Business loan in Faridabad - SBI, HDFC, PNB, Citi, ICICI Bank, All Banks

Unsecured Business Loan Interest Rates in Faridabad

Last Updated 08th Dec 2016
    An unsecured business loan is a loan provided to businessmen, business women, self employed professionals and SMEs without any collateral or security. This money can be used for:
  • Business expansion and growth
  • Buying machinery or equipment or fixed assets
  • Meeting working capital finance requirements
  • Building or constructing office premises or factory building
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When should you opt for unsecured business loan and not loan against property?

  • You are unable to or not willing to provide a collateral or security such as property or deposit
  • You need money for a relatively shorter period of time
  • You need the money real fast and with minimal documentation within 3 - 15 days
  • You need flexible eligibility norms based on annual turnover or cash profits as opposed to reported income or profits
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Product Features Loan Against Property Unsecured Business Loan
Maximum Loan amount Up to 60% of the property value Rs. 10 lakhs to Rs 5 crore
Loan Tenure 5 - 15 years 1-3 years
Interest Rate 13.50% – 15% 14% onwards
Processing fees 0.25% - 2% 2% - 3%

Unsecured Business Loan

Parameter Description
Eligible Entities Self proprietorships, partnership firms, private limited companies, doctors, self employed professionals with a minimum annual turnover of Rs 25 lakh for manufacturers and Rs 50 lakh for traders
Minimum Loan Amount Rs 5 lakh
Maximum Loan Amount Up to Rs 1 crore, in select cases up to Rs 5 crore
Interest Rate 14-22%, floating rate of interest
Loan Tenure 1-3 years. Few lenders offer loans of up to 5 years in select cases
Processing Fees 2-3%
Prepayment Penalty As per the loan agreement
Loan Amount Eligibility
    Lenders use multiple ways to estimate the eligibility
  • Turnover product, where an industry margin of up to 15% is applied on the turnover to estimate the income of the borrowers
  • DSCR product where eligibility is estimated using the debt repayment capacity of the borrower
  • Other Surrogate income products for loan amount of less than Rs 10 lakh
Documents Required
  • Last two years Income Tax Returns that have been filed on time
  • Bank Statements of last six months
  • VAT number, registration certificate etc
  • Professional degree and registration number

Unsecured Business Loan in Faridabad - Process

  • Compare loan offers of multiple banks to identify the best loan deals available on MyLoanCare. Key parameters one should compared are loan amount eligibility, interest rate, processing time and other terms such as prepayment penalty and processing fees.
  • Apply for the identified bank loan and submit required documents. Our loan advisor will ensure that it becomes a hassle free experience for you
  • Appraisal of the loan application by bank or NBFC. A credit manager will make a visit to your office or factory premises.
  • Credit approval by the bank or NBFC
  • Loan disbursement to your account after signing of loan agreement.

Documents required for Business Loan

 
Signed Application Form
Identity Proof (PAN)
Residential Address Proof
Last 3 years ITR (self and business), profit and loss account, balance sheets certified/audited by a CA.
Last 12 months bank account statement (self and business)
Certificate and Proof of Business Existence
Business Profile
Office address - ownership/ lease / rent agreement/ utility bill

Business Loan eligibility

  • Small businesses, SMEs, Small and mid size Corporate
  • Self proprietorships, partnership firms, private limited companies, trusts, societies etc
  • Manufacturing firms, traders, wholesalers, retailers, exporters, distributors and resellers
  • Service Providers such as Chartered Accountants (CAs), interior architects, consultants, interior architect, schools, playschools and educational institutions
  • Self Employed professionals such as doctors, CA, MBA, engineers & architects and people with professional degrees

