₹2 Lakh Business Loan

₹2 Lakh Business Loan

Minimal Documentation | Quick Approval | 100% Digital Process

Planning to take your business to the next level? Achieve all your business goals with Poonawalla Fincorp’s Business Loan of ₹2 Lakh. Enjoy a seamless application process that is completely online, allowing you to apply for a loan at your convenience.

Get a collateral-free ₹2 Lakh loan for business and enjoy various benefits like minimal paperwork, quick loan processing, and flexible repayment tenure of up to 48 months. Utilise the amount for business expansion, purchasing inventory, hiring new talent, or meeting other financial needs.

Apply now and take your business to new heights with a Business Loan of ₹2 Lakh!

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To know about the interest rates and applicable charges on Poonawalla Fincorp’s Business Loan of ₹2 Lakh, please see the table below:

Rate of Interest 15% to 28% p.a.*
Processing Fees Up to 3% plus applicable taxes
Repayment Instrument Dishonour Charges ₹500 per bounce plus applicable taxes
Default Interest 2% per month
Loan Amount ₹1 Lakh to ₹50 Lakh
Lowest EMI per Month Starting from ₹2,783* per Lakh for 48 months
Loan Tenure 6 to 48 months
Prepayment/Foreclosure Charges 0%* If paid from own sources & 4% If paid from other sources
Stamp Duty At actuals (as per state)
No Other Hidden Charges

The EMI for your loan is influenced by the loan amount, tenure, and interest rate. To plan your loan repayment, you can use the Business Loan EMI calculator.

The EMI amount for a ₹2 Lakh Business Loan will vary depending upon the tenure you have selected:

Tenure Approximate EMI at 15% Interest Rate
1 years ₹18,052*/month
2 years ₹9,697*/month
3 years ₹6933*/month

The eligibility criteria for Poonawalla Fincorp's ₹2 Lakh Business Loan are easy to meet and are listed below:

Age Requirement

Age

Work Experience Required

Business Vintage

Monthly Salary Required

Annual Turnover

  • Age: 24-65 years
  • Business Vintage: At least 2 years
  • Annual Turnover: Minimum ₹6 Lakh

Once you have met the eligibility criteria for our ₹2 Lakh loan for business, you can prepare the documents listed below to apply.

You must provide the following documents during the loan application process:

  • KYC documents logo

    KYC documents

  • Business Address Proof

    Business Address Proof

  • Financial Documents

    Financial Documents

  • KYC documents: PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport, Business Registration Proof
  • Business Address Proof: Utility bills/Rent Agreement
  • Financial Documents: Bank account statement from the past 6 months

Once all the documents are submitted and the details are verified, the loan amount will be disbursed directly to your bank account.

The different features and benefits you get with a ₹2 Lakh Business Loan include:

  • Sizable sanction up to ₹50 lakh logo

    Business Loan without any security or collateral

  • Minimal documentation logo

    Minimal documentation

  • Loan amount available up to ₹50 Lakh

    Instant approval and disbursal

  • Hassle-free, online application provision logo

    Competitive Business Loan interest rate

  • Easy to apply online loan application process logo

    Sizeble sanction up to ₹50 Lakh

  • Attractive and affordable interest rates logo

    Hassle-free, online application provision

  • No collateral required against the loan logo

    Flexible tenure of up to 48 months

  • Flexible repayment tenure of up to 48 months logo

    Fulfil urgent Business Loan requirements

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Apply
Online

Apply Online

Click on Apply Now and enter your contact details.

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Business
Details

Business Details

Enter your annual business turnover and other business details.

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Verification

Verification

The application will then proceed for verification and assessment

What is the monthly EMI for ₹2 Lakh Business Loan?

The monthly EMI for ₹2 Lakh Business Loan depends on the loan amount, interest rate, and repayment tenure. You can calculate the monthly EMIs with the help of our Business Loan EMI calculator and plan your loan accordingly.

How to calculate interest on ₹2 Lakh Business Loan?

The interest on ₹2 Lakh Business Loan is calculated as per the following formula:

E = [P x R x (1+R) N] / [(1+R) (N-1)]

Where,

  • P = Principal or the loan amount
  • R = Monthly interest rate (annual interest rate/12)
  • N = Number of monthly instalments (loan tenure)
Am I eligible to borrow a sum of ₹2 Business Loan from Poonawalla Fincorp?

To apply for ₹2 Business Loan from Poonawalla Fincorp, you must meet the eligibility criteria mentioned below:

  • Age: 24-65 years
  • Business Vintage: At least 2 years
  • Annual Turnover: Minimum ₹6 Lakh

To know more, please visit the ‘Business Loan Eligibility and Documents’ page on our website.

*Terms & Conditions Apply

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