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Business Loan in Pune – Eligibility, Documents Required, Benefits | Comparison of Business Loan Interest Rates in Pune for Top Banks

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Looking for a business loan to start your business or expand your business in Pune? Well, then you are at the right place. These business loans are provided for professionals and business persons. Pune is a metropolitan city in India and it is a big commercial center because of strong infrastructure support. Anyone can set up various business sectors with a variety of businesses like a small, medium, and large scale. Go through this article and know the details like what is a business loan, benefits, eligibility, conditions, documents required. You can check all these details to get clarity and you can easily move a step forward.

What is Business Loan?

A business loan is unsecured financial assistance that is provided by banks specifically intended to support urgent businesses that are growing.  Most financial organizations offer Flexi loans and term loans to cater to the business needs of a company.

Details of Business Loan in Pune

Here we are going to give the complete details about the business loan in Pune about loan interest, loan tenure and interest rate.

Loan Amount Rs. 1 Lakh to Rs. 1 Crore
Interest Rate 14.00% Onwards
Loan Tenure 6 Months to 5 Years

Eligibility Criteria for Business Loan

When you are going to take a business loan first thing you need to check for is eligibility. If you have all the details as we have given below then you can take a next step.

Profession Proprietors, Private Ltd. Co.,  Self-employed individuals, and Partnership Firms
Minimum Income 1.5 lakhs per annum
Age 21-67 years
Minimum Turnover 10 Lakhs

Documents Required for Business Loan

Here are some documents provided that you need for applying for a business loan if it is a new business or you are expanding a business these documents are mandatory.

ID Proofs
  • Pan Card
  • Voter Card
  • Aadhar Card
  • Driving license
  • Passport
Address Proofs
  • Pan Card
  • Voter Card
  • Aadhar Card
  • Driving license
  • Passport
  • Electricity bill
Bank Statement
  • Last 6 months
  • Last 3 months’ salary slips if you are an employee
Age Proofs
  • Voter Card
  • Passport
  • Driving license
Proof of Business Ownership(incase of business expanding)
  • Office property papers
  • Any government recognized certificates

*Note: Above Listed Data is True to our Knowledge. However, it can vary though check them before confirming.*

List of Banks Providing Business Loans In Pune

Below mentioned banks are the names of some popular banks offering business loans in Pune at competitive interest rates.

  • HDFC Bank
  • Bajaj Finserv
  • Kotak Bank
  • Tata Capital
  • Kotak Bank
  • ICICI Bank
  • FlexiLoans
  • Square Capital.

Benefits of Business Loan in Pune

Some of the benefits are given below you should consider taking the business loan in Pune. That is as follows.

  • Flexible loan repayment tenure.
  • Pre Approved Offers.
  • Collateral Free loans.
  • Online Account Access.
  • Quick approval and disbursal.

Benifits of Business Loan

Compare Business loan Interest Rates from Top Banks – March 2022

Look into the below banks that show you the lowest interest rates. These details are updated in march 2022.

Bank Interest Rate (p.a.)
Kotak Mahindra Bank 14% onwards
HDFC Bank 16% onwards
ZipLoan 16% onwards
FlexiLoans 16% onwards
Axis Bank 17% onwards
Fullerton Finance 17% onwards
Bajaj Finserv 17% onwards
Yes Bank 17% onwards
Tata Capital Finance 17% onwards
ICICI Bank 18% onwards
Lendingkart Finance 18% onwards
Hero FinCorp 18% onwards
IIFL Finance 18% onwards
Indifi Finance 18% onwards
NeoGrowth Finance 18% onwards
RBL Bank 19% onwards
SMEcorner 19% onwards
U GRO Capital 19% onwards
IDFC First Bank 20% onwards
HDB Financial Services Ltd. 22% onwards

Note: The mentioned interest rates may vary. Interest Rates are updated as of Dec 2021.

How to Apply for New Business Loan in Pune

The application process to start a new business loan in Pune is convenient and straightforward. you can apply this online.

  • Filling in the application form.
  • Submission of documents required.
  • Payment of processing fees.
  • Procurement of loan disbursal papers.

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Don’ts while Applying For a Business Loan

When you are decided to apply for a business loan that everyone makes some basic common mistakes that you need to keep in mind. so that you will not fall into that trap. You can safely get a business loan. Let us see them below.

1. Failing to Register your Business: If you have started a business the first and foremost thing is that you need to register your business so that you will get benefited from taxation, logistics, and credit facilities.  While you are submitting the loan application many of them ask for the business registration documents.

2. Making Multiple Loan Enquiries: Maybe you have approached many lenders for a loan while you need it urgently. And Some of them may be rejected your application too. But this may cause a negative impact on the lenders as if they check your previous credit score. This process is called a hard inquiry. This credit score impacts the chances of getting the loan.

3. Not Researching your lender Thoroughly: If you would like to take the business loan and it is not a small thing. These days the process of business loans became easy and making digitalized payments. In this case, it is very important to check about the lender that you are considering before you approach a lender for a loan.

4.  Not Understanding the loan product: Sometimes understanding the loan product is complex as it has plenty of information. But as you are borrowing money you need to know the loan product clearly, why you are taking the loan amount and how much money you are going to pay on an EMI basis, and how much interest you need to pay Know everything before going to sign on the papers.

FAQs on Business Loan in Pune

1. How much loan can I get for a business?

Most lenders won’t lend more than 10% to 30% of a business’s annual revenue.

2. Is there any government loan for a startup business?

Yes, there are government loans that you can avail of for your startup business. Some of them are:

    • Mudra Loan Scheme
    • MSME Business Loans in 59 Minutes
    • The Credit Guarantee Scheme (CGS)
    • Stand Up India Scheme

3. Is EMI service available to pay small business loans in Pune?

Yes, EMI service is available to pay for Business loans in Pune. The amount of EMI may vary on the amount of loan, the tenure it has been taken, and the rate of interest.

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