Small Business Loans in India
A Small Business Loan, as the name suggests, is financing provided to entities, generally small or medium-sized ones, for running the business without having to give away any part of the equity. A small business has comparatively fewer employees, less revenue, and lower working capital requirements.
A Small Business Loan in India can be used for various purposes, from managing & expanding the business, to buying inventory, and machinery, and taking care of administrative expenses. Small Business Loans are ideal for business owners who need a hassle-free way to fund their business operations. Such loans are available with minimal processing time, easy eligibility criteria, borrower-friendly features, and attractive interest rates.
Poonawalla Fincorp offers unsecured Business Loans, which means you can avail of a loan without the need to provide any collateral. So, your business does not need to have any assets to avail of such a loan.
Small Business Loan EMI Calculator
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Small Business Loan - Fee & Charges
We offer online Small Business Loans at competitive interest rates. Rates for Small Business Loans depend on some factors such as credit score, eligibility, and financial stability of your business. As your business grows, you might encounter various unexpected expenses. Hence, our product portfolio includes low-interest Small Business Loans.
You can avail of our low-interest Small Business Loans to maintain your working capital and cash flow, expand your services or product range, and procure machinery and inventory. This way, you won’t stress your finances and take care of your business expansion goals with ease.
| Types of fee | Applicable Charges |
| Rate of interest | 15% to 28% p.a.* |
| Processing fees | Up to 3% plus applicable taxes |
| Repayment Instrument Dishonor Charges | ₹1,000 per bounce plus applicable taxes |
| Default Interest | 3% per month |
Eligibility Criteria for Small Business Loan
Qualifying for a Small Business Loan from Poonawalla Fincorp is a simple process. The eligibility criteria have been kept easy and uncomplicated to meet the needs of the majority of business owners. This helps us empower as many businesses as possible.
Here is a list of the parameters you need to fulfil to qualify for a Small Business Loan:
- The loan applicant’s age should be at least 24 years at the time of applying for the loan and a maximum of 65 years at the time of loan maturity.
- The loan applicant should be an Indian.
- The company should be at least two years old. This requirement ensures that businesses have a history of performance, experience, and can service the loan.
- The turnover of the business needs to be at least ₹6 Lakh per annum.
Overall, these eligibility requirements have been put in place to ensure that the borrower can make the most of our services.
Documents Required for Small Business Loan
We only ask for basic documentation to process your loan application. These documents help us gauge your profile and evaluate the financing that will be most helpful for your purpose.
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Basic KYC information
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Business address proof
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Financial documents
By providing these simple documents, you can get a Business Loan online with instant approval in just a few steps. The entire process can be done digitally.
Please note that this list is indicative, and the actual list of documents will depend on your profile, requirement and Poonawalla Fincorp’s policy at the time of application.
Features and Benefits of a Small Business Loan
Poonawalla Fincorp aims to help small businesses reach their business goals. Here are some of the features and benefits that you can expect when you take a Small Business Loan from us.
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Minimal documentation
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Hassle-free Application Process
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Easy Eligibility Criteria
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No Collateral
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High Loan Amounts
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Attractive Interest Rates
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Flexible Repayment Tenure
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Completely Online Application Process
Minimal Documentation
We understand how difficult it can be to run a small business. Therefore, we’ve ensured that our loan application process requires the least number of documents possible. You can apply for a Business Loan by providing just your company’s financial statements, address proof, and KYC details.
Hassle-free Application Process
Due to our goal of helping businesses thrive, we’ve simplified the loan application process to suit every business owner. The entire process can be done online. We also disburse the loan amount as quickly as possible, so your business never runs out of cash.
Easy Eligibility Criteria
We have easy eligibility criteria. We aim to serve the needs of most business owners.
No Collateral
Poonawalla Fincorp does not require any collateral for Small Business Loans. Whether you’re an asset-heavy business or a service-based business, you can get a loan without pledging your assets, they remain safely with you.
High Loan Amounts
We understand that it takes quite a bit of capital to keep a business running smoothly. With Poonawalla Fincorp, you can avail of a loan as high as ₹50 Lakh for all your business requirements.
Attractive Interest Rates
We charge competitive interest rates so you can get the most out of our loans. Our competitive interest rates will not only make you confident enough to apply for the loan but also makes loan repayment easier.
Flexible Repayment Tenure
Every business has unique needs. Therefore, our Small Business Loans have flexible tenures, which can be anywhere from 6 months to 36 months. You can choose the tenure that you’re most comfortable with at the time of applying for the loan.
Completely Online Application Process
You don’t have to step out of your office when applying for a Small Business Loan. The entire process can be done online in just a few easy steps. The loan is disbursed as quickly as possible so that your business needs are met without delay.
Overall, availing of a loan from us comes with several benefits, such as no collateral, low-interest rates, flexible tenures, fast processing time, and minimal documentation.
Apply for Instant Small Business Loan within 5 Minutes
Apply
Online
Apply Online
Click on Apply Now and enter your contact details.
Business
Details
Business Details
Enter your annual business turnover and other business details.
Verification
Verification
The application will then proceed for verification and assessment
How to Apply for a Small Business Loan?
You can apply online for a Small Business Loan in just a few easy steps.
- Step 1 – Visit our website.
- Step 2 – Check your Small Business Loan eligibility.
- Step 3 – Fill in all details in the loan application form and submit the application.
You will receive the approved loan amount in your bank account after all the verification process.
Reasons to Get a Small Business Loan
Small businesses may need capital for a variety of reasons:
- To help with cash flow mismatches
- To help expand the business
- To assist with paying employee salaries
- To pay for new machinery or equipment
- To pay for the purchase or lease of office space
- To help during a financial emergency
- To pay any overhead costs
- To pay for the marketing of the company’s products or services
- To upgrade the company’s infrastructure, such as migrating to the latest software
Small Business Loans in India can help with any of the above-mentioned reasons and more.
Frequently Asked Questions on Small Business Loans
Poonawalla Fincorp offers very attractive interest rates. The business loan interest rate starts at just 15%* per annum and could be higher depending on your requirements.
We charge a nominal processing fee starting from 3% of the loan amount plus applicable taxes. This fee is charged to cover administrative costs and ensure that we provide the best possible service to our customers.
You do not need to provide any collateral to avail of a Small Business Loan from us. Our collateral-free business loans are designed to be as borrower-friendly as possible.
You can use our online Business Loan EMI calculator which can be found on our website. You need to enter the required loan amount, the interest rate, and the tenure of the loan; the calculator will automatically compute the monthly payments which you will be required to make for repaying the loan.
Applying for a Small Business Loan in India is fairly simple. You can submit an online Business Loan application with us. We require minimal documentation. Post verification, your loan will be disbursed instantly.
To check your eligibility for a small-scale business loan, Click Here
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