As a business owner, you will experience various stages of growth and expansion. All of these opportunities usually need to be fuelled with the right finance at the right time. Getting flexible, unsecured funding is considered the best, safest way forward. Self employed business loans make for the perfect financial instrument to help you with short term finance and working capital needs. Whether it is for the provision of capital requirements, or any other operational expense essential to keep your business running, we have the right solutions and industry experience to help satisfy your funding requirement.
SMFG India Credit’s unique financial solutions are designed to meet business needs across industries. With our loan for business, you can focus on growing your business, while we take care of arranging and managing your financial needs.
In a competitive financial market and growing economy, businesses like yours require the best possible nourishment to grow. Our customised business loans for self employed professionals are made to help you manage any growth or change that comes your way.
Features and benefits of business loans for the self-employed include:
The eligibility for availing of a business loan for the self-employed can be easily established by checking out the outlined criteria on the SMFG India Credit website. Although not an exhaustive list, the minimum parameters include:
A business loan can be availed by self-employed individuals to meet high-value expenditures directed towards expanding operations, meeting working capital requirements, hiring and training staff and employees, purchasing equipment or machinery, investing in infrastructure, stocking inventory, purchasing raw materials or stocking inventory, and more.
In order to apply, they need to qualify for the loan and have the necessary documentation available for submission to SMFG India Credit.
Generally, the documents required for a business loan are:
There are two ways to apply for a business loan for the self-employed at SMFG India Credit – online or by submitting a hardcopy application at your nearest SMFG India Credit office.
Follow this step-by-step process to place your business loan application online:
You need to be at least 22 years of age to apply for a Business Loan under the 'Self Employed Business Category'. A relaxation of 2 years will be made if you are a non-professional. You cannot exceed 65 years of age at the time of Loan Maturity.
Yes, the annual turnover of your business should be between 10 Lakhs and 100 Crores*. Further, your business needs to be in continuity for the last 3 years showing positive trends in turnover and profit for the last 2 years. Your Income Tax Returns of the last 2 years should reflect taxable income of above 2 Lakhs per annum.
*Should your turnover be above 30 Crores, please refer to the SME Loans section to understand the solutions that are designed for the SME segment.
Business Installment Loans are the loans, which are used to meet medium term working capital needs.
You can repay the loan in equal monthly installments (EMIs). The loan can be repaid through post-dated cheques. You can also repay through an ECS mandate to your bank.
EMI or 'Equated Monthly Installment' is the convenient monthly amount that you have to service to pay back the loan availed. The EMI consists of both the principal and interest components.
You do not need to hypothecate any assets to avail a Business Loan from SMFG India Credit.
You can avail up to a maximum of 75 Lakhs*. The amount would be calculated based on your income and other parameters that the SMFG India Credit Relationship Manager will explain.
Yes, you can repay your loan at any time during the loan tenure.
Yes, if you are an existing customer of SMFG India Credit, you will get additional benefits in processing time as well as in the interest rate.
* Loans are at the sole discretion of SMFG India Credit and are subject to guidelines of the Reserve Bank of India. SMFG India Credit may engage the services of marketing agents for the purpose of sourcing loan assets in certain locations.
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