Know everything about our Business Loan
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.
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.
No. You can apply online for a Poonawalla Fincorp Business Loan in just few simple steps and grow your business with ease.
To apply online, follow these simple steps:
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.
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.
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.
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.
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.
The full list of Business Loan fees & charges is available online. Please check it thoroughly before going ahead with loan processing.
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.
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.
With a Poonawalla Fincorp Business Loan, you can opt for a tenure that lasts up to 36 months.
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.
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.
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.
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.
Yes. The business must maintain a minimum annual turnover of ₹6 Lakh to qualify for the 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.