Calculate Business Loan EMI

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50,00075,00,000
%
13%33%
Months
12 Months60 Months

Calculated EMI*   0  Apply Now

Business Loan For Traders

Business loans for traders from SMFG India Credit offer quick access to funds without any hassle at competitive interest rates.

Traders are a vital link between the manufacturers of goods/commodities and the consumers. Any individual or a firm (partnership or proprietorship) engaged primarily in the buying and selling of goods is eligible for the trader’s business loan. We also offer customised solutions for wholesalers, traders and retailers.

With SMFG India Credit’s trading loans, you can meet your daily business needs, such as the purchase of goods and services, managing working capital, renovating existing business premises, and purchasing new equipment.

Features and Benefits of a Trader Loan

Business owners can take advantage of the following features and benefits when opting for a trader’s business loan from SMFG India Credit:

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High Trading Loan Amounts

Access trading loans of up to INR 1 crore* to1 crore1 expand your trading business, purchase inventory, or manage working capital needs

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Competitive Interest Rates

Eligible applicants with strong credit scores can benefit from some of the most competitive interest rates in the market for their trading loan.

Flexible Repayment Option

Apply for Trading Loans Online

Traders can apply for business loans online from the comfort of their homes or offices through our seamless online application process.

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Collateral-free Trading Loans

Our business loans for traders are unsecured, meaning you can access the funds you need without having to pledge personal or business assets as collateral.

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Flexible Repayment Tenures

Balance repayments with cash flow effectively with a flexible loan tenure ranging from 12 to 60 months*.

*Terms and Conditions apply

Eligibility Criteria for a Trader’s Business Loan

To ensure a smooth approval process, traders must meet specific eligibility criteria such as:

  • Eligible Entities: Individuals, sole proprietors, partnership firms, and private limited companies actively engaged in trading activities.
  • Age: Applicants must be at least 21 years old at the time of application and not older than 65 years at the time of loan maturity.
  • Business Experience: A minimum of 3 years in the current trading business and a total of 5 years of business experience is required.
  • Turnover: The trading business must have a minimum turnover of INR 10 Lakhs.
  • Profitability: The enterprise should have been generating stable profits for at least the last 2 years.
  • CIBIL Score: A score of 725 or above is required.

*Please note that given above are the basic eligibility criteria. The final eligibility will depend on several factors including SMFG India Credit’s policy at the time of loan application.

Documents Required for a Business Loan for Traders

To ensure a hassle-free loan application process, please keep the following documents ready:

  • Business Proof: Documents validating your trading operations, such as GST registration, trade licence, or sales tax certificate.
  • Identity Proof: A government-issued ID, such as a PAN card, Aadhaar card, or passport.
  • Address Proof: Recent electricity bills, voter ID, passport, or a ration card.
  • Income Proof: Income Tax Returns (ITR) for the last 2 years and profit and loss accounts after requisite CA certification.
  • Bank Statements: Bank statements for the past 6 months.

*Additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of loan application.

Interest Rates and Charges for a Trader Loan

Understanding the interest rates and associated fees and charges, such as processing fees, is essential for traders seeking a business loan. This knowledge can help them make informed borrowing decisions. Here’s a breakdown of the key fees and charges to expect when applying for an SMFG India Credit business loan for traders:

Fee Type

Applicable Charges

Interest Rate

15.50% - 24.25% per annum

Processing Fees

Up to 2.75% of the total loan amount + GST

Late Payment Charges

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.

Repayment Instrument dishonor Charges per presentation

INR 500

Swap Charges - for any change in repayment instruments

(per instance)

INR 500 + GST

Loan Cancellation Charges

(loan cancelled before the first EMI)

INR 1,000 + GST

Prepayment Charges

Prepayment Charges are 2-7% of the principal outstanding

How To Apply for a Business Loan for Traders

Applying for a business loan for traders is simple and straightforward with SMFG India Credit:

  1. Submit Basic Information: Begin your online application here. Select ‘Business Loan/SME Loan’ and fill in the required details. Upload the necessary documents, specify the loan amount, and choose your preferred repayment tenure. Ensure all information and documents are accurate and up-to-date to avoid delays in processing.
  2. Provide Additional Information, If Needed: If any further details are required, an SMFG India Credit representative will reach out to you. Your application will then undergo a thorough verification process, which includes document checks and physical address verification.
  3. Await Approval and Disbursement: After successful verification, a customised loan offer will be provided, outlining the approved loan amount and applicable interest rate. Once you accept the offer, the loan amount will be credited to your account, giving you access to the funds you need to support your business.

Power Up Your Trade: Get the Business Capital You Need

Trading loans with flexible repayment tenures, competitive interest rates, and speedy loan processing can help you address your short-term or long-term capital requirements – whether it’s for facilitating the import or export of goods, improving cash flow, or navigating temporary financial challenges such as delayed payments.

Apply online for SMFG India Credit’s trading business loans and access funding of up to INR 1 crore* – all without the need for collateral.

Apply Now for Business Loan for Trader

Submit your application in minutes!

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* 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

What is a business loan for traders?

A business loan for traders is a financing solution designed to help traders meet various business needs, such as managing working capital, stocking inventory, expanding operations, or renovating business premises.

How can you get a business loan for traders?

You can apply for a business loan through our online application portal or by visiting a nearby branch. Fill out the application form, specify your desired loan amount and tenure, and submit the essential documents. Once the application is processed and approved, the funds will be disbursed directly to your account.

How can you check the status of your business loan for traders?

You can check the status of your loan by accessing the online SMFG India Credit portal, contacting our customer service, or visiting your nearest branch for personalised assistance.

Do I need to provide collateral for a trader loan?

No. SMFG India Credit offers collateral-free business loans for traders of up to INR 1 crore*.

What is the loan amount offered under a trader’s business loan?

You can apply for trading loan amounts ranging from INR 50,000 to INR 1 crore*.

What interest rates apply to a trading business loan?

The interest rate on your trading business loans are 15.50% - 24.25% per annum.

What is the repayment tenure for business loans for traders?

SMFG India Credit offers flexible trading loan repayment tenures from 12 to 60 months*.

How long does it take to get the loan amount disbursed?

Disbursal time may vary based on the accuracy of submitted documents, applicant eligibility, and internal verification processes.

Can I get a trader’s business loan with a low credit score?

SMFG India Credit requires you to have a credit score of 725 or more to be eligible for trading loan solutions.

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