A business expansion loan provides vital financial support to help your company grow and reach its full potential. Securing much-needed capital enables you to invest in new projects, hire additional staff, upgrade technology, or open new locations. This strategic funding empowers you to capitalise on opportunities, improve operations, and drive long-term success in a competitive market.
SMFG India Credit's business loan is designed to support your company's growth with several key features and benefits:
With SMFG India Credit, you can receive business loans of up to INR 1 crore* without any collateral. This substantial amount can be used to purchase new assets, secure new office space, launch a new product, etc. The absence of collateral simplifies the application process, making it more accessible and less stressful for businesses seeking funding.
Our business expansion loan offers flexible financing options with repayment terms starting from 12 months and extending up to 60 months. This allows businesses to manage monthly repayments in a way that does not strain their operational cash flow.
SMFG India Credit specialises in a streamlined approval process for business loans. The approved funds for our loans for business expansion are disbursed within 72 hours* only, so you can access them quickly for essential business operations.
With our business loans, you can benefit from competitive interest rates. This ensures you receive the capital needed for expansion without significantly impacting your monthly budget.
Our online platform simplifies the process of applying for a business growth loan, saving you time and effort. This allows you to direct your focus on your business rather than dealing with heavy paperwork.
At SMFG India Credit, we prioritise transparency in our business development loans. We provide clear and straightforward terms, empowering businesses to make informed financial decisions without hidden surprises.
To qualify for SMFG India Credit's unsecured business loans, applicants need to meet specific eligibility criteria:
Here’s a list of documents you need to have to apply for a business loan:
*Please note that the eligibility will depend on several factors including our policy at the time of loan application. Additional documents may also be requested depending on your individual profile.
To apply for capital for business expansion with SMFG India Credit, follow these steps:
When applying for loans for scaling a business with SMFG India Credit, it’s important to be aware of the associated fees and charges:
Our business loan interest rates are minimal and competitive to optimise the cost of borrowing. The final interest rate will depend on several factors such as your location, net income, credit score, business stability, existing monthly obligations, and so on.
If a payment is missed, a late payment fee of 2% per month (24% per annum) on overdue amount calculated on day to day basis payable from the relevant due date till date of actual payment.. It is important to make timely payments to avoid incurring these additional costs.
If a cheque or ECS is dishonoured, a fee of INR 500 applies to each instance. Therefore, it is important to ensure that there are sufficient funds available in your account for each payment cycle.
For any change in repayment instruments (per instance) - INR 500 + GST
If the loan is cancelled before the first EMI, a fee of INR 1,000 + GST will be charged.
Up to 2.75% of the total loan amount + GST
Early repayment of the business loan can incur prepayment charges of up to 7%* of the outstanding principal.
It's important to understand these fees as it will help with financial planning and prevent any surprises during the loan process.
SMFG India Credit’s business development loans provide essential support for business expansion and growth. Plan your long-term business growth financing by calculating your EMI with our free business loan EMI calculator and apply today!
* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.
A business loan is a financial product that provides capital to businesses for various needs, such as expansion, equipment purchase, or operational expenses. The amount you can borrow typically depends on factors like your business's financial health, creditworthiness, and the loan type. SMFG India Credit offers unsecured business loans up to INR 75 lakhs*.
Business loans can be availed of by the following entities who meet the eligibility criteria: self-employed individuals, proprietors, private limited companies, and partnership firms working in manufacturing, trading, or services.
To qualify for a business loan, a minimum CIBIL score of 725 or more is typically required. A high score indicates strong creditworthiness and financial stability, which enhances your chances of securing a loan if you meet other eligibility criteria.
The minimum business turnover required to qualify for a business loan is INR 10 lakhs at SMFG India Credit. This threshold ensures that the business is financially stable and capable of managing loan repayments.
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Insurance disclaimer SMICC is registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Corporate Agent. IRDAI Registration No.: [CA0098] CIN No. U65191TN1994PLC079235. The insurance policy is a contract between the customer and the insurance company, and policy is underwritten by insurance companies. SMICC acts only as the distributor and is not responsible for any risk, policy issuance, claim settlement/repudiation etc. Insurance is the subject matter of solicitation. Purchase of insurance is voluntary and subject to insurer underwriting and policy terms and conditions. Customers are advised to read the policy terms and conditions, benefits, exclusions, claim settlement carefully before purchase. Kindly note that “Insurance Products” are not mandatory for the purpose of the application and disbursement of loan. It shall be the sole discretion of the customer, by providing explicit consent, to avail such insurance along with the Loan.
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