Business Loan FAQ's

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Mumbai's Local Loan Service

8355 955 000

Mumbai, Thane & Navi Mumbai.

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Apply online in minutes for quick loans today! Our Quick loans online application can be completed on the go or from the comfort and privacy of your own home. Just click on the 'Apply Now!' button or choose your desired loan amount above to apply for quick loans today!
Call 8355 955 000 to apply over phone (Mumbai, Thane & Navi Mumbai Only).
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Business Loan FAQ's

1. What is Business Loan?
  A bank loan granted for the use of a business or commercial purposes is called as Business Loan. Business loan can be secured as well as unsecured loan.
2. How do i take a Business loan?
>  You can start by checking with different banks or just enquire with us here. 
3. How is my Business Loan Eligibility determined?
Your eligibility is determined by your repayment capacity, taking into consideration, factors such as Your Income, Your Experience, your Business stability, Business Net Profit & Turnover, stability and continuity of Business, assets/liabilities and your credit history.
4. How long is processing time for Business Loan?
>  Business Loan Processing times vary from bank to bank. Usually a Business Loan processing takes around 1-5 weeks.
5. What is the maximum i can borrow as a Business Loan?
> Business Loan eligibility differs from bank to bank and also Turnover/ Net profit of your business.
6. What  fees & charges are payable?
Apart from the rate of interest bank also do charge some fees which are of two types. Once when you are applying for the loan and once when you are pre-closing the loan. The fees when charged at the time of processing called as Processing Fees vary from 1%-3% of the loan amount. The second charge is the prepayment penalty paid at the time of preclosure. This too varies from 2 5 %.
7. What is the range of rate of interest offered on Business Loans?
>  Rate of interest for Business Loan varies from bank to bank, it usually is between 14% to 26%.
8. What is the minimum period my business should exist for loan eligibility?
>  A business has to be in existence for a minimum period of three years, for it to be eligible for a Loan
9. What are Documents required for Business Loan application?
>  The documents listed for Home Loan are listed here. Further your lender may decide to ask for more documents as per as their requirements.