Rs 2 Lakh Business Loan

Rs. 2 lakh business loan features are mentioned below:

*Subject to lender-specific terms.

Rs. 2 Lakh Business Loan Interest Rates

At Paisabazaar, a Rs. 2 lakh business loan starts from 13% p.a. The interest rate on a business loan is determined by considering multiple factors, including:

• Credit score
• Business turnover
• Business vintage
• Income/cash flow
• Existing debt
• Loan amount and tenure
• Lender's internal policies

Eligibility for a Rs. 2 Lakh Business Loan

The eligibility criteria for a Rs. 2 lakh business loan are mentioned below:

• Minimum age: 21 years at the time of loan application
• Maximum age: 65 years at the time of loan maturity
• Business vintage: At least 3 years
• Minimum turnover/income: Minimum Rs. 50 lakh p.a.
• Credit score: 760+ (preferable)
• Business type: All businesses can apply for an unsecured business loan at Paisabazaar
• Existing repayment obligations: A debt-to-income ratio of 50%-55%, including the new loan.

The above-mentioned eligibility criteria are general requirements. For lender-specific eligibility criteria, visit your preferred lender's official website.

Documents Required for a Rs. 2 Lakh Business Loan

The commonly required documents for a Rs. 2 lakh business loan are mentioned below:

Identity & Address Proof

• PAN
• Aadhaar/other accepted KYC documents
• Address proof

Business Documents

• Business registration proof
• GST registration/GST returns, where applicable
• Udyam Registration, where applicable
• Partnership deed/company documents, where applicable

Financial Documents

• Bank statements
• ITR
• Financial statements
• Proof of business income/turnover

Things to Consider Before Applying for a Rs. 2 Lakh Business Loan

1. Check eligibility: Check eligibility before applying to boost chances of approval.
2. Consider total cost of loan: Take into account the total cost of the loan, which includes the processing fees, foreclosure charges, etc.
3. Borrow what is needed: Borrow as per your repayment capacity and not the loan amount offered.
4. Keep documents ready: Keep your documents ready and up-to-date.

How to Get Lower Interest Rate on Rs. 2 Lakh Business Loan

To get a lower interest rate, borrowers can follow the steps mentioned below:

• Maintain a credit score of 760+ with a healthy repayment history
• Compare offers at Paisabazaar and apply for the most suitable loan with the lowest interest rate
• Check for pre-approved business loan offers with your existing lender
• Leverage MSME schemes of the Government

Rs. 2 Lakh Business Loan for Different Business Types