Faridabad is the largest city of Haryana and with this city’s expansion and increase in new commercial hubs in NCR like Noida and Gurugram, has created enormous opportunities for businesses and entrepreneurship. Faridabad is also one of the leading industrial centers located in the NCR that has been included in the second list of Smart City Mission by Government of India.
Like other major cities of India, Faridabad also contributes with the help of banks and NBFCs in providing lending products, including credit cards, personal loans, home loans, loan against property, gold loans, education loans, auto loans, etc. Financial institutions operating in this city also specializes in providing business loans, term loans and working capital loans to residents of Faridabad at attractive interest rates.
| Interest Rate | 14.99% onwards |
| Loan Amount | Max. up to Rs. 2 crore, can exceed depending upon business requirements |
| Repayment Tenure | From 12 months to 5 years |
| Collateral | Not required (Besides equipment finance, machinery loan and invoice discounting) |
| Age Criteria | Min. 18 years and Max. 65 years |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank, NBFC and RBI. GST and service tax shall be levied extra on the mentioned fee & charges.
Compare Business Loan Interest Rates from Top Banks/NBFCs – Feb 2021
| Banks / NBFCs | Interest Rate |
| SBI | 8.30% onwards (SME Loan) |
| Canara Bank | 9.60% onwards |
| Corporation Bank | 10.3% onwards |
| HDFC Bank | 15% onwards |
| Kotak Mahindra Bank | 16% onwards |
| ICICI Bank | 16% onwards |
| IDFC First Bank | 16% onwards |
| IIFL Finance | 16% onwards |
| Lendingkart Finance | 17% onwards |
| FlexiLoans | 17% onwards |
| Axis Bank | 17% onwards |
| Fullerton India | 17% onwards |
| ZipLoan | 18% onwards |
| Hero Fincorp | 18% onwards |
| Bajaj Finserv | 19% onwards |
| RBL Bank | 19% onwards |
| Indifi Finance | 22% onwards |
| NeoGrowth Finance | 24% onwards |
| Bank of Baroda | Based on your Business’s Profile |
| PNB Business Loan | Based on your Business’s Profile |
Business Loan offered by lenders can be used for business expansion purposes, buying equipment or machinery, purchase of raw materials, paying-off rent and salaries, etc.
Eligibility for Business Loan in Faridabad
- Minimum age required is 21 years at time of loan application and maximum can exceed up to 65 years at time of loan maturity
- Indian citizen with no criminal history
- Good CIBIL score and repayment history
- Minimum 2 years of business existence and one year of business experience
- Annual turnover and profitability to be decided by the lender
Types of Business Loans offered by Lenders for businesses in Faridabad
- Term Loan
- Working Capital Loan
- MSME loans
- Mudra Loan
- Overdraft Facility
- Letter of Credit
- Invoice Funding
- Micro Lending
- Merchant Cash Advance
- Small Business Finance
- Equipment Finance, etc.
Documents Required for Loan Application
- Passport sized photographs
- Business Plan
- KYC documents of owners, partner, promoter (if applicable)
- Identity Proof: Passport, PAN card, Voter’s ID card, Driving License
- Age Proof: Passport, Voter’s ID card, Driving License, Class X marks sheet
- Residential Proof: Utility bills (Water & Electricity Bills), Aadhar card, Ration card
- Business Address Proof: Rent agreement, Sale Deed
- Last 6 months’ bank statement
- Salary Slips, if employed
- Proof of ownership of the possessions used for business activities
- Last 2 years’ GST and Sales Tax certificates
- Last 2 years’ Balance sheet and Profit & Loss account statements
- Memorandum of Association (MoA) & Article of Association (AoA) certified documents
Steps to Apply for Business Loan in Faridabad from Paisabazaar
1. Visit paisabazaar.com and fill and submit the loan application form online
2. Submit the required documents.
3. After documents are submitted, the bank will verify the documents.
4. Once the documents are verified, the bank shall approve the business loan.
5. After the loan is approved, the loan amount shall get disbursed in the bank account of the applicant.
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