Business Loan EMI Calculator
Interest Type
Loan Amount
Interest Rate
Loan Tenure
| Loan Amount | ₹100,000 |
| Interest % | 9.5 % |
| Tenure (months) | 12 |
| Emi (monthly) | ₹ 8,768 |
| Total Interest | ₹ 5,220 |
| Loan Amount + Interest | ₹ 105,220 |
| Year | Total Principal ( A ) | Total Interest ( B ) | Balance ( A + B) | Total Payment | Loan Paid Till Date (%) | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ₹ 48,814 | ₹ 3,794 | ₹ 52,608 | ₹ 51,186 | 48.81 % | |||||||||||||||||||||||||||||||||||||
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| ₹ 51,181 | ₹ 1,427 | ₹ 52,608 | ₹ 5 | 100.00 % | |||||||||||||||||||||||||||||||||||||
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| Bank/NBFC Name | Rate of Interest | Processing Fee | Loan Amount | Apply for Loan |
|---|---|---|---|---|
| Hero Fincorp Business Loan | Maximum upto 26% | 2% + GST | Rs.3 Lakh - Rs.40 Lakh | Apply Now |
| Faircent Business Loan | 12% - 28% p.a | 4% to 9% | Rs.25,000 - Rs.10 Lakh | Apply Now |
| HDFC Bank Business Loan | 10.00% to 22.50% p.a | Upto 2.00% | Rs.1 Lakh - Rs.50 Lakh | Apply Now |
| IDFC Bank Business Loan | 19% p.a | 2% + GST | Rs.1 Lakh - Rs.9 Lakh | Apply Now |
| ICICI Bank Business Loan | 15.50% to 18.50% p.a | Upto 2% | Rs.1 Lakh - Rs.2 Cr | Apply Now |
| Bajaj Finserv Business Loan | 17% p.a | Upto 2% + GST | Rs.25,000 - Rs.75 Lakh | Apply Now |
| Tata Capital Business Loan | Starting at 19% p.a | Up to 2.50% + GST | Rs.5 Lakh - Rs.75 Lakh | Apply Now |
| Poonawala Finance Business Loan | 18.25% pa. to 18.75% pa. | 2% | Rs.2 Lakh - Rs.30 Lakh | Apply Now |
| Induslnd Bank Business Loan | between 13% - 22% p.a | 3% | Rs.1 Lakh - Rs.50 Lakh | Apply Now |
| Lendingkart Business Loan | 1% - 2% p.m | 2% - 3% | Rs.50,000 - Rs.2 Cr | Apply Now |
| Loan Tap Business Loan | 22% - 24% p.a | 1% | Rs.50,000 - Rs.10 Lakh | Apply Now |
| Fusion Business Loan | 21% - 21.50% p.a | 1% + GST | Rs.15,000 - Rs.60,000 | Apply Now |
| Growth Source Business Loan | 18% - 21% p.a | 2% | Rs.10 Lakh - Rs.35 Lakh | Apply Now |
| Unity Bank Business Loan | 16.50% p.a | 2% | Rs.3 Lakh - Rs.50 Lakh | Apply Now |
| Ashv Finance Business Loan | starting 13.00% p.a | 2% | Rs. - Rs. | Apply Now |
| Piramal Finance Business Loan | 17% p.a. | 4% | Rs.1 Lakh - Rs.10 Lakh | Apply Now |
| Yes Bank Business Loan | 16% - 19% p.a | Upto 2.5% | Rs.5 Lakh - Rs.50 Lakh | Apply Now |
| AXIS Bank Business Loan | 7.60% - 7.95% p.a | Upto 1% + GST | Rs.3 Lakh - Rs.50 Lakh | Apply Now |
| Aditya Birla Business Loan | Fixed rate of interest | 2% | Rs.1 Lakh - Rs.1 Cr | Apply Now |
| Money View Business Loan | Starting at 1.33% p.m | 2% | Rs.5,000 - Rs.50 Lakh | Apply Now |
| RBL Bank Business Loan | 17.50% to 21% p.a. | 2.5% – 3% | Rs.10 Lakh - Rs.35 Lakh | Apply Now |
| Kotak Mahindra Business Loan | 16.00% p.a. – 19.99% p.a. | 4% | Rs.3 Lakh - Rs.75 Lakh | Apply Now |
| Standard Chartered Bank Business Loan | 16.50% p.a | 2% | Rs.1 Lakh - Rs.1 Cr | Apply Now |
| Indifi Unsecured Business Loan | 18% - 32% p.a | 3% | Rs.1 Lakh - Rs.50 Lakh | Apply Now |
| FlexiLoans | Interest rate as low as 1% p.m | NA | Up to Rs. 1 Crore | Apply Now |
Wide Range of Business Loans
For a variety of businesses, ReferLoan has got a variety of Business LoansThings to Consider When Applying For a Business Loan
Stay Informed and Pay Only What is NeededDon’t want to reduce your chances to get a Business Loan approval? It’s better to stay prepared with all the possibilities. Here are a few things you should keep track of before applying for a Business Loan.
