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Business Loan for Shop

Highlights

  • Know the purposes of taking shop loan.
  • Compute loan amount, interest rate, tenure and processing fee.
  • Basis documents needed for shop Loan.
  • Different Non-Banking Finance features, benefits and charges of business loan for the shop.

Any kind of shop you are running you required time to time fund for growing your shop. You can look at the various options of non-financial institutions that have business loans for the shop. These are some of the non-banking financial institutions that are ready to help customers in the best possible way and to meet their business needs. You can avail Loan up to ₹2 Crore as per your capability. Read to find out the features, benefits and charges of business loan for shop.

Some of the Purpose for Taking Business Loan for Shop

  • Purchase Point of Sale (POS) machine
  • Marketing and Advertising in your shop 
  • Offers and Scheme which is going on
  • Meet Seasonal Demand
  • Extending Credit to Customers
  • Expand your Existing shop
  • Hiring New Staff
  • New Store Premises
  • Furnishing Shop
NBFCs NameLoan AmountInterest RateTenureProcessing Fee
Lendingkart50,000 to 2 Crore15%-27%Up to 24 Months1-2%
IndifiUp to 50 Lacs1.5% Per MonthUp to 36 Months2%
Bajaj FinservUp to 30 Lacs18% Per Annum onwardsUp to 48 MonthsUp to 2% of the loan amount + Taxes
ZiploanUp to 5 Lacs23%-29% (Reducing)12 Months to 24 Months3% of the loan amount

Lendingkart

If you are looking to expand your shop so Lendingkart is the best place to avail a collateral-free business loan for your shop. Get a loan of up to 2 crores as per your requirement at a competitive interest rate.

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Get to Know Some Features and Benefits

  • The loan process is very fast and the entire loan process is online which helps in faster disbursement
  • This disbursement process is very fast and the loan will be credited to your account within 3 working days.
  • Business loans Interest rate is competitive so that the low-interest rate cost less EMI amount.
  • Lendingkart offers flexible repayment options. You can pay EMI of business loan monthly or bi-monthly.
  • You can customize your business loan according to your suitability.
  • Get a business loan without collateral, security and guarantor.

Eligibility Criteria

  • The age of the applicant is 21 years to 55 years.
  • Applicant must be a citizen of India.
  • For applying the loan minimum monthly turnover required 90,000.
  • Your business must operate for the last 6 months.
  • Your business should be positive it should not be blacklisted.
  • The place of business should be in a positive area.
  • 12 months of a bank statement.

Indifi

If you think taking an unsecured loan is complicated, don’t worry, indifi gives business loans without collateral up to 50 lacs.

Features and Benefits

  • Get Indifi business loan for a shop up to 50 lacs in just 24 hours.
  • For one application it offers many lenders so that it increases the chances of the approval.
  • It has a specific loan product for your shop business loan.
  • There will be no hidden charges for the loan application process.
  • You have the option to choose the loan tenure period and repayment method.
  • It requires minimum documents for the entire loan process.
  • Shop business loans are unsecured and do not require any collateral as security.
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Eligibility Criteria

  • Applicant age must be greater than 23 years. 
  • Bank statement of last 6 months.
  • Required minimum operational history of 2 years.
  • Needed 2 years Income Tax Return (ITR) for less than 10 Lacs.
  • Your Business proof is mandatory.

Bajaj Finserv

Take a shop loan from Bajaj Finserv and grow your business to a higher level. This offer Flexi loan facility to your loan so with Flexi facility you can reduce your EMIs by 45%.

Features and Benefits

  • Take a loan of up to 30 lakhs for your shop without any collateral and security.
  • Apply a business loan to the shop with 2 documents and get loan approval within 24 hours.
  • If you are an existing customer of Bajaj Finserv, get instant funds through pre-approved offers.
  • You can manage your loan account online anytime, anywhere with Bajaj Finserv portal Experia.
  • Get Flexi loan facility and withdrawal facility.
  • With the help of Flexi loan facility, you can reduce your EMI by 45%.
  • Bajaj Finserv business loan for the shop is a completely online process.
  • It offers doorstep facility and loan is hassle-free.

Eligibility Criteria

  • The borrower age will be between 25 to 55 years for applying for a loan.
  • Applicant business (ITR) should be filled for a minimum of 1 year.
  • The applicant must also have a business running for at least 3 years.
  • Needed bank account statement for the last 6 months.

Fees and Charges by Bajaj Finserv

ParticularsFees/Charges
Interest Rate18% Per Annum onwards
Penal Interest2% Per Month
Cheque Bounces ChargesUp to ₹3000 Per Month + Taxes
Documents Processing Fees₹1449 + Taxes
Foreclosure Charges4% of the loan amount + Taxes

Ziploan

Ziploan offers collateral-free business loans to all those who are looking for a shop loan. It offers loans with minimum documentation and business loan interest rates are low. Hence Ziploan offers the best business loan for the shop in the market. So read below some important features, benefits and eligibility criteria and apply accordingly.

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Features and Benefits

  • It does not require a balance sheet for the loan process.
  • Business loans for the shop do not require any collateral and security.
  • Receive funds directly into your account within 3 days after submitting all documents.
  • There will be no prepayment fee for the loan.
  • It does not require a lot of documents, only a few documents are required.

Eligibility Criteria

  • Minimum age of the borrower is 23 years and maximum age is 60 years at the time of loan maturity.
  • Your business last ITR should be more than ₹2.5 Lacs.
  • Either the home or the business premises must be owned.
  • Your business location must be separate from the residence.
  • Your business must be operating for at least 2 years.
  • It requires minimum turnover ₹10 Lacs in last 12 months.

Documents Needed for Shop Loan

These are the basic documents that are required to take a business loan for the shop.

  • Passport size photographs
  • Pan Card (Individual/ Firm/ Company)

Applicant Identity Proof (Any One)

  • Pan Card
  • Aadhar Card
  • Passport
  • Driving License
  • Voter Id Card

Applicant Address Proof (Any One)

  • Passport
  • Driving License
  • Voter Id Card
  • Aadhar Card
  • Rent Agreement
  • Electricity Bill
  • Bank Statement

Business Continuity Proof

  • Sales Tax Challans
  • GST Return
  • Gumasta License 
  • Trade License
  • Income Tax Returns
  • Shops & Est.Certificate
  • Certificate of Incorporation.

Financial Documents

  • Balance Sheet
  • Profit and Loss Account
  • Memorandum and Article of Association

Note – All documents are self-certified and audited by a Chartered Accountant.

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Personal Loan Interest Rates February 2020
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank10.99% - 18.00%
Tata Capital10.99% - 18.00%

Home Loan Interest Rates February 2020
State Bank of India/SBI7.90% - 8.55%
HDFC8.00% - 8.95%
LIC Housing8.10% - 8.95%
PNB Housing Finance9.25% - 12.00%
Piramal Capital & Housing Finance9.00% - 9.10%
Tata Capital9.20% - 9.35%
ICICI Bank8.25% - 9.35%
Bank of Baroda8.15% - 9.15%
Axis Bank8.90% - 9.15%
Citibank9.00% - 9.85%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.90% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 14.00%