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Neogrowth Business Loan Jul 2021

Neogrowth Business Loan Interest Rates India

Last Updated 30th Jun 2021

Neogrowth offers Business Loan starting at interest rate of 24.00%. The rates vary by loan amount, occupation and type of loan availed. Neogrowth offers business loan to retailers against POS machine. Check Best Offers

Interest Rate 24.00%
Processing Fee Upto 3% of loan amount
Tenure From 9 months to 24 months
Lowest EMI per lakh ₹ 5,287
Loan Amount Min ₹ 1 Lakh and Max ₹ 8 Lakh
Part Payment Facility Not allowed
Foreclosure Facility Allowed after 1 EMI's, Nil charges

Loan to retailers with POS machine

Apply for Business Loan @ 14.00%*

Neogrowth Business Loan Details

Neogrowth offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan Neogrowth.

Key Features of Neogrowth Business Loans
  • Purpose of Loan: You can avail Neogrowth business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 23 and 65 years can avail Neogrowth business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 9 to 24 years.
  • Neogrowth business loan interest rates are in the range of 24.00% to 0.00 %.
  • Neogrowth Bank business loan EMI per lakh starts from ₹ 5,287.
  • Processing Fee: Upto 3% of loan amount

What are the Features and Benefits of Neogrowth Business Loan?

You can apply for Neogrowth business loan to expand your business or for working capital requirements such as purchasing machinery, paying salaries etc. Some of the benefits and features that Neogrowth business loans offer to the borrowers are listed as follows:

  • Loan to retailers with POS machine
  • Nil prepayment charges
  • Loan of up to Rs. 75 Lakh
  • Flexible repayment options
  • Minimal documentation

Factors affecting Neogrowth Business Loan Rates

There are multiple factors on which Neogrowth calculates your interest rate. Some of these factors are -

Loan amount

Business loan rate in Neogrowth depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 1 Lakh to upto ₹ 8 Lakh. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

Neogrowth offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from Neogrowth, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

Neogrowth will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 24,00,000

Time in Business

Neogrowth offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from Neogrowth is 12 months.

Lowest Neogrowth Business Loan Interest Rates

With effect from 30 Jun, 2021, Neogrowth offers business loans starting at 24.00%. The lowest business loan rates offered by Neogrowth have been hiked by 10%, from the earlier rate of 14.00%.

Neogrowth Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
30 Jun, 2021 24.00%
23 Jun, 2021 14.00%
31 Mar, 2021 19.50%
25 Mar, 2021 19.50%
07 Jan, 2021 19.50%
25 Jul, 2020 19.50%

Neogrowth Business Loan Eligibility Criteria

To avail Neogrowth business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : Neogrowth offers business loan to those who are at least 23 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Loan Amount : Based on the loan amount eligibility, Neogrowth gives you loan amount ranging from ₹ 1 Lakh to ₹ 8 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : Neogrowth requires profit for minimum 2 years and minimum business turnover of ₹ 24,00,000.
  • Business Stability : Neogrowth requires a minimum business track record of 12 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
  • ITR and Banking : Neogrowth gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 0 months & 3 months respectively.
  • CIBIL Score : Neogrowth will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

Neogrowth Business Loan Fees and Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Neogrowth allows prepayment of loan after paying 1 EMI’s with prepayment charges - Nil charges
  • Processing Fee : Neogrowth asks for a processing fee of Upto 3% of loan amount with applicable service tax

Documents Required for Neogrowth Business Loan

To apply for Neogrowth business loan, you need to submit the following documents:

  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

Neogrowth Business Loan Eligibility Calculator

You can calculate your eligibility for Neogrowth business loan using an online Neogrowth business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply Neogrowth Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare Neogrowth business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  Neogrowth.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from Neogrowth?

Neogrowth is one of the largest NBFCs sector banks in the country that provides lowest business loans starting at 24.00%. The bank also charges a low processing fee starting from Upto 3% of loan amount. Along with that, the bank also offers special business loan schemes such as , & etc.

Has Neogrowth reduced the business loan interest rate?

No, Neogrowth has increased its business loan rates by upto 10%. Neogrowth business loan rates have been hiked to 24.00% from 14.00% earlier. The new rates are effective from 30 Jun, 2021.

What is the interest charged on Neogrowth business loan?

Neogrowth offers business loans at attractive rates ranging from 24.00% to 0.00%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

What is the lowest EMI per lakh on business loan from Neogrowth?

If you apply for loan from Neogrowth, your lowest EMI per lakh will be ₹ 5,287.You can calculate your EMI on business loan for different tenures at min business rate starting at 24.00% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in Neogrowth?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 9 months to maximum 24 months.

How much business loan amount I can borrow from Neogrowth?

Neogrowth offers you business loan for loan amount ranging from ₹ 1 Lakh to a maximum amount of ₹ 8 Lakh. Loan amount eligibility in Neogrowth further depends upon your income, and repayment capability.

What is the processing fee charged by Neogrowth on business loan?

Neogrowth charges a processing fee Upto 3% of loan amount with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

Is age an eligibility factor to get loan for business from Neogrowth?

Yes, age is an important eligibility factor to get a business loan as you should be at least 23 years old at loan approval time and 65 years old at loan maturity time.

What are the prepayment charges on business loan from Neogrowth?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by Neogrowth is Nil charges.

What are the business products offered by Neogrowth?

Neogrowth offers various business products for self-employed professionals and non-professionals. These are listed below:

What is the time period of repayment of business loans in Neogrowth?

Neogrowth provides business loans for a maximum tenure of 24 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.


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Neogrowth Business Loan News - Jul 2021
  • 2019-04-22 : NBFC NeoGrowth receives ISO 9001:2015 certification for its lending services to MSMEs
    One of the leading business loans financiers, NeoGrowth has received the ISO 9001:2015 certification from the ISO. According to a company press release, the NBFC is among the first few players in the SME lending space to receive this certification for quality assurance in its business lending processes. In addition to this, the company also has partnered with over 13000+ business merchants to further enhance MSME lending across India.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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