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Business Loan in Mumbai

Highlights

  • Calculate different interest rates of different financial institutions.
  • Some important purposes of business loan.
  • Important documents required for business loans.
  • Calculate EMI fastest through Business Loan EMI calculator.

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

Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility

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    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 InstitutionProcessing FeesInterest Rates
    HDFC Bank- Up to 2.50% of the loan amount
    - Minimum of ₹ 2359
    - Maximum of ₹ 88500
    11.90%- 21.35%
    Axis Bank1.25% - 1.50%14.25%-20.00%
    Kotak Mahindra Bank2.00% of the loan amount + GST18.00%-23.00%
    IDFC First BankUpto 3.5% of loan amount16.00%-24.00%
    Bajaj Finserv2.00% of the loan amount18.00% Onwards
    Ziploan3.00% of the loan amount23%-29% (Reducing)
    Lendingkart1-2% of the loan amount1-2% Per Month
    Tata CapitalUp to 2.75% of the loan amount + GSTStarting at 19.00%
    Fullerton India6.5% of the loan amount17.00%-21.00%
    Indifi2.00% of the loan amountStarts from 1.5% Per Month
    Indiabulls with Dhani Biz3% onwards13.99% onwards
    Capital FloatUp 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.
    People Also Look For  Dena Bank Business Loan

    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.

    People Also Look For  Yes Bank Business Loan

    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 AmountInterest RateTenure PeriodMonthly EMITotal Amount with InterestTotal Interest AmountYearly Interest Amount
    ₹200,00015.00%36 Months₹6933.07₹249590.52₹49590.52₹16530.17
    ₹200,00018.00%36 Months₹7230.48₹260297.28₹60297.28₹20099.09
    ₹200,00021.00%36 Months₹7535.01₹271260.36₹71260.36₹23753.45
    ₹500,00015.00%36 Months₹17332.66₹623975.76₹123975.76₹41325.25
    ₹500,00018.00%36 Months₹18076.2₹650743.2₹150743.2₹50247.73
    ₹500,00021.00%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

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    Personal Loan Interest Rates July 2020
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.99% - 18.49%
    IndusInd Bank11.25%
    Kotak Bank10.99% - 20.99%
    RBL17.50% - 24.00%
    Standard Chartered Bank11.50% - 18.00%
    Tata Capital10.99% - 18.00%
    Home Loan Interest Rates July 2020
    Axis Bank7.75% - 8.55%
    Bank of Baroda6.85% - 7.85%
    Citibank8.20%
    HDFC6.95% - 8.00%
    ICICI Bank7.45% - 8.55%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank7.40% - 9.70%
    LIC Housing7.40% - 8.85%
    Piramal Capital & Housing Finance9.00% - 9.10%
    PNB Housing Finance8.60% - 9.45%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI6.95% - 7.60%
    Tata Capital9.20% - 9.35%