ZipLoan Business Loan Interest Rates
Last Updated : Dec. 19, 2019, 3:38 p.m.
ZipLoan Business Loan Interest Rates – If you Cibil score is not good and no bank is funding so no need to worry. It provides business loans to loans for Cibil -1 or 1 to 5 or no credit history. Ziploan calculate the eligibility on the financial basic, bank accounts, business transactions and many more.Get loan disbursed within 3 days to our current or savings account after completion of documents with tenure of 12, 18 and 24 months.
ZipLoan Business Loan Interest Rates Details
| Particulars | Details |
|---|---|
| Interest Rate | 23%-29% (Reducing) |
| Prepayment Charges | NIL |
| Processing Fee | 3% of the loan amount |
| Loan Amount | ₹ 1 Lacs- ₹ 5 Lacs |
Main Factors that Affect Business Loan Interest Rates
Nature of Business – The nature of business should be positive. Even if you are running any business for a long time. As your business gets more opportunities for loan approval and interest rate will be less. Borrowers have been in the same business for many years with the option of obtaining a lower interest rate.
Business Vintage – Business vintage plays an important role. If your business has been running for many years, then it shows the stability and potential of the business. If you have a high business vintage, lenders see a lower risk of default and higher repayment capacity and therefore a lower interest rate.
Business Annual Turnover – The lender always calculates the eligibility based on the turnover of your business. This can be monthly or annual turnover. So higher turnover of your business reflects your business financial positive of the business. So with high turnover one can negotiate interest rates from lenders.
Collateral – As all banks and financial institutions provide collateral free loans. So the Ziploan provides both secured and unsecured business loan. If you provide any type of collateral then it reduces your interest rate and if you do not provide any collateral interest charges can be high.
Therefore, before implementing the business loan there are some major factors that the borrower should know how to reduce the interest rates from the total cost credit.
How Does the Rate of Interest Affect EMI Amount?
You can see how the rate of interest fluctuates in the EMI amount from the table below. To calculate EMI, you can use the Ziploan Business Loan EMI calculator .
| Principal Amount | Interest Rate | Tenure | EMI ( Equated Monthly Installment) |
|---|---|---|---|
| ₹ 100,000 | 23% | 24 Months | ₹ 5237.33 |
| ₹ 100,000 | 29% | 24 Months | ₹ 5539.94 |
| ₹ 300,000 | 25% | 24 Months | ₹ 16011.46 |
| ₹ 300,000 | 29% | 24 Months | ₹ 16619.81 |
| ₹ 500,000 | 28% | 24 Months | ₹ 27444.25 |
| ₹ 500,000 | 29% | 24 Months | ₹ 27699.68 |
Now you can see in the above mentioned table that tenure and principal amount are same but interest rate fluctuation is manipulating EMI amount.
Eligibility to Avail Ziploan Business Loan
- Borrower minimum age is 23 years.
- Maximum age is 65 years.
- Business vintage will be 2 Years.
- Business and office residences will be separated.
- Latest 2 years ITR (Income Tax Return) and it should be ₹ 2.5 Lacs per year.