Business Loan in Mumbai
Last Updated : Feb. 6, 2023, 3:21 p.m.
Mumbai is the largest and most populated in India. It is the financial and commercial centre and its principal port on the Arabian Sea. Mumbai is very famous for its vada pav, tourism, marketplaces, film industry and more. So check out the different financial institutions for a Business Loan in Mumbai. These are the list of some financial institutions who grant business loans at Competitive interest rates.
Business Loan Interest Rates in Mumbai
So before taking any loan, you should know the interest rate of different financial institutions, so apply accordingly.
| Financial Institution | Processing Fees | Interest Rates |
|---|---|---|
| HDFC Bank |
- Up to 2.50% of the loan amount
- Minimum of ₹ 2359 - Maximum of ₹ 88500 |
11.90%- 21.35% |
| Axis Bank | 1.25% - 1.50% | 14.25%-20.00% |
| Kotak Mahindra Bank | 2.00% of the loan amount + GST | 18.00%-23.00% |
| IDFC First Bank | Upto 3.5% of loan amount | 16.00%-24.00% |
| Bajaj Finserv | 2.00% of the loan amount | 18.00% Onwards |
| Ziploan | 3.00% of the loan amount | 23%-29% (Reducing) |
| Lendingkart | 1-2% of the loan amount | 1-2% Per Month |
| Tata Capital | Up to 2.75% of the loan amount + GST | Starting at 19.00% |
| SMFG India | 6.5% of the loan amount | 17.00%-21.00% |
| Indifi | 2.00% of the loan amount | Starts from 1.5% Per Month |
| Indiabulls with Dhani Biz | 3% onwards | 13.99% onwards |
| Capital Float | Up To 2.00% | 15.00%-24.00% |
Features of Business Loan
- Avail business loan without collateral , security and guarantor.
- You can easily avail dropline overdraft facility with no security.
- You can protect your family members by paying your nominal premium and cover your loan with credit protect.
- Transfer your existing loan to one financial institution to another at a low-interest rate and processing fee.
- Debt repayment is very easy with flexible tenure months.
- Its loan process is hassle-free to meet the financial needs of the business.
- Minimum documentation with less paperwork.
- You have a convenient option to access your account online anytime and anywhere.
- The whole process is completely online from loan approval to disbursement.
- Its business loan interest rate and processing fees are low.
- At the time of the loan, process documents are collected at your doorstep.
Know Your Eligibility Criteria
- The minimum age of the applicant to apply for a business loan is 21 years and the maximum age at the time of loan maturity is 65 years.
- The borrower should be individual, sole proprietorship, partnership firm, trust, LLP will be involved business should be manufacturing, trading and services.
- Your business should be profitable for the last 2 years.
- In current business, your experience is 3 years and total business experience is 5 years.
- Your Cibil score must be healthy and the previous track must be good.
- Latest 2 years Income Tax Return (ITR).
- Business must not be blacklisted or should not be located in a negative area.
Important Purpose of Business Loan in Mumbai
There are lots of reasons to get a business loan, so in the list below you can use the loan as per your requirement.
- For expanding your Existing Business
- Purchase of Inventory
- Increase the business cash flow
- Buying new equipment
- Increase in working capital
- For hiring new staff
- Update the latest technology
- Renovation of business
- Buying new stock
- Purchase raw material
- For the purchase of new premises
Business Loan EMI Calculator Mumbai
EMI is calculating on the 3 parameters of a loan that is the loan amount, tenure period and interest rate therefore with the help of the Business Loan EMI Calculator you can calculate the EMI in just a few seconds of any loan amount. So let’s understand with the help of examples.
Suppose if you took a loan of ₹2 Lacs and ₹5 Lacs from any financial institution with 15%, 18%, 21% interest rate and tenure will be 36 months, then you can know your monthly EMI, total amount with interest, total amount interest and yearly interest amount.
Let’s take a look at the EMI calculator to see how the EMI amount fluctuates at the time of interest changes and loan amount.
| Loan Amount | Interest Rate | Tenure Period | Monthly EMI | Total Amount with Interest | Total Interest Amount | Yearly Interest Amount |
|---|---|---|---|---|---|---|
| ₹200,000 | 15.00% | 36 Months | ₹6933.07 | ₹249590.52 | ₹49590.52 | ₹16530.17 |
| ₹200,000 | 18.00% | 36 Months | ₹7230.48 | ₹260297.28 | ₹60297.28 | ₹20099.09 |
| ₹200,000 | 21.00% | 36 Months | ₹7535.01 | ₹271260.36 | ₹71260.36 | ₹23753.45 |
| ₹500,000 | 15.00% | 36 Months | ₹17332.66 | ₹623975.76 | ₹123975.76 | ₹41325.25 |
| ₹500,000 | 18.00% | 36 Months | ₹18076.2 | ₹650743.2 | ₹150743.2 | ₹50247.73 |
| ₹500,000 | 21.00% | 36 Months | ₹18837.53 | ₹678151.08 | ₹178151.08 | ₹59383.69 |
Documents Required for Business Loan in Mumbai
- Pan Card (Individual, Partnership Firm, Company)
- Passport Size Photographs of all applicants and co-applicants
- Identity Proof (Any One) – Aadhar card, Passport, Voter Id, Driving License, Pan Card
- Address Proof (Any One) – Aadhar card, Passport, Voter Id, Driving License, Electricity Bill, Utility Bills, Bank Statement
- Business Continuity Proof (Any One) – Bank Statement, Sales Tax Challans, IT Returns, Shops & Est. Certificate, Certificate of Incorporation, Partnership Deed, GST
- Latest 1 year Bank statement
- 2 years Income Tax Return (ITR)
- Balance Sheet
- Profit & Loss Account
- Computation of Income
- Professional Qualification Certificate and Degree Certificate for professionals such as Doctors, Architects, Chartered Accountants
- Memorandum and Articles of Association and Board Resolution from the company
- Certificate of Incorporation (COI) for companies