business loan

Business Loan Frequently Asked Questions

Loan up to 50 Lakhs | Attractive Interest Rate

It is important to know all about Business Loan and get answers to any doubts or unanswered questions you may have before you apply for a loan. Here are the most frequently asked questions about the Poonawalla Fincorp Business Loan.

Can I get a Business Loan for a new business from Poonawalla Fincorp?

To qualify for our Business Loan, you must simply maintain an annual turnover of at least ₹6 Lakh and a business vintage of minimum two years.

Do I have to visit a physical branch to apply for a Poonawalla Fincorp Business Loan?

No. You can apply online for a Poonawalla Fincorp Business Loan in just few simple steps and grow your business with ease.

How can I apply for the Poonawalla Fincorp Business Loan online?

To apply online, follow these simple steps:

Do I need to pledge assets to apply for a Small Business Loan?

Not at all! Our Business Loan is an unsecured offering. You only need to meet the simple Business Loan eligibility criteria to qualify for business financing.

Can I borrow money online for short-term finance requirements?

Yes. You can apply for the Poonawalla Fincorp Business Loan online, in just few simple steps, and repay comfortably over a tenure that lasts up to three years.

What are things to keep in mind before applying for a Business Loan?

The best way to prepare for a Business Loan is to use the EMI calculator. This online tool helps to calculate Business Loan EMI amounts accurately and gives you an advantage in loan planning.

How does the EMI calculator help with loan planning?

The EMI calculator displays the EMI amount and gives access to the amortization schedule. All this information can help during decision-making for a loan and is vital to find an optimal repayment strategy.

How much processing fee is applicable on the Business Loan?

When you apply for a Poonawalla Fincorp Business Loan, you are charged a processing fee up to 3% of the sanction amount plus applicable taxes.

Where can I find the charges applicable on a Business Loan?

The full list of Business Loan fees & charges is available online. Please check it thoroughly before going ahead with loan processing.

When is the best time to prepay a Business Loan?

Anytime is a good time to prepay a Business Loan as it reduces the overall interest outflow. However, one should ensure that it does not adversely affect one’s business day to day operation.

Are there any downsides to foreclosing a Business Loan?

Foreclosing a loan might affect working capital reserves if not thought through. Further, you may be required to pay a foreclosure charge, which adds to the expense.

What is the maximum tenure for a Business Loan?

With a Poonawalla Fincorp Business Loan, you can opt for a tenure that lasts up to 36 months.

Who can apply for a Poonawalla Fincorp Business Loan?

This instrument is accessible by any business entity that has an annual turnover of at least ₹6 Lakh. There are other criteria as well which have been listed in Business Loan eligibility criteria.

What are the documents required for a Small Business Loan?

Business owners seeking funds will have to submit KYC information, business financial documents, business registration documents etc. to successfully apply for the loan. Additional documents, if any will be solicited during the loan process.

What are the KYC documents required for a Business Loan?

The KYC documents include any of the following: Company PAN Card, Director/Proprietor/ Partner PAN Card, Aadhaar Card, or Passport. Any additional documents if any will be solicited during the loan process.

How can I get instant approval?

To get instant approval, simply meet all the Business Loan requirements and apply online. Through the online procedure, you don’t have to wait in queues or visit a physical branch.

Is there a minimum turnover amount to get a Business Loan?

Yes. The business must maintain a minimum annual turnover of ₹6 Lakh to qualify for the loan.

Why is the credit score important for a Business Loan?

A borrower’s credit score is important because it helps assess their creditworthiness, i.e. their ability to pay back the loan in time. A high credit score is ideal for becoming eligible for a Business Loan.

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