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NBFCs for Business Loan

Highlights

  • Know the NBFCs that offer unsecured business loans.
  • List of documents required for loan processing.
  • Learn some important features.
  • Know the Particular NBFCs Specialisation.

A business loan is the most appropriate option when it comes to business goals to meet your business objectives. Yet people do not know which non-financial institution is suitable for business loans. Business loans are easily available and these are the most suitable NBFC option for the borrowers to grow their business. So some NBFCs offer business loans at the least interest rate without collateral to increase the opportunity of business loan.

These are the list of NBFCs who offers business loan without any collateral.

  • Bajaj Finserv
  • Tata Capital
  • Lendingkart
  • Ziploan
  • Fullerton India
  • DHFL
  • Indiabulls with Dhani Biz
  • Indifi
  • Capital Float
  • Magma Fincorp
  • Hero Fincorp

Some Important Charges You May Know

NBFCs NameLoan AmountTenureInterest RateProcessing Fees
Bajaj FinservUp to ₹30 Lacs12 Months to 48 Months18.00% onwards2% of the loan amount
Tata Capital₹5 Lacs to ₹75 Lacs12 Months to 36 MonthsStarting at 19.00%Up to 2.75% of the loan amount + GST
LendingkartUp to ₹2 CroreUp to 36 Months1-2% Per Month1-2% of the loan amount
ZiploanUp to ₹5 LacsUp to 24 Months23% to 29% (Reducing)3% of the loan amount
Fullerton IndiaUp to ₹50 Lacs12 Months to 48 Months17%-21%Up to 6.5% of the loan amount
DHFLUp to ₹35 LacsUp to 60 MonthsCustomized2% of the loan amount
Indiabulls with Dhani BizUp to ₹15 Lacs6 Months to 36 Months13.99% onwards3% onwards
IndifiUp to ₹50 LacsUp to 36 MonthsStarts from 1.5% Per Month2% as Processing Fee
Capital Float₹5 Lacs to ₹50 Lacs12 Months to 36 Months15%-24%Processing Fees up to 2%
Magma Fincorp₹3 Lacs to ₹2 Crore12 Months to 48 Months17.5%-21% Per AnnumAs per Bank Norms
Hero Fincorp₹5 Lacs to ₹25 Lacs12 Months to 36 Months19%-23% Per AnnumAccording to bank policy

Know Different Types of Business Loan

Features and Benefits

  • You can avail a hassle-free unsecured business loan.
  • Get a flexible repayment option to pay off the loan.
  • These loans are unsecured business loan without collateral, guarantor and security.
  • You can access your loan account online anywhere and anytime as per your convenience.
  • There will be no hidden charges for any loan process.
  • You can also get business loans online on NBFC website or through the mobile application.
  • Once you submit all the documents then the loan disbursement process will be speeded up.
  • It offers attractive business loan interest rates. 
  • It provides door to door services for the entire business loan process.
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Bajaj Finserv

Bajaj Finserv is one of the most prominent non-financial institutions that offers business loans up to ₹ 30 lacs at the cheapest interest rate. You can get a loan in just 24 hours after completion of all the documents.

Ways to Qualify Business Loan Criteria

  • Applicant Minimum age is 25 and the maximum age is 55 Years.
  • Required minimum business vintage 3 years.
  • Applicant must be previous Income Tax Return.
  • Your CIBIL score must be healthy for applying for a loan.

Key Points

  • Flexi loan facility is available on your business loan which helps in reducing your EMI by 45%.
  • Apply loans online and know your pre-approved offers.
  • The loan can be opted by self – employed professionals and non-professionals.
  • Get high top-up loan facility so reduce your interest rate.
  • You can receive money in your account in just 24 hours.

Tata Capital

So try to find the best non-financial institution that offers business loans to meet the need of a daily basis, then take a loan from Tata Capital which offers customized business loans. This loan is a collateral-free loan with a competitive interest rate.

