Interest Rate
Starting at 15%* p.a.
Loan Tenure
6-48 Months
Hidden Charges
0%

Get a Business Loan of ₹5 Lakh

Apply for our ₹5 Lakh Business Loan online and take your business growth to new heights! From expansion to purchasing new equipment, our unsecured loan covers any and all of your business needs. Enjoy a hassle-free online application process with minimal paperwork, competitive interest rates, and quick approval that's designed to empower entrepreneurs like you. Apply now!

Why Choose Poonawalla Fincorp

No Collateral
Required
Competitive Interest
Rate
Quick
Approval
Minimal
Documentation
Flexible Repayment
Tenure
No Hidden
Charges

₹5 Lakh Business Loan EMI Calculator

Plan your repayments with our online Business Loan EMI calculator. Strategically map out your EMIs, ensuring you're on track with your monthly budget goals. Just insert your loan amount, interest rate, and loan tenure to see what your EMI could be. Try now!

Optimise Your Personal Loan Experience
With Monthly Budget Planning

Monthly Payable Amount₹8,791
Principal Amount
₹100000
Interest Payable
₹5,493

Loan Amount

Interest Rate

%
9.99%
30%

Tenure

Months
12 Months
84 Months

Apply for a Business Loan Online in Just 3 Steps

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Click on "Apply Now”

Tap the "Apply Now" button to initiate your application.

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Enter Details

Enter your DOB, PAN card number, monthly income, and residential details.

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Upload Documents

Upload the necessary documents for quicker approval.

On successful verification, the loan amount will be disbursed into your bank account instantly.

Get exclusive offers thoughtfully customised just for you

₹5 Lakh Business Loan Eligibility Criteria

Meet these simple eligibility criteria to qualify for an instant Business Loan:

  • Age: Between 24 and 65 years.
  • Citizenship: Indian.
  • Annual Turnover: Minimum ₹6 Lakh.
  • Business Vintage: At least 2 years.

Documents Required for a ₹5 Lakh Business Loan Online

Submit the following documents:

  • KYC Documents
  • Business Address Proof
  • Financial Documents

Click to know more about the documentation in detail.

Interest Rate and Charges for a ₹5 Lakh Business Loan

Check the interest rate and charges of our loan:

Interest Rate
15%* p.a. onwards
Loan Amount
₹5 Lakh to ₹75 Lakh
Loan Processing Fees
Up to 3.5%
Lowest EMI Per Month
Starting from ₹13,915* per Lakh for 48 months
Loan Tenure
6-48 months
Prepayment/Foreclosure Charges
Up to First 6 EMIs: 6% on principal outstanding + taxes

After 6 EMIs: 5% on principal outstanding + taxes
Default Charges
24% p.a. + taxes
Repayment Instrument Dishonour Charges
₹500 per bounce
Stamp Duty
At actuals (as per state)
Hidden Charges
Nil

Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf

*T&C Apply

Different Uses of a ₹5 Lakh Business Loan

  • Expanding and renovating your business
  • Diversifying into new products or services
  • Purchasing the latest equipment or software
  • Hiring additional employees
  • Increasing reserves for working capital
  • Capitalising on new opportunities

Who Can Get a ₹5 Lakh Business Loan

  • A retail shop owner
  • Sole proprietorship
  • MSME (micro, small and medium enterprise)
  • Women entrepreneurs

Tips for a Successful Business Loan Application

  • Know your business needs
  • Create a business plan
  • Check your credit score
  • Keep all the documents ready

Types of Business Loans

Poonawalla Fincorp offers various types of business loans to help you meet your financial needs:

  • Loan for Business Women

  • Business Loan For Working Capital

  • Business Loan for MSME

  • Business Loan for Proprietorship

  • Shopkeeper Loan

  • Instant Business Loan

Get Funds Quickly With
Minimal
Documentation

1

Click 'Apply Now' Fill out the online form to start your loan application.

2

Upload Documents Provide your KYC documents to complete the verification.

3

Get Funds Get the loan amount
disbursed to your bank account.

Happy Customers, Happy Us

Get exclusive access to simplified
Personal Finance
Information at
Poonawalla Fincorp’s FinHub

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Frequently Asked Questions

What is the interest rate for a ₹5 Lakh Business Loan?

Interest rate starts from 15% annually and depends on your credit profile and business financials.

What is the interest rate for a ₹5 Lakh Business Loan?

The interest rate for an unsecured business loan starts from 15% annually and depends on your credit profile and business financials. The final rate is determined after evaluating your business turnover, credit history, and overall risk assessment.

Can I get a ₹5 Lakh Business Loan if I have a low credit score?

Yes, getting a loan if you have a low credit score is possible. Lenders consider various factors beyond credit score, including business performance and cash flow. However, a minimum CIBIL score of 750 is desirable.

How long does it take to get a Business Loan from Poonawalla Fincorp?

Our streamlined digital process ensures quick disbursal and approval, typically within 24-48 hours of submitting the required documents and verification of the same. Once approved, the loan amount is disbursed directly to your bank account, often on the same day. This helps alleviate immediate financial constraints.

Can I prepay my Business Loan before the tenure ends?

Yes, you can prepay your Business Loan before the loan tenure ends. However, there are foreclosure charges applicable as per the loan terms: 6% on principal outstanding (plus taxes) for up to the first 6 EMIs, and 5% on principal outstanding (plus taxes) after completing 6 EMIs.

What happens if I miss an EMI payment?

If you miss an EMI payment, there'll be default charges of 24% per annum plus applicable taxes on the overdue amount. Opt for financial institutions that offer flexible repayment options so you can better plan your repayments. It's also recommended to set up auto-debit to ensure timely payments and maintain a good credit record.

What's the minimum credit score required for ₹5 Lakh Business Loan?

A minimum credit score of 750 is part of the eligibility criteria for a ₹5 Lakh unsecured Business Loan. However, there are other factors that are considered, like business turnover, cash flow, and banking relationships. This way, applicants with slightly lower scores may still qualify.

Is a Business Loan a secured or unsecured loan?

You have the option of taking on a secured or an unsecured Business Loan, depending on urgency, amount, and other factors. Poonawalla Fincorp offers an unsecured loan, perfect for small businesses. You won't need to pledge any collateral, property, or assets as security, and approval is based purely on business performance and creditworthiness.

What is the eligibility criteria for a small Business Loan?

Eligibility for a ₹5 Lakh Business Loan typically requires the applicant to be aged between 21 and 65 years. Another requirement is that the business applicants should have at least 2 years of business stability to qualify for a ₹5 Lakh loan.

What are the basic documents required for a ₹5 Lakh Business Loan?

KYC documents such as PAN Card and Aadhaar Card are required when applying for a business loan. You also need income proof, such as the last two years' Income Tax Returns (ITRs), and business address proof. Overall, the minimal documentation makes the application quite seamless.

What is the application process to get a ₹5 Lakh Business Loan online?

The application process to get a ₹5 Lakh Business Loan online is a pretty simple process. These are the steps:

  • Click on the "Apply Now" button to initiate your loan application

  • Enter your details, including DOB, PAN card number, monthly income, and residential information

  • Upload the necessary documents for verification and approval

Can I apply online for an unsecured Business Loan?

Yes, you can get an unsecured loan for business online, helping you meet your business expenses with ease. The entire application process is completely digital, which allows borrowers to apply from anywhere without visiting any physical branch or office.