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?
- Details of Business Loan in Pune
- Eligibility Criteria for Business Loan
- Documents Required for Business Loan
- List of Banks Providing Business Loans In Pune
- Benefits of Business Loan in Pune
- Compare Business loan Interest Rates from Top Banks – March 2022
- How to Apply for New Business Loan in Pune
- Don’ts while Applying For a Business Loan
- FAQs on Business Loan in Pune
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.
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|
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|
|Minimum Turnover||10 Lakhs|
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.
|Proof of Business Ownership(incase of business expanding)||
*Note: Above Listed Data is True to our Knowledge. However, it can vary though check them before confirming.*
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
- Square Capital.
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.
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|
|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|
|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.
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.
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.
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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