Know Some Eligibility Criteria

  • The age of the borrower must be between 25-65 years to apply for the loan.
  • Your business should earn profits continuously for 3 years.
  • The business should be in an upward direction.
  • Your business balance sheet should be audited by a chartered accountant.

Key Points

  • Tata Capital offers you multiple products.
  • It offers a structured repayment EMI option as per your convenience.
  • Get a high amount of business loan without any collateral and security.

Some of the Important Charges

  • Bounce Charges – ₹2000 + GST
  • Document Process Charges – ₹999 + GST
  • Post Dated Cheques Charges – ₹850 + GST
  • Foreclosure Charges – 4.5% of principal amount + GST
  • Loan Cancellation Charges – 2% of the loan amount or loan 5,750 whichever is higher + GST

Lendingkart

Lendingkart is the only NBFC to offer collateral-free loans up to ₹ 2 crores. If you apply for a business loan online, you can get the money in your account in just 3 working days and you get a business loan for machinery.

Eligibility Criteria

  • Your business has been operated for more than 6 months.
  • Your nature of business must be positive and it should not be in a blacklist.
  • The minimum business annual turnover required before implementing the loan is more than 90,000 or 3 months.
  • No trusts, NGOs and Charitable institute are not eligible for the business loan.
  • Your business must be running at a positive location.

Key Points

  • You can repay your loan amount monthly and Bi-weekly.
  • There will be NIL foreclosure charges for the loan.
  • It provides a customized interest rate that is 1-2% per month.

Types of Business Loan from Lendingkart

There are 7 types of business loans offered by the Lendingkart to meet the basic requirement of your business.

  • Bank Overdraft and Credit Line
  • Equity Funding
  • Short Terms Loan
  • Equipment Finance
  • Loan on Accounts Receivables
  • Factoring and Advances
  • Trade Creditor
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Ziploan

Looking for a business loan to expand your business then opt for a business loan from Ziploan. It gives loan for up to 24 months. This loan can also be availed for self-employed professionals and non-professionals.

Eligibility to Avail of Ziploan Business Loan

  • To get a business loan the applicable minimum age is 23 and the maximum age is 65 years.
  • Latest 2 years Income Tax Return and it should be more than 2.5 Lacs.
  • Your business premises and resident must be separated from each other.
  • The business you are operating it should be at least 2 years old.

Key Points

  • Ziploan provides business loans to for Cibil -1 or 1 to 5 or no credit history. 
  • You have the option to club all your bank account details for a higher loan amount.
  • It does not charge any penalty on partial and prepayment.
  • It does not require any CIBIL score when lending, so it has its own overall credit rating process, called Zipscore.

Fullerton India

If you are planning to grow your business at a high level but due to insufficient funds, you are not able to fulfil your business dreams. So no need to worried avail a business from Fullerton India it gives loan amount up to ₹50 lacs.

Required Eligibility

  • The applicant for applying loan is 22 years.
  • At the time of loan maturity, age should be less than 65 years.
  • Minimum business turnover required ₹10 lacs.
  • The business must be profitable for at least 2 years.
  • Needed minimum business income tax return of 2 lacs per year.
  • It provides business loan for shop also.
  • You should do the same business for 3 consecutive years and the total experience is 5 years.
  • It provides loans to self-employed individuals, proprietors, private limited companies, and partnership firms working in manufacturing, trading, or services.

Key Points

  • It offers Flexi loan facility on an unsecured business loan.
  • Get online access to your loan account.
  • Avail unsecured business loan in 24 hours.

EMI Payment Methods

  • You can repay through cheques
  • Electronic Clearing Service (ECS)

Indiabulls With Dhani Biz

Indiabulls offers an instant business loan with Dhani business loan app. You can use this money for many purposes such as expansion, increasing working capital, purchasing inventory, opting updated technology and latest plant and machinery, for hiring new staff and may more.

Eligibility Criteria

  • Borrower age between 25 years to 65 years at the time of loan completion.

