business loan for sole proprietorship

Unsecured Business LoanReach a new milestone

Loan up to 30 Lakhs | Attractive Interest Rate | Zero Foreclosure Charges

Poonawalla Fincorp: Business Loans for Proprietorship

Collateral Free Financing| Easy Online Application | Quick Processing | No Hidden Charges

A sole proprietorship business is the most common form of self-employment in India. It is an unincorporated business entity that is owned and run by an individual only. Examples of sole proprietorship businesses include small traders, Kirana shops, medical stores, travel agents, artisans, etc. Adequate funding is necessary for these businesses to grow and expand.

To help the sole proprietorship firm owners turn their business dreams into reality, Poonawalla Fincorp provides business loans at competitive interest rates. Additionally, our Proprietorship Business Loans are collateral-free and come with a gamut of exciting features and benefits, such as flexible repayment tenure, minimal documentation, zero foreclosure charges, and quick processing.

Various Reasons to Take Proprietorship Loan

    The proprietorship business finance can be sought to meet a variety of business-related expenses. Some of the common reasons to take a business loan for proprietorship include:
  • Meeting working capital requirements
  • Maintaining a healthy cash flow
  • Renting, purchasing, or renovating business premises
  • Upgrading business equipment and infrastructure
  • Expansion or diversification of business
  • Procuring inventory
  • Hiring and training of staff
  • Paying overhead costs

By availing of a Poonawalla Fincorp business loan for proprietorship, you can take your business to great heights. Our loans are customisable to suit the specific needs of every business owner.

    Below are some striking features and benefits of our Proprietorship loans:
  • Easy online application
  • Simple eligibility criteria
  • Unsecured loan with no collateral
  • High loan amount of up to ₹ 30 lakh
  • Attractive and competitive interest rates
  • Flexible repayment tenure
  • Transparent loan disbursal
  • No hidden charges
  • Doorstep services

With Poonawalla Fincorp, you can get access to quick and hassle-free financing for your business. All you need to do is fulfil some basic eligibility guidelines.

    Below is our eligibility criteria for Proprietorship loans:
  • The applicant must be a citizen of India
  • The applicant must be aged between 22 to 62 years
  • A business vintage of a minimum of three years is required
  • The annual business turnover should be at least ₹ 20 lakh

Documents Required

Lengthy, unending paperwork can dampen your borrowing experience. With Poonawalla Fincorp, you can avail of a business loan with minimal documentation.

    Below is the list of required documents for our proprietorship loan:
  • Your Company PAN card or Proprietor PAN card
  • Your address proof (Aadhar card/Voter ID card/Passport)
  • Your Business Proof (Rent Agreement/Utility Bill/Trade License)
  • Financial documents of your business (Bank statements/IT Returns)

Note that this list of documents is indicative. We may ask for some additional documents during loan processing.

    You can conveniently apply for our proprietorship loan online or offline. All you need to do is follow the five simple steps mentioned below:
  • Step 1 – Visit our website or your nearest branch
  • Step 2 – Check your eligibility for our Proprietorship Loan
  • Step 3 – Fill up the loan application form
  • Step 4 – Upload or submit the required documents
  • Step 5 – Get the loan amount in your bank account post verification

Who are eligible to apply for a Proprietorship loan?
Poonawalla Fincorp provides business loans for proprietorship with easy eligibility criteria and minimal documentation. All proprietorship business owners with a minimum experience of three years and an annual turnover of more than ₹ 20 lakh can apply for our proprietorship loans.

What are the interest rates and charges applicable for proprietorship loans?
Our interest rates for proprietorship loans are competitive and affordable, starting from only 15% per annum. Additionally, we levy a one-time processing fee of 2% on the loan amount. It helps us in countering the administrative charges and providing best-in-class services to our customers.

Do I need to have a good credit score to apply for a proprietorship loan?
With Poonawalla Fincorp, there is no requirement of a minimum credit score to apply for a loan. However, a good credit score of 750 or above may help you get the best interest rate on your proprietorship loan.

In how many days will I get my loan amount?
Poonawalla Fincorp proprietorship loans are approved and disbursed quickly. Depending upon the verification process, you can get the loan amount in your bank account within five to ten days of your application.

How can I calculate the EMIs I need to pay for my loan?
You can use our online Proprietorship loan EMI calculator to know the EMIs you need to pay for your loan repayment. To calculate your EMIs, you need to visit the calculator page, enter the loan amount, interest rate, tenure, and click on “Check Repayment Schedule”.

Interest Rate

APR ranging from 15% to 26% | One-time Processing Fee up to 2% plus taxes.

Repayment

Flexible repayment tenure from 1 year to 3 years with pre-payment charges of 5% on principal outstanding plus applicable taxes.

Example

Loan Amount Rs.10 lakh, Interest Rate: 15%, Tenure: 3 years, equates to EMI of Rs. 34,665 per month.

This rate of interest is prone to fluctuation basis our internal credit and risk policy, and as per an algorithmic multivariate score card.
*T&C Apply

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Visit the application form and fill in the details.

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Provide your KYC and Income documents.

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