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01
Work out how much your business needs:
Lenders typically offer large sums of money to business owners and self-employed individuals. As a result, you must examine your financial needs and apply for a loan that will assist you in funding your business. It’s never the best idea to borrow more than you need because payback could be difficult.
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02
Research the types of business loans
As part of their product mix, several lenders provide more than one business loan. The terms, loan amounts, loan tenures, and repayment alternatives for these loans are likely to be diverse. Furthermore, certain business loans may be tailored to specific sectors or segments of society, allowing members of these groups to benefit from cheaper interest rates or better terms. As a result, conduct your homework on the various forms of business loans accessible in the Indian market and make an informed decision.
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03
Check your credit score
Your credit score shows how creditworthy you are. People with strong credit are thought to be less prone to default on their payments. As a result, lenders will normally verify your credit score before granting your loan. A credit score of at least 750 is recommended to boost your chances of being approved for a loan at a reasonable interest rate. (Before applying for a business loan, verify your credit score and, if necessary, take actions to improve it.)
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04
Understand the repayment terms:
The borrowed amount is usually repaid in Equated Monthly Installments (EMIs) for business loans. Lenders usually consider your repayment capacity when determining an appropriate loan term and monthly EMI. You should verify that you comprehend your lender’s repayment terms as an applicant. Make sure you don’t fall behind on your EMI payments, as this can ruin your credit score.
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05
Check the charges:
Interest rate, processing fee, preclosure fee, documentation charges, part-payment fee, default fee, and other charges are all assessed on business loans. Be sure to look into the fees or charges that different lenders impose and how they affect the cost of your applied loan.
Your Path to Success - Simplified!
The steps of building a business are already complicated, we don’t want to add to it for you. ReferLoan offers an easy and convenient way to apply for a Business Loan. So, you can save your time and utilize it for your business the right way.
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, the amount will be disbursed to your account shortly.
Required Documents to Apply for Business Loan
PAN Card
Aadhaar Card
Driving Licence
Voter ID
Passport
Basic Documentations for Business Loan Required from Bank
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Proper Address proof of an Applicant: In address proof, the basic documents are: Aadhaar Card, Voter’s ID card, Driving License, rent agreement, utility bill, etc.
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If the applicant is staying in rent, then the applicant needs to provide a proper “rent agreement”
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If the applicant is staying in their own residence, then “latest utility Bill”
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KYC or Know Your Customer Documents: these documents consist of: PAN Card copy, Voter’s ID Card, Driving License. Aadhaar Card, etc..
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Business Proof which consists of GST Registration, License Trade, Drug License, Registration Under Shop ACT, etc.
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Income Proof Documents which consist of Balance sheet and Profit and Loss Accounts that need to be audited by an Auditor and also with Auditor’s report.
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If in case of partnership firm then “partnership Deed” is required
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If in case of Company then
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Articles of Association
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Memorandum of Association
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Board Resolution
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Company or Partnership firm identity like PAN Card.
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If a company has a commercial vehicle, then National and State Permit.
Details Documents of Business Loan
01 For PROPRIETORSHIP CONCERN
Basic Documents of Main Applicant
- KYC of Proprietor (Passport Size Photo, Aadhar Card & Pan Card Copy)
- Latest Utility Bill of Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)
- Co-Applicant KYCKYC of Co-Applicant (Passport Size Photo, Aadhar Card Copy & Pan Card Copy)
Business Vintage Documents
- Copy of GST Registration
- 1-Year-Old Business Vintage Proof (Any Registration or ITR 4)
- Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill
02 PRIVATE LIMITED COMPANY
Basic Documents of Main Applicant
- KYC of Company (Pan Card of Company+ MOA & AOA & Certificate of Incorporation of Company)
Co-Applicant KYC
- KYC of all Directors and Major Shareholder of Company (Passport Size Photo, Aadhar Card & Pan Card Copy)
- Latest Utility Bill of any of its Director Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)
Business Vintage Documents
- Copy of GST Registration
- 1-Year-Old Business Vintage Proof (Any Registration)
- Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill)
- List of Directors and Share Holders on Company Letterhead as on Date
03 Partnership Firm/LLP
Basic Documents of Main Applicant
- KYC of Partnership Firm/LLP (PAN Card Copy of Firm/LLP +Partnership Deed/LLP Deed of Firm/LLP)
Co-Applicant KYC
- KYC of all Directors and Major Shareholder of Company (Passport Size Photo, Aadhar Card & Pan Card Copy)
- Latest Utility Bill of any of its Director Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)
Business Vintage Documents
- Copy of GST Registration
- 1-Year-Old Business Vintage Proof (Any Registration)
- Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill)
- List of Directors and Share Holders on Company Letterhead as on Date
Financial Documents
- Last 3 Years ITR along with Computation of Income of Applicant
- Last 3 Year ITR along with Computation of Co-Applicant
- Form 26 As Last 2 years
- Audit Report + Tax Audit Report last 3 years (if available)
- Last 12 months GSTR3B returns
BANK STATEMENT
- All Current and Limit Accounts Banking Last 12 months in PDF Format of Applicant
- Saving Account bank Statement of Applicant & Co-Applicant Last 12 months in PDF format
OTHER DOCUMENTS
- All running loan sanction letter with repayments schedule of applicant and Co-Applicant.
