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At Finance Mitra, we understand that business owners might have to face cash crunch and challenges during the regular operations or under special circumstances. Therefore, we offer a unique business loan portfolio to provide easy loan assistance with flexible funding and repay facilities.
Get the customized business loan options from Finance Mitra – your ideal financial partner. Choose from our affordable plans for empowering any business loan requirements like starting a new business, expanding the current business, revamping an existing venture, modernizing equipments & machinery, boosting working capital, and funding plans to outperform competition.
Keep afloat your personal business dreams while we take the trouble of entire processing and documentation. With us, enjoy easy and hassle-free business loan services within quick clicks.
Eligibility
A business loan is one of the financing services any business owner can look for improving, expanding, or developing the business. A business loan is often required for expanding the existing business to the next level, for purchasing any machinery or asset, increasing the production of the company, and much more. It helps in meeting the heavy expenses of the company while looking for some growth and development. There are various types of Business Loans available which include SBA loans, credit business lines, term loans, and many more.
A Business Loan eligibility criterion includes self-employed individuals, Private limited companies, proprietors, Partnership Firms, etc. who are dealing in trading and services, manufacturing, etc. The business should have a yearly turnover of minimum Rs. 40 lakhs, individuals running the business for a minimum of 3 to 5 years, companies making profits for a minimum of 2 years, any business having a Minimal Annual Income of around Rs. 1.5 lakhs, and lastly, the minimum age of the business owner should be 21. Also, the applicant should not be older than 65 when the loan matures.
A Business Loan can be taken when the owner is looking for expansion of the business or physical location, building credit, purchase of equipment or essential assets, purchase of additional inventory, for grabbing any development opportunity that requires potential debt, or for hiring fresh talent or meeting short term working capital requirements.
Be it a small company or a huge organization, Finance Mitra recommends Business loans for companies looking for some quick financial aid. Here is how the Business loan is beneficial.
A business loan is an ideal option when your business needs short term working capital to meet various emergencies or opportunities. The loans are provided at affordable rates. Here are the characteristics of a business loan.
Whether you are looking for expanding your business space, purchasing new assets, investing in inventory, or even hiring new talents, our team of experts at Finance Mitra are ready to aid in your boost by saving your time and money.
Whether you are looking for expanding your business space, purchasing new assets, investing in inventory, or even hiring new talents, our team of experts at Finance Mitra are ready to aid in your boost by saving your time and money.
With quick processing, flexible repayment selections, and low-interest rates in the market, Finance Mitra is all set to provide you with easy funding options to boost your business for increased profits. All the documentation processes would be worked out by our team which makes the process quick and comfortable for you.
Here is the list of documents that are required to be submitted by the business owner to avail of a business loan.
Business loan is the primary unsecured type of funding, designed to meet the day-to-day business requirements of business owners or enterprises. Borrowers are not pressurized to submit any collateral or security to avail unsecured business loan.
Business loans can be used for business expansion purposes, manage cash flow, buy equipment/machinery, hire/train staff, purchase raw materials, upgrade inventory and much more.
There is no minimum loan limit criteria to borrow, whereas customers can avail collateral-free business loans up to Rs. 1 crore with flexible and customized repayment options.
Following are the Business loan eligibility criteria that most banks and NBFCs require their applicants to meet before loan sanctioning. Business loan eligibility criteria shall differ from lender to lender. These details can also be checked with the help of business loan eligibility calculator.
| Age Criteria | Min. 18 years and Max. 65 years |
|---|---|
| Eligible Entities | Individuals, SMEs, MSMEs, Sole Proprietorship, Partnership firms, public and private limited companies, limited liability partnerships, retailers, traders, manufacturers engaged in only services, trading and manufacturing sectors |
| Business Vintage | Min. 2 years and in profit |
| Business experience | Min. 2 years, business location to remain same |
| Annual Turnover | Min. Rs. 25 lakh and above |
| CIBIL Score | 700 or above |
| Nationality | Indian citizen, should not have defaulted on any previous loan with no criminal background |
| Additional Criteria | Applicant must own either a residence, office, shop or go down |
For small business owners, the credit score should be 600+. For other companies, having a credit score between 640 to 700 is also good but not excellent. While for SBA loans, the company needs to have a credit score of 700 to 750.
Business Loans are available with interest rates that range between 13.50% to 16% per annum. Along with the interest rates, the banks also charge 2 – 3% processing fees.