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Collateral-free business loans of amounts up to Rs. 2 crores can be availed by the citizens and residents of Mumbai at an interest rate starting from 16% p.a. Business loans, MSME loans, Working Capital loans, and various other credit facilities are offered to the residents by the Private and Public Sectors Banks, NBFCs, Micro Finance Institutions (MFIs), Small Finance Banks (SFBs), Regional Rural Banks, etc.
Compare Business Loan Interest Rates from Top Banks/NBFCs – 2023
| Bank/NBFCs | Interest Rate |
| Axis Bank | 10.75% p.a. onwards |
| Flexiloans | 1% per month onwards |
| HDB Financial Services Ltd. | 8% - 26% p.a. |
| HDFC Bank | 10.75% - 25% p.a. |
| IDFC First Bank | 10.50% p.a. onwards |
| Indifi | 1.50% per month onwards |
| Kotak Mahindra Bank | 16% - 26% p.a. |
| Lendingkart | 12% - 27% p.a. |
| Mcapital | 2% per month onwards |
| NeoGrowth Finance | 15% - 40% p.a. |
| Tata Capital | 12% p.a. onwards |
| UGRO Capital | 9% - 36% p.a. |
| Bajaj Finserv | 10% to 26% |
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The business loan interest rate, desired loan amount and repayment tenure offered by lenders in Mumbai to its residents are below mentioned:
Business Loan in Mumbai – Highlights – 2023 |
|
| Category | Amount |
| Interest Rate | 16% p.a. onwards |
| Repayment Tenure | Max. up to 5 Years, may exceed |
| Loan Amount | Up to Rs. 2 Crore – Collateral Free Unsecured loan |
Eligibility Entities & Criteria
The following entities can avail business loans in Mumbai:
- Individuals, Business Owners, Entrepreneurs, Startups, Self-employed Professionals, SMEs & MSMEs
- Artisans, Traders, Retailers, Manufacturers, Shopkeepers, Small Vendors & Retailers
- Private and public limited companies, Sole Proprietors, Private Limited Companies, and Partnership Firms engaged only in the Manufacturing, Trading, or Services sectors
Basic eligibility criteria to meet before applying for a business loan are—
- Minimum age limit of the applicant should be at least 18 years and the maximum up to 65 years at the time of loan maturity
- Minimum Annual Turnover and profit depend on lender’s requirements
- Current Business experience should be a minimum of 2 years
- Business should be operations and in profit for last 1 year
- Applicants with no previous defaults with any financial institution
Also Know: How the EMI is calculated in a business loan from bank?
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Documents Required for Loan Application
o sanction the applied Loan, the lender needs some documents to verify the authenticity and credibility of the loan seeker. Thereby, some required documents are—
- Filled application form with passport-sized Photographs
- Identity Proof (Passport/Voter’s ID/Driving License/PAN Card/Aadhar card)
- Address Proof (Latest Utility Bill/Ration Card/passport)
- Income proof: Last 1 year ITR, Last 2 years’ P&L statement and Last 6 months’ bank statement
- Business address and vintage proofs
- Company establishment certificate
- Any other document required by the lender
Types of Business Loan
Business loan is both a secured and unsecured loan offered at fixed and floating interest rates by the facilitated financial corporation, which gives you access to the needed credits that can be paid back over an agreed time period.
The various business loans that you can avail as a business in Mumbai include:
- Working Capital Loan
- Bill or invoice discounting
- Letter of Credit
- Term Loan (Long-term and Short-term)
- Equipment Finance
- Loan against Securities
- Merchant Cash Advance/POS Loans
- Machinery Loan
- Cash Credit Facility and Overdraft Facility
- Bank Guarantee
Apply for Business Loans from other cities in India
FAQs
Ques: How is my loan eligibility counted?
Ans: The credit scores of the entity and the last 1 year’s financial report and your ability to repay the loan on and within given time will count as your eligibility to get business loan.
Also Check: eligibility criteria on business financing in India
Ques: What is the Minimum and Maximum loan limit offered for business loan?
Ans: There is no minimum loan amount limit to borrow, however, most of the collateral-free loans are offered for the maximum loan amount of up to Rs. 2 crore. The loan amount sanctioning depends on your business size and eligibility and upon the terms and conditions of the respective bank, NBFC, or financial corporation.
Que: How long does it take to disburse the business loan?
Ans: It varies from bank to bank, depending on the procedure to verify the eligibility criteria. But mostly your business loan will be disbursed within 3-7 working days or may be less.
Que: What is the rate of interest and processing fee on business loan?
Ans: The interest rates may vary from one lender to another and will depend on the various factors related to the borrower. The processing fees would be communicated during the application procedure by the respective authority.