- If EMI is not on time, then SOA (Statement of Account) is also required.
- 2 Business reference along with Contact
- Contact detail of the person who will attend PD along with email address.
- List of Debtors and Creditors on Letterhead of last 2 years and latest. If BL case> 1 Cr.
BUSINESS IS FOR 1 LAKH OR ABOVE
01 For PROPRIETORSHIP CONCERN
Basic Documents of Main Applicant
- KYC of Proprietor(Passport Size Photo, Aadhar Card & Pan Card Copy)
- Latest Utility Bill of Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)
Co-Applicant KYC
- KYC of Co-Applicant (Passport Size Photo, Aadhar Card Copy & Pan Card Copy)
Business Vintage Documents
- Copy of GST Registration
- 1-Year-Old Business Vintage Proof (Any Registration or ITR 4)
- Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill
02 PRIVATE LIMITED COMPANY
Basic Documents of Main Applicant
- KYC of Company (Pan Card of Company+ MOA & AOA & Certificate of Incorporation of Company)
Co-Applicant KYC
- KYC of all Directors and Major Shareholder of Company (Passport Size Photo, Aadhar Card & Pan Card Copy)
- Latest Utility Bill of any of its Director Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)
Business Vintage Documents
- KYC of all Directors and Major Shareholder of Company (Passport Size Photo, Aadhar Card & Pan Card Copy)
- Latest Utility Bill of any of its Director Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)
Business Vintage Documents
- Copy of GST Registration
- 1-Year-Old Business Vintage Proof (Any Registration)
- Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill)
- List of Directors and Share Holders on Company Letterhead as on Date
03 Partnership Firm/LLP
Basic Documents of Main Applicant
- KYC of Partnership Firm/LLP (PAN Card Copy of Firm/LLP +Partnership Deed/LLP Deed of Firm/LLP)
Co-Applicant KYC
- KYC of all Directors and Major Shareholder of Company (Passport Size Photo, Aadhar Card & Pan Card Copy)
- Latest Utility Bill of any of its Director Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)
Business Vintage Documents
- Copy of GST Registration
- 1-Year-Old Business Vintage Proof (Any Registration)
- Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill)
- List of Directors and Share Holders on Company Letterhead as on Date
Financial Documents
- Last 1 Years ITR along with Computation of Income of Applicant
- Form 26 As Last 1 years
- Last 12 months GSTR3B returns
BANK STATEMENT
- All Current and Limit Accounts Banking Last 06 months in PDF Format of Applicant
- Saving Account bank Statement of Applicant & Co-Applicant Last 06 months in PDF forma
OTHER DOCUMENTS
- If EMI is not on time, then SOA (Statement of Account) is also required.
- All running loan sanction letter with repayments schedule of applicant and Co-Applicant.
FREQUENTLY ASKED QUESTIONS
No, you need not have collateral to get a business loan.
Postdated cheques, Electronic Clearance Service (ECS), and Direct Debit are all options for repayment of a business loan.
Typically, you need to maintain a credit score of 750 or higher to get a business loan without any hassles. A poor credit score can lead to the rejection of your loan application.
After evaluating your documents and eligibility criteria, the lending institution will disburse your business loan within 72 hours. However, this time can vary from one lender to another.
No, you can’t make part payments for business loans.
Getting a loan can provide access to funds that can be used for various purposes, such as buying a home, starting a business, or covering unexpected expenses. Loans can also help build credit history and improve credit scores if payments are made on time and in full.
A micro loan is a small loan that is typically used to finance small businesses or other income-generating activities. The loan is typically paid back in weekly or monthly installments over a short period, with interest charged on the outstanding balance. Micro loans are often made to borrowers who do not have access to traditional financing, such as low-income individuals or small business owners.
Refer Loan is a Phy-zital Fintech that connects Lenders and Borrowers digitally as well physically. It provides a Financial Bouquet to the users with multiple Financial solutions. Its AI-based detailed comparison enables users to find the best financial product from the best financial institutions.
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