Business loan comes to the rescue when any enterprise witness financial crunch or want to expand their business for more revenue and growth. Business loan in Gurugram can be availed by self-employed professionals, entrepreneurs, and so forth. The loan can be used to hire staff, train new employees, purchase machinery or to expand the current business.
Compare Business Loan Interest Rates from Top Banks/NBFCs – May 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|
|Axis Bank||17% onwards|
|Fullerton India||17% onwards|
|Hero Fincorp||18% onwards|
|Bajaj Finserv||18% 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|
Gurugram is a financial and technological hub in India and hosts many businesses and startups. The rate of interest and maximum loan amount that can be applied for a Business Loan in Gurugram is:
|Business Loan in Gurugram – 2021|
|Loan Amount||Unsecured loan – Max up to Rs. 1 crore|
|Loan Tenure||Max. up to 5 Years|
|Interest Rate||Based on the Business Profile|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges
Apply for Business Loan @ 14.99% onwards per annum Apply Now
Business Loan in Gurugram – Interest Rate & Processing Charges
Applicants who seek a business loan in Gurgaon must note that the interest rate, processing fee charged is based on the enterprise profile and depends on the lending institution and the scheme applied for.
Types of Business Loans
Business loan in Gurgaon can be applied for under the following categories:
Overdraft accounts are a type of business loan where customers can transact amounts more than the deposited amount. The overdraft limit and interest rate charged is set at the time of account opening.
- Term Loan
Most of the business loans in Gurgaon that are granted are term loans. Term loans typically have a tenure ranging from 3 to 5 years. Term-based business loans are generally unsecured, however, secured term loans are also provided in some cases.
- Bill Discounting
Through Bill discounting businesses get access to instant cash and don’t have to wait around for invoices or bills to be paid by customers. In this scenario, a bank purchases the business’ bills at a reduced rate. Afterwards, the customer settles the bill with the bank instead of the business that provided the product or service.
- Letter of Credit
Letter of Credit (LOC) is provided by a bank guaranteeing that the seller will be paid if they fulfil their obligation. Here, the bank provides security by ensuring the seller gets paid. Letters of credit are beneficial in international trade where the laws of the foreign land are not known to the seller. They can be used in a domestic setting as well, especially, when business deals are done with a stranger.
- Pradhan Mantri Mudra Yojna (PMMY)
Mudra Loan was launched by the government in a bid to increase the growth of MSMEs in India. Under this scheme, customers may get a loan of up to Rs. 10.00 lakh on the tenure of up to 5 years. These loans do not require collateral or security and the interest rate charged is highly competitive as well.
- Loans for Women Entrepreneurs
Additionally, the government, as well as banks, has brought out several loan schemes to provide financial aid to businesswomen and entrepreneurs. For example, Bhartiya Mahila Bank offers loans up to Rs. 1 crore to women entrepreneurs.
Business Loan in Gurugram – Features and Benefits
There are many features and benefits Business loans offer, some of them are:
- Collateral Free Loan
Collateral or security is not required for business loans. However, banks and NBFC use a variety of parameters to judge credit worthiness of applicant. For instance, banks review applicant’s credit history, nature of business, income, and so on
Also Read: How to Get Collateral Free Business Loans?
- Fixed Interest Rate
Business loans in Gurugram are provided at a fixed interest rate. The interest charged does not change during the tenure of the loan. This is greatly beneficial to the applicant as it ensures the EMIs stay the same through-out the loan repayment time period.
- Flexible Repayment Tenure
The repayment tenure on business loan in Gurugram falls between 1 to 5 years. Customers can also make prepayment on their loan as some banks do not charge a prepayment fees
- Loan Amount
Applicants may apply for loan amount up to Rs. 1 crore. Do note, banks only grant loan after evaluating the applicant across a variety of parameters. These include credit score, credit history, type of business operated and so on
- Quick Processing
Business loan in Gurugram can be easily applied online. Online application greatly reduces paperwork and lends convenience to customers. Moreover, when business loan is applied through Paisabazaar then an agent from the bank comes for document collection and verification
How to Apply through Paisabazaar.com?
Applicants for a business loan in Gurgaon can apply through Paisabazaar.com. Follow the steps given below:
- Visit the business loan application page
- Provide the basic details in the form
- Fill the secondary form
- Respective bank or NBFC will get in touch with you for further formalities
Documents Required for Loan Application
|Identity Proof||Aadhaar Card, Passport, Voter ID Card, PAN Card, Driving License|
|Address Proof||Aadhaar Card, Passport, Voter ID Card, Driving License|
- PAN Card
- Bank statement for the previous 6 months
- Latest Income Tax Returns (ITR), income proof, balance sheet, and profit and loss account for the last 2 years (audited by a chartered accountant)
- Proof of continuation which includes; ITR, trade license, establishment, sales tax certificate
Sole proprietor declaration, certified copy of partnership deed, certified true copy of memorandum, and articles of association which must be certified by director and original copy of board resolution
Apply for business loans in other cities of India
|Business Loan in Mumbai||Business Loan in Delhi|
|Business Loan in Bengaluru||Business Loan in Kolkata|
|Business Loan in Chennai||Business Loan in Pune|
|Business Loan in Chandigarh||Business Loan in Hyderabad|
Q. Who can apply for a Business loan in Gurugram?
Applicants, who run an income generating enterprises and are Indian citizen can apply for a business loan.
Q. What is the maximum loan amount that can be availed for a business loan?
The maximum unsecured loan amount that customers may apply for is up to Rs. 50 crore, wherein customers needs to deposit collateral with lender. Maximum loan amount without collateral can be availed up to Rs. 1 crore.
Q. What is the repayment tenure for business loan availed in Gurugram?
Applicants may get minimum repayment tenure of 12 months and the maximum loan tenure goes up to 60 months.
|What is MSME (Micro, Small & Medium Enterprises)|
|What are MSME loans|