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Business Loan for Restaurant

Highlights

  • Some of the important charges, features and benefits.
  • Required documents needed for the business loan for the restaurant.
  • Basic purposes for taking restaurant business loan.
  • Things that keep in mind while taking other branches for a restaurant.

Nowadays many individuals are investing their capital into the restaurant businesses. But the only pebble in their path is the need for extra funds and this need has dump many new restaurants startup. If you are also in need of the funds for your restaurant, then you are in the right place. You can see the various options of the financial institutions that have a business loan for restaurants. Their rate of interest is quite low and has a long repayment period of 3 years. On the other hand, you can apply for the Restaurant Business loan for up to ₹2 Crores.

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    The purpose of Taking Restaurant Business Loan

    • Setting or Purchase for New Outlets
    • Increase Working Capital
    • For Hiring New Employees
    • Renovation
    • Purchase for the Raw Material for Kitchen
    • To Choose the Updated Technology
    • Buying Inventory
    • For Restaurant Advertising
    • Wages of the Employees
    • Manage Daily Expenses
    • Purchase of Furniture

    Factors Keep in Mind While Opening other Branch of Your Restaurant

    • Location of the restaurant
    • Food Licensing and business license
    • Staffing
    • Marketing
    • Promotion

    In today’s world, there is huge competition in the market.  Let’s see the list of all top-notch financial institutions that grant a business loan for the expansion of the Restaurant business. Therefore compare the various loan amount, interest rate, tenure and processing fee applicable and apply accordingly.

    ParticularsLoan AmountInterest RateTenureProcessing Fee
    IndifiUp to ₹50 Lacs1.5% Per MonthUp to 36 Months02.00%
    Lendingkart₹50,000 to ₹2 Crore15%-27% Per AnnumUp to 24 Months1-2%
    Bajaj FinservUp to ₹30 Lacs18% per annum onwardsUp to 48 Months2% of the loan amount
    ZiploanUp to ₹5 Lacs23%-29% (Reducing)12 Months - 24 Months3% of the loan amount

    Table of Contents

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    Indifi Business Loan for Restaurant

    If you need immediate money to develop your restaurant, then Indifi is the best option to get a loan. This loan is a collateral-free loan. It does not require a lot of documents for processing. It offers both the loan secured and unsecured business loan for the restaurant. So read below the features and benefits of restaurant business loans and apply accordingly.

    Features and Benefits

    • The repayment period is flexible for up to 36 months.
    • Get a loan at an attractive interest rate starting from 1.5% per month.
    • There will be no hidden charges.
    • Get an instant business loan for the restaurant.
    • Minimum documents with less paperwork.
    • Get a restaurant business loan without collateral.
    • It has multi lenders for sanctioning loans.

    Eligibility Criteria

    • The minimum age will be more than 23 years.
    • Latest ITR is mandatory.
    • The business vintage in the same field must be 2 years.
    • Last 6 months bank statement.
    • Cibil score should be good.

    Lendingkart Business Loan for Restaurant

    As we all know that investment in business loan for the restaurant is low and profit is high. So apply for restaurant business loan from Lendingkart without any collateral and guarantor.

    Features and Benefits

    • As many lenders charge pre-closure fees, but Lendingkart does not charge any amount on pre-closure.
    • There will be no hidden charges, so the charges will be disclosed in the beginning.
    • It does not require any collateral, security and guarantor.
    • The loan process is simple, quick and requires minimal documents.
    • The repayment method is flexible either you can pay monthly or bi-weekly as per your choice.
    • The loan amount will be disbursed to your account within 3 working days.
    • A pre-closure request must be placed after the first EMI payment.

    Eligibility Criteria

    • Minimum age required is 21 and the maximum age is 65 years.
    • The restaurant must be in business for at least 6 months.
    • Business must be profit-making for the last 2 financial years.
    • The place of business should also be in the proper place.
    • Your business must not be blacklisted.
    • Latest 6 months bank statement.
    • The balance sheet must be audited. 
    • If you have already been running a restaurant business for many years, then a minimum turnover of ₹90,000 is necessary for the last three months.
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    Fee and Charges

    These are the basic fees and charges that apply when taking out a restaurant business loan.

    ParticularsDetails
    Loan Amount₹50,000 - ₹2 Crore
    Repayment OptionsMonthly or Weekly
    Pre Closure ChargesNIL
    Processing Fees1-2% (One time fees)

    Bajaj Finserv

    Develop your restaurant on a large scale with Bajaj Finserv Restaurant business Loans. Therefore avail business restaurant loan without any collateral. Bajaj Finserv loan is completely hassle-free loan with a quick process.

    Features and Benefits

    • Get a loan up to ₹30 Lacs for your running restaurant.
    • Pay interest rate only on your used amount and you can lower your EMI by 45%.
    • Only a few documents are needed for the loan process.
    • This loan is an unsecured loan which means you do not put any collateral and security.
    • Get loan approval in just 24 hours.
    • Business loan interest rate is competitive.
    • Get amount in your account in just 1 step verification with pre-approved offers from bajaj finserv. 
    • Access your loan account anywhere at any time.

    Eligibility Criteria

    • The minimum age for implementing the loan is 25 years and the maximum age is 55 years.
    • The borrower should run the business for the last 3 years.
    • Income tax returns should be filed for 1 year.
    • Bank statement for the last 6 months.

    Fee and Charges

    Bajaj Finserv offers the lowest interest rate on business loans for restaurants.

    ParticularsDetails
    Cheque Bounce Charges₹3000 + Taxes
    Penal Interest2% per month
    Documents Processing Charges₹1449 + Taxes

    Ziploan

    As per your ability, get a business loan of up to ₹ 5 lakh from Ziploan so that it helps to grow your business on a large scale. Get a loan directly to your account within 3 working days.

    Features and Benefits

    • There will be no need for the balance sheet. 
    • It offers collateral-free business loan for restaurant.
    • Receive funds directly to your account within three days.
    • It does not charge any prepayment charges.
    • The loan process is simple and hassle-free.
    • The interest rate is charged will be attractive.
    • Required minimal documents for taking the loan.
    • Get a flexible repayment option from 12 months to 24 months as per your choice.
    • You can club you all account bank statements so get the high loan amount.
    • It does not require any Cibil score therefore it has own credit rating process that is Zipscore.

    Eligibility Criteria

    • The borrower has a minimum age of 23 years and a maximum age of 65 years at the time of loan maturity.
    • Minimum business turnover is 10 Lacs in 12 months.
    • The business should be operating at least for the last 2 years.
    • ITR should be filled for 2 years and more and it should be more than ₹2.5 Lacs.

    Documents Required Business Loan for Restaurant

    • Pan Card (Firm/ Individual/ Company)
    • Passport Size Photograph
    • Identity Proof (Any One ) Aadhaar card, voter Id, Pan card, Passport, Driving License
    • Address Proof (Any One)  Adhar Card, Passport, electricity bill, ration card, telephone bill, lease agreement, trade license

    Business Ownership Proof

    • Food license
    • GST Return
    • Bank statement
    • Trade License
    • Shop establishment Certificate
    • Registration Certificate
    • Memorandum and Articles of association

    Financial Documents

    • Balance Sheet
    • Profit & Loss Account Statement

    Note – All the documents must be attested by a Chartered Accountant

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