Business Loan Frequently Asked Questions
It is important to know all you can about the loan and get answers to any doubts or unanswered questions you may have. Here are the most frequently asked questions about the Poonawalla Fincorp Business Loan.
In order to qualify for our business loan, you must simply maintain an annual turnover of at least Rs.20 lakh. We require business vintage of minimum 3 years to lend the loan. We only offer loans for expansion.
No. You can apply online for a Poonawalla Fincorp Business Loan in just 5 easy steps and grow your business with ease.
To apply online, follow these simple steps.
- Visit the business loan webpage
- Click on ‘Apply Now’
- Provide KYC, business, and financial documents
- Await verification and loan processing
- Receive loan approval
- Authorise disbursal
No, our business loan is an unsecured offering, and 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 5 simple steps, and repay comfortably over a tenure that lasts up to 3 years.
The best way to prepare for a business loan is to use the EMI calculator. This online tool helps calculate business loan EMI amounts accurately, and give you a leg up in loan planning.
The EMI calculator displays the interest payable, EMI amount, and gives access to the amortisation schedule. All of this information can help during decision making and is vital to finding cost-effective repayment strategies.
When you avail a Poonawalla Fincorp Business Loan, you are charged a processing fee of up to 2% of the sanction.
The full list of business loan fees & charges is available online and within your loan documents. Please check these 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 lead to cash flow issues.
Foreclosing works best when repaying a sizable amount, and doing so can affect working capital reserves. Further, you may be required to pay a foreclosure charge, which adds to the expense as well.
With a Poonawalla Fincorp Business Loan, you can opt for a tenure that lasts up to 36 months.
This instrument is accessible by small or medium size business entities. Do note that all applicants must meet the business loan eligibility criteria in order to get approval.
Business owners seeking funds will have to submit KYC information, business financial documents, and business registration documents to successfully apply for the loan.
The KYC documents include company PAN Card, Director/Proprietor/ Partner PAN Card, Aadhaar Card, or Passport.
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 and can get fast approval.
Yes. The business must maintain a minimum annual turnover of Rs.20 lakh in order to qualify for the loan.
A borrower’s credit score is important because it help asses creditworthiness.
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