Business Loan Jalandhar

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Best Banks for Business Loan in Jalandhar

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 Jalandhar Features

Business Loan Jalandhar 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 collateral
The affordable Rate of Interest starts at 10.45% per annum.
Loan Tenure Duration ranging from 12 – 48 months
No foreclosure/ part closure will be allowed during the first six months of the limit setting.
No requirement for a guarantor
Check out your eligibility for a Business Loan online or at any bank branch in just 60 seconds.
Loan disbursal is dependent on the previous repayment of home loans, auto loans, and credit cards.

Business Loan in Jalandhar 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 Jalandhar Documents Required

Salaried Applicants:

PAN Card of the consumer for getting a Business Loan.
Residence Evidence required (Owned/Rented/Company provided) for loans.
Two Passport-sized photographs
Identity proof necessary for the Business Loan Jalandhar (Aadhar card/driving license/Voter Id)
Salary slips of the last three months of the applier are needed.
Bank statements for the previous 6 months of the person 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 get the loan.
Residence Proof( Current and Permanent) is required for applying.
Two passport-sized photographs of the applicant applying for a business loan.
All financials are needed of the applicant(Balance Sheet, P&L Statement as well as ITR files).
PAN Card

Business Loan in Jalandhar Eligibility Criteria

Salaried Applicants:

The work location of the applicant must also be mentioned.
A borrower should have a minimum earning of INR 25,000/month
The minimum age of the consumer should be 21 years and a maximum of 65 years.
Work experience of the three years and the salary should be received in their bank accounts.
Candidates should have an excellent credit history.

Self-Employed Applicants:

The credit score of the applicants should be fair, 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 entire documentation process of the business loan is that the candidates 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.

How to apply for Business Loan in Jalandhar?

Visit our website Dialabank
Go to the loan section on the page and press 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 needs and preferences.
For more information on business loans and free assistance, you may call on 9878981166.

Processing Fees / Prepayment Charges on Business Loan in Jalandhar

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

If you wish to 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 can’t close the loan before the period of 12 months from the date of availing the loan. After that, the prepayment charges depend on how many years the loan has been done.

The prepayment charges on Business Loan in Jalandhar 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 Jalandhar

CIBIL Score required for Business Loan Jalandhar

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

Apart from the CIBIL score, the foundations also check the record of the previous loans that you have taken. It covers details of the type of loan taken and the loan amount borrowed. If there are any late payments of earlier loans, then it can act as a barricade to your availing of a new loan.