Instant Business Loan

A business loan is cash or working capital that a business owner borrows from lenders to pay for costs mostly associated with day-to-day operations, expansion, growth, or marketing. The main goal of a private business loan is to quickly inject cash into the company in order to support its pressing demands, such as business expansion, meeting working capital requirements, buying company assets, and hiring more employees.You can get offline and online business loans.

Loan Disbursal in 3 hrs*
100% Online Process
Verify Contact Number

Benefits of Business Loan

Following are the benefit of business loan

Multiple Purpose Loans

You never know when you might require money while operating a business or at what stage. You can utilize the money from a business loan for a variety of things, like hiring more employees and adding machinery or setting up new offices.

Low Security

You may get a small business loan without having to worry about pledging jewels or other assets as security. Applying for a business loan is simple if you have a reliable source of revenue and excellent credit.

High Interest Rates

Depending on your profile, we can offer you a business loan interest rate that is competitive and that you can easily pay without feeling burdened

Tax Advantages

According to some sections of the Income Tax Act, 1961, small business loans in India are deductible from taxes. As a result, getting a business loan would not only lessen your financial load but also save you a lot of money in taxes.

Creates a Credit History

You can manage your debts and money more effectively if you have a good credit history. You may simply build your credibility and increase your chances of securing future large-scale financing by taking out short-term small business loans.

EMI Calculator

Amount

Tenure

% Interest

0/month

Principal

Interest

Total Payable

Business Loan Eligibility Criteria

List of business loan eligibility and with these eligibility you can get instant businesss loan

Age

At the time of loan application and loan maturity, you must be an Indian citizen between the ages of 21 and 65.

Occupation

  • Professionals who work for themselves include architects, chartered accountants, doctors, and company secretaries.
  • Sole proprietors, retailers, traders, manufacturers, and service providers are examples of self-employed non-professionals.
  • Entities Trusts, Private Limited Companies, Limited Liability Partnerships, and Partnership Firms


    • Business Status

    SMEs need to have a minimum of five years of company experience.



    Maximum Loan Tenure

  • up to three years of flexible tenure
  • Once the borrower turns 62 years old, the payback period will not be extended.


    • Maximum Loan Amount

  • A business loan of between Rs. 5 lakh and Rs. 40 lakh is available to you.
  • Numerous criteria, like the applicant's age, income, business kind, credit history, etc., affect the size of the business loan.


    • Minimum Income

  • You need a reliable money source.
  • There is no set minimum monthly revenue at Hero FinCorp.

    • Types of Business Loan

    Here are the types of business loan

    Terms of Loans

    There is a short repayment period for this form of company financing. This loan can be used to cover a particular business necessity, usually capital outlays. The applicant's credit history affects how much of a loan they receive.

    Credit for Working Capital

    If your business cycle is having difficulty managing inventories or operational expenses, a working capital business loan may be an option for you.

    Funding for Equipment

    You should choose equipment business finance if you need to replace or update the machinery that is currently in your business setup.

    Cash Flow Line

    You have access to money whenever you require them with this kind of revolving business loan. With this choice, you can take out smaller amounts of money over time because the loan amount is predetermined.

    Documents Required for Business Loan

    Here are the list of Business Loan documents required and with these documents you can get instant business loan online and offline

    KYC

  • PAN Card for the company, PAN Cards for the directors, owners, and partners, Aadhaar Cards, and passports.
  • A passport, an electricity bill, a rental agreement, and a partner's or director's PAN card.
  • PAN and Officially Valid Documents, as well as Proof of Address (if not the same as Officially Valid Documents), are required personal documents for every individual, partner, and director.


    • Business Address Proof

  • Utility statements and a lease


    • Financial Documents

  • Last six months' worth of bank statements.


    • How to apply for Business Loan

    It's now quite easy to apply for business loans online. Just carry out these actions.

    Step 1:  Go to the online platform, navigate to the 'Loans' area, pick the 'Business Loans' option, and then click 'Apply Now.'

    Step 2:  Fill out the online form with your personal and business information.

    Step 3:  Choose Your Lending Partner Choose a business loan from your preferred partner from the list of loan options.

    Step 4:  Provide Loan Specifications Select the loan amount and term that you like.

    Step 5:  Upload the scanned copies of each document that is necessary.

    Step 6:  Approval & Disbursement Send in your application, and after it has been verified and approved, the funds will be transferred to your account.

    FAQ - FinCrif Freqently Asked Questiones

    A credit score of at least 685 is necessary to qualify for a business loan. Your prospects of obtaining a company loan with negotiable interest rates are better the higher your score.

    For a business loan, 60 months is normally the maximum term offered. However, the lender and your loan profile are what determine this component.

    Unsecured or free of security, a business loan is true. In essence, this implies you can get the business loan without having to put up a security deposit.