Business Loan Eligibility Calculator

  • Minimum business track record of 3 years with ITR and proof of business existence
  • Minimum turnover of Rs 25 lakh
  • Profit making entity with a minimum profit of Rs 1 lakh
  • Clear CIBIL report and track record
  • Bank account with any of the following banks
    • Abhyudaya Cooperative Bank
    • Ahmedabad Mercantile Cooperative Bank
    • Akola Janata Commercial Cooperative Bank
    • Allahabad Bank
    • Almora Urban Cooperative Bank
    • American Express
    • Andhra Bank
    • Au Financiers
    • Axis Bank
    • Bandhan Bank
    • Bank of Baroda
    • Bank of India
    • Bank of Maharashtra
    • Bharat Cooperative Bank
    • BNP
    • Canara Bank
    • Capital Local Area Bank
    • Catholic Syrian Bank
    • Central Bank of India
    • Citibank
    • Citizen Credit Cooperative Bank Ltd
    • City Union Bank
    • Corporation Bank
    • Dena Bank
    • Deutsche Bank
    • Development Credit Bank
    • Dhan Laxmi Bank
    • Equitas Housing Finance
    • Federal Bank
    • HDFC Bank
    • HSBC Bank
    • ICICI Bank
    • IDBI Bank
    • IDFC Bank
    • India Shelters
    • Indian Bank
    • Indian Overseas Bank
    • IndusInd Bank
    • ING Vysya Bank
    • Jalgaon Janata Sahakari Bank Ltd
    • Jammu And Kashmir Bank
    • Janakalyan Sahakari Bank Ltd
    • Janalakshmi Bank
    • Janaseva Sahakari Bank
    • Janaseva Sahakari Bank Borivli
    • Janata Sahakari Bank
    • Kalyan Janata Sahakari Bank
    • Kapol Cooperative Bank LTD
    • Karnataka Bank
    • Karnataka Vikas Grameena Bank
    • Karur Vysya Bank
    • Kerala Gramin Bank
    • Kotak Bank
    • Lakshmi Vilas Bank
    • Magma Finance
    • Mahanagar Cooperative Bank
    • Maharashtra State Cooperative Bank
    • Manappuram
    • Mizuho Cooperative Bank Limited
    • Muthoot
    • Nagar Urban Cooperative Bank
    • Nagpur Nagarik Sahakari Bank Limited
    • Nainital Bank
    • New India Cooperative Bank Limited
    • Nkgsb Cooperative Bank Limited
    • OBC
    • PNB
    • Punjab and Sind Bank
    • Ratnakar Bank
    • Religare Finvest
    • SBBJ
    • SBI
    • South Indian Bank
    • Standard Chartered Bank
    • State Bank of Hyderabad
    • State Bank of Mysore
    • State Bank of Patiala
    • State Bank of Travancore
    • Syndicate Bank
    • Tamilnad Mercantile Bank
    • Tumkur Grain Cooperative Bank
    • UCO Bank
    • Ujjivan
    • Union Bank of India
    • United Bank of India
    • Vasai Vikas Sahakari Bank Limited
    • Vijaya Bank
    • Westpac Banking Corporation
    • Woori Bank
    • Yes Bank
    • Zila Sahakari Bank Limited

