Business Loan Ooty

Business Loan Ooty

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Best Banks for Business Loans in Ooty

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 Ooty

Business Loan in Ooty Features

Business Loan Ooty 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
Business Loan Ooty offers a Reasonable Rate of Interest starts at 10.45% per annum
Loan Tenure ranging from 12 – 48 months
No foreclosure/ part closure shall be accepted in 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 or refund of home loans, auto loans, and credit cards.

Business Loan in Ooty 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 Ooty Documents Required

Salaried Applicants:

PAN Card of the customer for getting a Business Loan.
Residence Proof required (Owned/Rented/Company provided) for loans.
Two Passport-sized photographs
Identity proof required for the Business Loan Ooty (Aadhar card/driving license/Voter Id)
Salary slips of the last three months of the applicant are required.
Bank statements for the last 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
Residence Proof( Current and Permanent) is required for applying.
Two passport-sized photographs of the consumer 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 Ooty Eligibility Criteria

Salaried Applicants

The job 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 applicant should be 21 years and a maximum of 65 years.
Work experience of the three years and the stipend must be received in their accounts only.
Candidates should have an outstanding credit history.

Self-Employed Applicants

The credit score of the individual should be good, and there should not be any debt or dues left.
The yearly stipend of the candidates with a minimum of Rs 2.5 lakh.
The entire documentation procedure of the business loan is that the applicants have to present their financial and bank statements for the previous three months.
The minimum age requirement 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 have been functioning for the past three years.

How to apply for Business Loan in Ooty?

Visit dialabank website.
Go to the loan section on the page and click 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.
For more information on business loans and free assistance, you may call on 9878981166.

Processing Fees / Prepayment Charges on Business Loan in Ooty

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

If you want to close your loan before the accepted 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 time of availing the loan. After that, the charges depend on how many years the loan has been done.

The prepayment charges on Business Loan Ooty 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 Ooty