Business Loan Indore

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Best Banks for Business Loan in Indore

Feature	HDFC Bank	Private Bank	Bajaj Finance
Interest Rate	10.75% - 17%	11.25% - 18.5%	12%
Min Loan Amt	Metro : 75000 & Non Metro: 50000	50000	100000
Max Loan Amt	50 Lacs	50 Lacs	1 Cr
Loan Tenure	1 - 5 Years	1 - 5 Years	1 - 5 Years
Processing Fee	0.25% - 2% of the Loan Amt	1% - 2.5% of the Loan Amt	0.5% - 2% of the Loan Amt
Preclosure Charges	2%, Nil foreclosure charges after 12 months	2%, Nil foreclosure charges after 24 months	Nil
Overdraft Facility	No	No	Yes

Business Loan in Indore Features

Business Loan Indore provides an overdraft facility without any security
Avail maximum loan amount up to Rs. 40 lakhs ( up to Rs. 50 lakhs in some locations) without any security/collateral
The reasonable Rate of Interest starts at 10.45% per annum
Loan Tenure ranging from 12 – 48 months
No foreclosure/ part closure shall be allowed during the first 6 months of the limit setting
No guarantor is required
Check out your Business Loan eligibility online or at any bank branch within 60 seconds.
Loan disbursal depends on the previous repayment of home loans, auto loans, and credit cards.

Business Loan in Indore Interest Rates

Bank	Processing Fee	Prepayment Charges
HDFC Bank Personal Loan	0.25% to 1.50%	2%, Nil foreclosure charges after 3 months
Axis Bank Personal Loan	0.50% to 1.50%	Nil
Private Bank Personal Loan	0.25% to 1.50%	2%, Nil foreclosure charges after 9 months
SBI Personal Loan	500/- to 0.50%	Nil
Kotak Personal Loan	1% to 2%	2.25% of fore closure amount if closed 1 month ahead of the tenure.
IIFL Personal Loan	Nil	Nil
Muthoot Personal Loan	Nil	Nil
Manappauram Personal Loan	Nil	Nil
PNB Personal Loan	0.70% to 1%	Nil
Canara Bank Personal Loan	1%	Nil
Andhra Bank Personal Loan	Nil	Nil

To check Personal Loan Interest Rate for all major banks you can visit: Personal Loan Interest Rates

Business Loan in Indore Documents Required

Salaried Applicants:

PAN Card of the person for getting a Business Loan.
Residence Proof needed (Owned/Rented/Company provided) for loans.
Two Passport-sized photographs
Identity proof required for the Business Loan Indore (Aadhar card/driving license/Voter Id)
Income slips of the last three months of the applier are required.
Bank statements for the last 6 months of the candidate applying for a Business Loan.

*NOTE: In the case of rented accommodations, the rental agreement must be attached.

Self-Employed Applicants:

Aadhar Card is needed to avail of the loan.
Residence Proof( Current and Permanent) is required for applying.
Two passport-sized photographs of the applicant applying for a loan.
All financials are necessary(Balance Sheet, P&L Statement as well as ITR files).
PAN Card is mandatory

Business Loan in Indore Eligibility Criteria

Salaried Applicants:

The job location of the candidate should also be mentioned.
The candidates should have a minimum earning of INR 25,000/month
The minimum age of the applicant should be 21 years and a maximum of 65 years.
Work experience of the three years and the income must be received in their accounts only.
Applicants should have an excellent credit history.

Self-Employed Applicants:

The credit score of the individual applicants should be good and there must not be any debt or dues left of the individual.
The yearly income of the candidates should be a minimum of Rs 2.5 lakh.
The whole documentation process of the business loan is that the applicants have to present their financial and bank statements for the previous three months.
The least age for an independent person must be 25 years.
The applicants applying for the business loan should need to have a file of ITR for the last three years.
For the businessmen, the business should be functioning for the past three years constantly.

How to apply for Business Loan in Indore?

Visit our website Dialabank
Go to the loan section on the page and click on the business loan link.
The applicant will be directed to all the details of the business loan where they can choose their preferred city, according to their preferences.
For more information on business loans and free assistance, you may call on 9878981166.

Processing Fees / Prepayment Charges on Business Loan in Indore

Every Bank and NBFC charges a fee for processing your Business Loan application. Business Loan Indore charges a processing fee of up to 2.50% of the loan amount.

If you close your loan before the agreed loan tenure in the documents, every lending institution charges you a penal prepayment fee for the loan duration agreed earlier. In most cases, you cannot close the loan before the duration of 12 months from the date of availing the business loan. After that, the charges depend on how many years the loan has been done.

The prepayment charges on Business Loan in Indore are:

07-24 Months – 4% of Principal Outstanding
25-36 Months – 3% of Principal Outstanding
For more than 36 months, the charges up to 2% of Principal Outstanding

Business Loan EMI Calculator Indore

CIBIL Score required for Business Loan Indore

Every lending institution has its criteria for the minimum CIBIL score required for processing the Business Loan application in Indore. Most foundations require a minimum score of CIBIL of 750 to process your Business Loan Indore application.

Apart from the CIBIL score, the organizations look for the detailed behaviour on the previous loans that you have taken. It includes the type of loan taken and the loan amount borrowed. Any late payments for previous loans can act as a barricade to your availing of a new loan.