    Business and/ or residence located in any of the following approved areas

    • Agwanpur
    • Ajit Nagar
    • Ankhir
    • Ashoka Enclave
    • Ashoka Enclave 3
    • Asoati
    • Badhkal
    • Ballabhgarh
    • Basantpur
    • Bhopani Village
    • Chandpur
    • Charmwood Village
    • Chawla Colony
    • Dabuwa Colony
    • Dayal Bagh
    • Dhouj
    • Fatehpur Billoch
    • Friends Colony
    • Gandhi Colony
    • Gazipur
    • Green Fields
    • Gurukul Basti
    • Indraprastha Colony
    • Ismailpur
    • Jasana
    • Jawahar Colony
    • Jeevan Nagar
    • Kabulpur
    • Kanwara Village
    • Katan Pahari
    • Kirawali
    • Manjhawali Village
    • Mathura Road
    • Mewala Maharajpur
    • Mithapur
    • Nangla Gujran
    • Neharpar Faridabad
    • Nehru Colony
    • New Industrial Township
    • New Industrial Township No 1
    • New Industrial Township No 2
    • New Industrial Township No 3
    • New Industrial Township No 4
    • New Industrial Township No 5
    • Old Chungi
    • Old Faridabad
    • Pali
    • Palwal
    • Palwal Alighar Highyway
    • Parvatiya Colony
    • Pirthla
    • Railway Colony
    • Rajpur Kalan
    • Sainik Colony
    • Sector 1
    • Sector 10
    • Sector 104
    • Sector 109
    • Sector 11
    • Sector 12
    • Sector 13
    • Sector 132
    • Sector 14
    • Sector 15
    • Sector 15A
    • Sector 16
    • Sector 16A
    • Sector 17
    • Sector 18
    • Sector 19
    • Sector 2
    • Sector 20
    • Sector 20A
    • Sector 21A
    • Sector 21B
    • Sector 21C
    • Sector 21D
    • Sector 22
    • Sector 23
    • Sector 24
    • Sector 25
    • Sector 27
    • Sector 27A
    • Sector 28
    • Sector 29
    • Sector 3
    • Sector 30
    • Sector 31
    • Sector 32
    • Sector 33
    • Sector 34
    • Sector 35
    • Sector 36
    • Sector 37
    • Sector 39
    • Sector 4
    • Sector 41
    • Sector 42
    • Sector 43
    • Sector 45
    • Sector 46
    • Sector 48
    • Sector 49
    • Sector 5
    • Sector 50
    • Sector 51
    • Sector 52
    • Sector 53
    • Sector 54
    • Sector 55
    • Sector 56
    • Sector 57
    • Sector 58
    • Sector 59
    • Sector 6
    • Sector 62
    • Sector 63
    • Sector 64
    • Sector 65
    • Sector 67
    • Sector 69
    • Sector 7
    • Sector 70
    • Sector 71
    • Sector 72
    • Sector 75
    • Sector 76
    • Sector 77
    • Sector 78
    • Sector 79
    • Sector 8
    • Sector 80
    • Sector 81
    • Sector 82
    • Sector 83
    • Sector 84
    • Sector 85
    • Sector 86
    • Sector 87
    • Sector 88
    • Sector 89
    • Sector 9
    • Sector 91
    • Sector 97
    • Sector 99
    • Sehatpur
    • Shastri Colony
    • Shiv Durga Vihar
    • Sholaka
    • Spring Field Colony
    • Suraj Kund
    • Surajkund Road
    • Surya Nagar
    • Tigaon
    • Tikawali village
    • Tilpat
    • Vinay Nagar
    • Yadav Colony
Unsecured Business Loan News - Dec 2016
02nd Dec 16 Credit deployment to MSME sector falls in October, 2016
Credit deployment of banks to industry including micro, small and medium enterprises has fallen by 4.6 percent during March to October, 2016 period as compared to 0.3 percent during the same period previous year. Key industry sectors such as infrastructure, food processing and gems and jewellery and basic metal products have witnessed significant credit contraction.
24th Nov 16 Microfinance lenders to suffer short term hit due to demonetization
Indian economy is suffering from its biggest currency denomination that affected various micro finance lenders. Shares of Satin Creditcare Networks (micro finance Company) fell by 36 percent. Micro finance companies take a serious short term hit because their operations are largely based on cash that have been severely affected.
23rd Nov 16 Aye Finance raises 10.3 million dollars to provide micro finance to small companies in India
Aye Finance, a two year old start up that provides micro finance to small companies, raised 10.3 million dollars from its own investors SAIF Partners and Accion. Funds were raised to provide micro finance to the small companies in India. Aye Finance operates a network of 31 branches across seven states in northern India.
21st Nov 16 NBFCs, Micro Finance Institutions await RBI directive on old currency
NBFCs and MFIs are waiting for directions from central bank to accept old currency notes after demonetization. Customers are required to pay 20 percent of business finance in advance and rest 80 percent is financed by lenders. Since NBFCs and MFIs have stopped accepting old notes after the currency ban, customers are facing difficulty in financing the required amount that is affecting the business badly.
21st Nov 16 IDFC Bank ties up with SME MaXX to enable Indian SMEs to succeed at E-commerce
SME MaXX announced collaboration with IDFC bank to enable Indian SMEs to set up an effective e-commerce channel for their business. As a part of the deal IDFC will sponsor a series of e-commerce workshops in major Indian cities. SMEs attending the workshops will be trained to set up and manage their own e-commerce channels.
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