving the business loan.
• Minimum Documentation: To apply for a Business Loan, the borrower needs to submit minimal documentation i.e KYC Document, Company continuity Proof, ITR Information, Bank Statement.
• Fast Processing: Once you submit the documents, banks examine them and approve the business loan. The loan approval is followed by the disbursal process.re

Business loans can be availed by the self-employed, limited and private liability company, manufacturers and services providers. The banks have specific eligibility criteria that must be satisfied by the borrower. Loans are quickly approved without spending much time.

List of documents required for Business Loan that must be submitted by the borrower in order to avail a business loan:

• Application Form with 3 Recently Passport size photograph.
• Identity proof: Aadhaar Card, Voter ID Card, PAN Card, Valid Passport
• Address proof: Voter ID Card, Valid Passport, Rasan Card, Driving Licence, Utility/Electricity Bills
• Business current account bank statement of the past 6 months
• Income tax returns of the last 3 years along with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, after being CA Certified/Audited
• Proof of Business Proof of ownership of the possessions that are used in the business
• KYC documents of co-applicant (if any)

Business loans are short term loans which need to be repaid back within a shorter loan tenure of up to 5 years. Banks offer flexible repayment options starting from 1 to 5 years, depending on the Applicant’s profile. As they are short term Business loans, the borrowed money will have to be repaid back soon. Therefore it is always best to evaluate your repayment capacity before your application for the Business Loan. Business Loan EMI Calculator lets you calculate the EMI which you will have to pay every month if you take a loan of a particular amount and tenure at a specific interest rate.

There are various factors to consider while taking a Business Loan in order to assure the borrower gets the best possible deal. Factors such as:

• Attractive Rate of Interest: Banks offer lower or higher interest rates depending on the business turnover, yearly profit, business continuity and credit history. Before choosing a bank, compare the Business Loan Interest Rates offered by various banks, and opt for the one offering the minimum interest rate.
• Service Charges: Processing fee, pre-payment charges, and documentation fee are some of the service charges that are added to the loan amount. Choose a bank that charges a minimum fee for these services.
• EMI: Compare the EMI options offered by different banks, before deciding the one that offers the best EMI option.
• Loan Tenure: The repayment period for Business Loans range from 1 year to 5 years. 
• Quick Disbursal: The main purpose of a Business Loan is to fulfil the urgent financial needs for purchasing machinery & other equipment. Most banks process and issue loans within 7 to 8 working Days.

Loan Amount: Rupees 5 Lakhs to 75 Lakh
Rate of Interest (APR)*: 12% to 20%
Repayment Tenor: Up to 5 Years
Processing Fees: Upto 3%

Illustration: Rs. 1 Lac loan on @12% with processing Fees for 60 Months comes to Rs. 1,33,466/- Equated Monthly Instalment shall be: Rs. 2,224/- only.

* APR - Annual Percentage Rate