business loan

Unsecured Business LoanReach a new milestone

Loan up to 30 Lakhs | Attractive Interest Rate

Frequently Asked Questions on Business Loan

Find out answers for your general queries

What is a Business loan and how does it work?

A Business Loan is a term loan facility taken specifically to meet the financial requirements of a business – be it for business expansion, installing new machinery, stocking up inventory or meeting short-term working capital requirements. Our unsecured Business Loan empowers your business capabilities with no collateral or security, competitive interest rates, flexible tenures and zero foreclosure charges.

You can apply for Poonawalla Fincorp Business Loan with an easy online application form, provide a simple list of documents and get quick approvals. Let your entrepreneurial aspirations scale new heights!

What are the types of Business Loans offered by Poonawalla Fincorp?

Poonawalla Fincorp offers unsecured business loan of up to ₹ 30 Lakhs for small and medium size business entities. It is a term loan facility which can be repaid over equated monthly instalments. The loan amount can be used to meet varied financial needs of a business ranging from short-term working capital needs to long-term expansion plans.

How to apply for a Business Loan at Poonawalla Fincorp?

You can apply for our Business Loan easily at your convenience online in a simple and secure 5 step process:

  • Click on the apply now button and fill in the details.
  • Submit your KYC and Income documents.
  • Application will then be processed for loan verification.
  • Once the verification is complete, you get a quick approval.
  • That’s it! Your loan is instantly disbursed and credited to your bank account.
Is the Business Loan available without collateral?

Yes, we offer a collateral-free unsecured Business Loan. So now availing a loan for your business doesn’t require you to pledge your valuable assets as security.

I am looking for an SME loan. Is a Business Loan ideal for SMEs?

Yes, SME’s can avail our Business Loan to buy equipment, assets and even cater to the working capital needs of the organisation.

Which businesses can apply for an unsecured business loan?

Businesses like Proprietorship, Partnership, Limited Liability Partnership, Private Limited Company and Public Limited Company can apply for an unsecured business loan, provided these businesses have been in stable existence for over 3 years with an annual turnover of ₹ 20 Lakhs.

What are the documents required for a Business Loan?

We require minimal documents to process your loan application. While applying for a business loan, please keep these documents handy:

KYC Documents

  • Firm/Company PAN Card, Address Proof and Other Applicable Registrations
  • Proprietor/Partner/Director PAN Card, Aadhaar Card, Electricity Bill/Rent Agreement

Income Documents

  • Latest Income Tax Returns (ITR) along with computation of income
  • Profit/Loss Statement and Balance Sheet for the last two years
  • GST Returns

Bank Account Statement

  • Operative bank account statement of last six months
What is the maximum tenure for a Business Loan with Poonawalla Fincorp?

You can take a maximum repayment tenure of up to 36 months.

Will I be charged any penalty for foreclosing my loan?

Yes, 5% on principal outstanding plus applicable taxes.

I am looking for fast unsecured business loans. How quickly can I get the loan approval?

We understand the essence of time in business opportunities; therefore, we have an easy and quick loan approval process to help you avail your business loan on time. Also, our quick online application process helps you complete the formalities faster.

What is the interest rate charged for Business Loan?

We offer attractive and competitive interest rates starting from 15% p.a.

Is there any application fee for applying Business Loans online?

No, we do not charge you for applying with us. Processing Fees will be applicable only if your loan application is approved and disbursed.

What is the maximum amount I can borrow? In how much time can I repay it?

With Poonawalla Fincorp, you can avail a maximum Business Loan of up to ₹ 30 Lakhs and enjoy a flexible repayment tenure of up to 36 months with equated monthly instalments as per your business requirements.

I want to apply for a short-term Business Loan. In how much time can I repay the loan?

You can avail Poonawalla Fincorp Business Loan for your short-term business financing needs and choose a convenient repayment tenure between 12 months to 36 months.

What is the eligibility criteria for business loan at Poonawalla Fincorp?

To avail a quick Business Loan, you need to meet the basic eligibility criteria:

  • Age of applicant proprietor / key partner / key director should be between 22 to 65 years.
  • Minimum Business Stability of 3 Years.
  • Minimum Annual Business Turnover of ₹ 20 Lakhs.
• How can I calculate Business Loan EMI?

• Our business loan EMI calculator helps you plan your monthly instalments, thereby allowing you to schedule your repayment with ease. Click here to calculate now.

What do I need to know before applying for a Business Loan?

Before you apply for a business loan, here are some factors to be kept in mind:

  • Explore your options and choose the best one that suits your needs with respect to loan amount, repayment tenure, interest rates and other factors.
  • A good credit score has a direct impact on your loan eligibility. Therefore, maintain a good credit score.
  • Keep your records up-to-date because as part of your application procedure, you will be asked for various documents—including bank statements, tax returns, KYC documents and other related information.
• How is credit score important for Business Loan?

Your credit score is important because it demonstrates how reliable you are as a borrower. Your credit score has a direct impact on your loan amount eligibility and the rate of interest to be charged. Therefore, in case of a collateral free loan, a good credit score is essential.

Apply for Business Loan Online in 5 Easy Steps Arrow Logo

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Apply
Online

Apply Online

Visit the application form and fill in the details.

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Submit
Documents

Submit Documents

Provide your KYC and Income documents.

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Verification

Verification

The application is then processed for loan verification

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Quick
Approval

Quick Approval

Get your loan approval in quick TAT

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Instant
Disbursed

Instant Disbursed

That’s it! Loan is credited in your bank account.

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