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Business Loan for Manufacturers

Highlights

  • Some important features, benefits and charges for the business loan.
  • Some of the factors that affects the business loan eligibility.
  • Purposes that helps to use a business loan.

Business Loan for Manufacturers – Even though a business loan is the best option for manufacturing to increase their production. To compute the business loan with different Non-Banking Financial Corporations (NBFCs) such as loan amount, interest rate, tenure period and processing fee and apply unsecured business loan for the manufacturers accordingly.

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    What is Manufacturer?

    The manufacturer is the one who converts the raw materials into finished goods, with the help of hands or machines and it will be sold to customers to meet their needs and expectations.

    Different Purposes of the Business Loan for Manufacturer

    • Upgrade your machines
    • You can invest in new business technology
    • Purchase the equipment 
    • Increasing the staff 
    • Buying new premises for manufacturing
    • Paying Taxes
    • Helps to expand the warehouse
    • Research Development
    • Large Expansion Plans

    These are the List of Non-Banking Financial Corporations (NBFCs) that offer business loan to promote your business

    Bajaj Finserv Business Loan for Manufacturers

    Yes, we all know that every manufacture requires money. So get a business loan from Bajaj Finserv for Manufacturers at an attractive interest rate. You can use this loan for purchasing raw materials, for inventory, buying equipment and more.

    Features and Benefits

    • Get a loan of up to ₹30 lakh to expand your current business.
    • Flexible loan facility for loan repayment and withdrawals.
    • It is a completely online process such as online approval.
    • Once you connect with Bajaj Finserv, the Relationship Officer will provide doorstep services.
    • For immediate funding, select a business loan from Bajaj Finserv to get approval in 24 hours and disbursement within 48 hours.
    • Minimum documents required for a business loan for manufacture.
    • Get access to manage your account online anywhere and anytime.
    • The loan will be provided without any security, guarantor and collateral.
    • There will be no charge on part prepayment.

    Eligibility Criteria

    • The minimum age of the borrower for taking a loan is 25 to 55 years.
    • The borrower should run the business for the last 3 years.
    • Income tax return (ITR) must be filled for a minimum of 1 year.
    • Bank account statement for the last 6 months.

    Some of the Important Fee and Charges

    ParticularsDetails
    Cheque Bounce Charges₹3000 + Taxes
    Charges For Document Process₹1449 + Taxes
    Penal Interest2% Per Month

    Ziploan

    Searching for a business loan for the manufacturer at a low business loan interest rate. Yes, you are at the right place which offers a good interest rate in the market. Ziploan offers business loan without collateral for the manufacturer.

    Features and Benefits

    • Receive money within 3 days after submitting all documents.
    • There will be no prepayment fee on your ongoing business loan.
    • Get a business loan for manufacture without any collateral.
    • This requires a minimum number of documents for the loan.
    • There is no need for a balance sheet.
    • For availing the loan ziploan do not require any CIBIL score.
    • It does not charge any penalty on partial or full repayment of business loans before its term.
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    Eligibility Criteria

    • The minimum age of the applicant is 23 years.
    • The maximum age at the time of loan maturity is 65 years.
    • It requires business with a turnover of 10L+.
    • The business must be in operation at least for the last 2 years.
    • Business ITR for 2 years and ITR should be more than ₹2.5 lacs.
    • Business premises should be separated from home premises.
    • 12-month bank statement of your current or savings accounts.

    Lendingkart Business Loan for Manufacturers

    If you are looking to increase your output of the business, there is no need to get upset, take a business loan for manufacture from Lendingkart without any hassle. Even Lendingkart provides loans for the long term, midterm and short term.

    Features and Benefits

    • It has a flexible tenure option to repay the loan. 
    • You can close your entire business loan before the tenure period, they do not incur any penalty.
    • You can choose the tenure option as per your suitability.
    • There will be no hidden charges for the borrower.
    • You can take unsecured loans without collateral and guarantors.
    • The entire loan process is online with minimal documentation.
    • You can calculate the EMI with the help of business loan EMI calculator.

    Eligibility Criteria

    • The minimum age is 21 years.
    • Maximum age is 65 years.
    • The business should be profitable in the last 2 financial years.
    • Certified bank statement required for the last 6 months.

    Fullerton India Business Loan for Manufacturers

    If you are a manufacturer and require funds for daily operations to purchase raw materials, stock, increase overhead expenses, so there is no need to think more and get a loan from Fullerton India at an attractive interest rate.

    Features and Benefits

    • Get loan up to 50 lacs through simple documentation and easy process.
    • Select the repayment option between 12 to 60 months.
    • Business loan without collateral and guarantors.
    • The loan process requires a minimum number of documents.

    Eligibility Criteria

    • The minimum age for applying the loan is 22 years.
    • The maximum age at the time of loan maturity is 65 years.
    • Business minimum turnover of 10 lakhs per month.
    • Your business should be profitable for the last 2 years.
    • A minimum annual income tax return (ITR) of 2 lacs per year is required.
    • Your business experience should be for 5 years.
    • You must engage in current business for 3 years.

    Fee and Charges

    ParticularsCharges
    Per Collection Cheque/ Cash₹300
    Swapping Charges₹500
    Loan Cancellation Charges₹1000
    Foreclosure Charges0 EMIs to 6 EMIs - Not Allowed
    7 EMIs to 17 EMIs - 7%
    18 EMIs to 23 EMIs - 5%
    24 EMIs to 35 EMIs - 3%
    36 EMIs or more EMIs - 0%

    Factors Affecting Business Loan Eligibility

    • Debt repayment track
    • Existing relationship
    • Credit Performance / Credit Bureau Update
    • Debt servicing capacity of a customer
    • Business vintage
    • Business Financials

    Documents Required

    • Pan Card (Individual/ Company/ Firms)
    • Passport size photograph
    • Identity Proof (Any One) – Pan card, Adhaar card, voter ID, passport, driving license or any other valid document issued by the government.
    • Address Proof (Any One) –  Adhaar card, voter ID, passport, electricity bill, ration card, telephone bill, lease agreement
    • Proof of Business Continuity (Any One) ITR / Business License / Establishment / Sales Tax Certificate
    • Partnership deed in case of a partnership
    • Memorandum and  Article of Association
    • Income Tax Return 
    • GST Return
    • Balance Sheet and Profit & Loss Statement

    Note – All the documents are attested by Chartered Accountant (CAs).

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