Business Loan Madurai

Best Banks for Business Loan in Madurai

Business Loan in Madurai Features

• Business Loan Madurai provides 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
• Reasonable Rate of Interest starts at 10.45% per annum
• Loan Tenure ranging from 12 – 48 months
• No foreclosure/ part closure shall be accepted 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 in 60 seconds.
• Loan disbursal depends on the previous repayment of home loans, auto loans, and credit cards.

Business Loan in Madurai Interest Rates

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

Business Loan in Madurai Documents Required

Salaried Applicants:

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

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

Self-Employed Applicants:

1. Aadhar Card
2. Residence Proof( Current and Permanent) is required for applying.
3. Two passport-sized photographs
4. All financials are required of the applicant(Balance Sheet, P&L Statement as well as ITR files).
5. PAN Card

Business Loan in Madurai Eligibility Criteria

Salaried Applicants

1. The work location of the applicant must be mentioned.
2.  A borrower must have a minimum earning of INR 25,000/month
3. The minimum age of the applicant should be 21 years and a maximum of 65 years.
4. Work experience of the three years and the income must be received in their accounts only.
5. Applicants must have an excellent credit history.

Self-Employed Applicants

1. The credit score of the applicants should be good and there must not be any debt or dues left of the individual.
2. The yearly income of the candidates must be a minimum of Rs 2.5 lakh.
3. 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.
4. The least age for an independent person should be 25 years.
5. The applicants applying for the business loan should need to have a file of ITR for the last three years.
6. For the businessmen, the business should be functioning from the past three years constantly.

How to apply for Business Loan in Madurai?

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

Processing Fees / Prepayment Charges on Business Loan in Madurai

Every Bank and NBFC charges a fee for processing your Business Loan application. Business Loan Madurai 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 foundation charges you a penal prepayment fee for the loan duration agreed earlier. In most cases, you can’t close the loan before the duration of 12 months from the date of availing the loan. After that, the charges depend on how many years the loan has done.

The prepayment charges on Business Loan in Madurai 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 Madurai

CIBIL Score required for Business Loan Madurai

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

Apart from the CIBIL score, the foundations check the detailed behavior on the previous loans that you have taken. This 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.

Business Loan Madurai Agents/Broker

Dialabank is the best agent for availing Business Loan in Madurai.

You can easily apply online for a Business Loan at Dialabank or contact at 9878981166

Business Loan Madurai Contact Number

Call 9878981166 and get instant help and approval for availing Business Loan Madurai.

Pre-Calculated EMI Table for Business Loan Madurai