Key Points

  • Get instant amount starts from ₹10,000 in your account with Dhani Biz.
  • The amount will be disbursed within instantly in your current account.
  • You can manage your business loan online anywhere anytime with Indiabulls Dhani loan app because of the information is available in the app.

Indifi

Get a business loan up to ₹50 Lacs as per your requirement. For one application it provides many lenders so you have more chances of business loan easily. So get quick and hassle-free access with Indifi business loan.

Eligibility for Business Loan

  • Borrower age must be above 23 years old.
  • Your business vintage must be 1 year.
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Key Points

  • For one application it offers many lenders therefore it increases your loan approval opportunities.
  • It has its own specific business loan product for your specific business needs.

Capital Float

Yes, every businessman needs money to develop a business so Capital Float business loan created a wide variety of business loan to meet your basic business requirement. So read the terms and conditions and apply accordingly.

Eligibility to Apply for Loan

For Business Term Finance

  • Your annual business turnover will be ₹1 crore and above.
  • GST required for last 6 months.
  • Your business must be registered.
  • The business must have operated for the last 3 years or more.
  • Requires 6 months bank statement.

Loans Against Card Swipe

  • GST return of the business.
  • Business must be operating from last 1 years.
  • The business annual turnover will be ₹20 Lacs.
  • Minimum monthly card amount ₹ 2 Lakh.
  • The minimum card acceptance vintage of 6 months.

Key Points

  • Get a loan in your account within 3 working days.
  • You can easily apply for a business loan online anytime and anywhere.

Magma Fincorp

Magma Finance offers fast loan for who needs urgent funds. The interest rate ranges between 17%-21% per annum. The loan can be availed for a maximum tenure of 48 months. So grab a business loan from Magma Fincorp.

Eligibility Criteria of Business Loan

  • The business must be operated for at least 3 years.
  • Your business turnover should be in an upward direction.
  • Your CIBIL score should be good.
  • The net worth of the business will be positive.
  • You should have clear banking and credit payment history.

Key Points

  • Avail highest loan amount up to ₹2 crores.
  • It offers personalised services for taking a business loan.

Hero Fincorp

Hero Fincorp SME Finance where you can grab business opportunities. It offers the best business loans in the market. So read below some important specialisation and eligibility criteria and apply accordingly.

Eligibility Criteria

  • You should be engaged in current business for 3 years.
  • Business must be profitable and qualified for business norms.
  • CIBIL score should be obtained for business loan eligibility.
  • Must be public, private, owned or self-employed.

Key Points

  • Required less time in disbursement.
  • Business loan for chartered accountant.

Required Documents

  • Pan Card (Individual/ Company/ Firm)
  • Passport Size Photographs of all applicants and co-applicants
  • Identity Proof – (Anyone) – Voter ID / Driving License / Passport / Aadhar Card/ Pan card
  • Address Proof – (Anyone) – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
  • Ownership proof of either residence or office either in the name of the applicant or jointly with family members
  • Business Continuity Proof – (Anyone ) Document dated 3 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed)
  • Loan Sanction Letter (if any loan is running or closed in the past 6 months)
  • Balance Sheet
  • Profit & Loss A/c
  • Computation of Income 
  • Latest 2 Years Income Tax Return
Proprietorship For Self-employed ProfessionalsFor Partnership Firms/ Private Limited Companies
Doctors, Architects, Chartered Accountants
- Professional Qualification Certificate
- Degree Certificate
- Partnership Deed and partnership authority letter
- Memorandum of Association
- Articles of Association
- Board Resolution
- Certificate of Incorporation (COI)

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

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Personal Loan Interest Rates September 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.75% - 18.49%
IndusInd Bank11.25%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank11.00% - 15.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates September 2020
Axis Bank7.75% - 8.55%
Bank of Baroda7.00% - 8.40%
Citibank8.20%
HDFC6.95% - 8.00%
ICICI Bank6.95% - 8.05%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank7.20% - 9.30%
LIC Housing6.90% - 7.90%
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%