Frequently Asked Questions on Business Loan
Find out answers for your general queries
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!
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.
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.
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.
Yes, SME’s can avail our Business Loan to buy equipment, assets and even cater to the working capital needs of the organisation.
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.
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
You can take a maximum repayment tenure of up to 36 months.
Yes, 5% on principal outstanding plus applicable taxes.
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.
We offer attractive and competitive interest rates starting from 15% p.a.
No, we do not charge you for applying with us. Processing Fees will be applicable only if your loan application is approved and disbursed.
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.
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.
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.
• 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.
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.
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.
