Business Loan Nellore

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Best Banks for Business Loans in Nellore

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 Nellore Features

Business Loan Nellore 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
The reasonable Rate of Interest starts at 10.45% per annum.
Loan Tenure ranging from 12 – 48 months
No foreclosure/ part closure will be allowed during the first six months of the limit setting.
No guarantor is needed.
Check out your Business Loan eligibility online or at any branch within 60 seconds.
The disbursal of the loan depends on the previous repayment of home loans, auto loans, and credit cards.

Business Loan in Nellore 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 Nellore Documents Required

Salaried Applicants:

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

Business Loan in Nellore Eligibility Criteria

Salaried Applicants

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

Self-Employed Applicants

The credit score of the individual 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 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 minimum 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 continuously.

How to apply for Business Loan in Nellore?

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 favourable city, according to their needs.
For more information about business loans and free assistance, you may call on 9878981166.

Processing Fees / Prepayment Charges on Business Loan in Nellore

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

If you want to 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 cannot 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 Nellore 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 Nellore

CIBIL Score required for Business Loan Nellore

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

Apart from the CIBIL score, the organizations check the record of the previous loans that you have taken. This includes the type of loan taken and the loan amount borrowed. Any delayed payments of earlier loans can act as a hurdle to your availing of a new loan.