Business Loan Salem

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Best Banks for Business Loan in Salem

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 Salem Features

Business Loan Salem 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 protection
Reasonable Interest Rate starts at 10.45% per annum.
Loan Tenure ranging from 12 – 48 months
No foreclosure/ part closure will be acknowledged during the first six months of the limit setting.
No collateral is required.
Check out your Business Loan eligibility criteria online or at any bank branch in just 60 seconds.
Loan disbursal depends on the previous refund of home loans, auto loans, and credit cards.

Business Loan in Salem 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 Salem Documents Required

Salaried Applicants:

PAN Card of the consumer for getting a Business Loan.
Residence Proof required (Owned/Rented/Company provided) for business loans.
Two Passport-sized photographs
Identity proof necessary for the Business Loan Salem (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 are required when applying for a Business Loan.

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

Self-Employed Applicants:

Aadhar Card is required to avail of the business loan.
Residence Confirmation(Current and Permanent) is required for applying.
Two passport-sized photographs of the candidate 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 Salem Eligibility Criteria

Salaried Applicants

The workplace of the consumer must be mentioned.
A borrower should have a least earning of INR 25,000/month
The age of the applicant must be a minimum of 21 years and a maximum of 65 years.
Work experience of the three years and the stipend 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 fair, and there should not be any dues left of the individual.
The yearly income of the candidates must be a minimum of Rs 2.5 lakh.
The whole documentation process of the business loan is that the applicants have to show 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 require to have a file of ITR for the last three years.
For the businessmen, the business must be functioning for the past three years continuously.

How to apply for Business Loan in Salem?

Visit our website Dialabank.
Go to the loan section on the page and click on the link of business loan.
The candidate will be directed to all the business loan details 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 Salem

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

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

The prepayment charges on Business Loan in Salem 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 Salem

CIBIL Score required for Business Loan Salem

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

Apart from the CIBIL score, the foundations check the detailed behaviour on the previous loans that you have taken. This covers the type of loan taken and the loan amount borrowed. Any late payments of earlier loans can act as an obstacle to your availing of a new loan.