Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

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 & Benefits of Business Loan For Self Employed

Features and benefits of business loans for the self-employed include:

  • Flexible loan – SMFG India Credit business loans can be used to service all types of capital requirements for small businesses. Competitive interest rates and easy repayment tenures of up to 48 months make it a top financing option for self-employed individuals. 
  • Minimal Paperwork - Meet your business loan requirements by applying for an amount up to Rs. 75 Lakhs* against minimal paperwork that is supported by a hassle-free and instant loan approval process.
  • No Collateral Requirement – SMFG India Credit business loans for the self-employed are not accompanied by the requirement of a collateral or co-guarantor sign-off that helps minimise financial stress.

Eligibility for Availing Business Loan For Self Employed

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:

  • Individuals must be at least 22 at the time of application and not more than 65 years at the time of loan application
  • Individuals must be either self-employed or operate a proprietorship, private limited companies, and partnership firms 
  • Individuals who have been engaged in the current business for at least three years with a total of five years of business experience
  • Enterprises with a minimum turnover of Rs. 10 Lakhs.
  • Enterprises making profits for the past two years.
  • Enterprises with a Minimal Annual Income (ITR) of Rs. 2 Lakhs per year.

Documents for Self Employed Business Loan

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:

  • Recent photograph
  • Valid Identity Proof such as PAN card, Driving License
  • Valid Address Proof such as Electricity bill, Passport
  • Bank statements
  • GST or ITR
  • Income proofs
  • Proof of Business existence (like Certificate of Incorporation, etc.)

How to Apply for Business Loan For Self Employed?

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:

  • Visit the SMFG India Credit homepage, look up the page on “Business Loans’ and click ‘Apply Now’
  • Fill in the application and upload soft copies of the documents required
  • A business loan expert from SMFG India Credit will contact the applicant once the loan application and the paperwork have been received. 
  • If you choose to go the online route, you can submit the application form along with copies of your documents at SMFG India Credit branch office. The SMFG India Credit Customer care executives will be able to guide you in case you need additional assistance. 

* 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.

FAQs

Is there any age eligibility criterion for me to apply for a Business Loan

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.

Are there any eligibility criteria that my business entity should meet for me to apply for a loan?

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.

What is a Business Installment Loan?

Business Installment Loans are the loans, which are used to meet medium term working capital needs.

How can I repay my Business Loan?

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.

What is an EMI?

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.

Do I need to hypothecate my assets or provide any other collateral to avail a Business Loan from SMFG India Credit?

You do not need to hypothecate any assets to avail a Business Loan from SMFG India Credit.

What is the maximum loan amount I can avail?

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.

Can I foreclose or prepay my loan?

Yes, you can repay your loan at any time during the loan tenure.

Is there any advantage that I can get if I have already availed a loan from SMFG India Credit earlier?

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.

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