Get Instant Business Loan Online

Small Business Loans provided by SMFG India Credit are unsecured loans does not require you to pledge any assets. It's important to carefully review the terms of the loan and the requirements of SMFG India Credit before applying for a small business loan.

At SMFG India Credit, small business loans offer a maximum repayment tenure of 48 months. Borrowers can avail themselves of this period to gradually repay the loan amount, making it more manageable and accommodating for their business needs.

To get a loan for a business without collateral, applicants need to meet certain eligibility criteria, including being between 22 to 60 years old, having a business that is at least 3 years old, and submitting previous years' income tax returns duly audited by a CA. The application process involves checking eligibility online, using a business loan EMI calculator to calculate EMI, filling the online form, and submitting it. A representative will get in touch after 24 hours.

Yes, a business loan can affect your credit score. Timely repayment of the loan can have a positive impact on your credit score, demonstrating responsible credit behavior. On the other hand, defaults or late payments can negatively affect your credit score, making it harder to secure future loans or credit.

When applying for a business loan, the following documents are typically required:

1. PAN Card
2. Business address proof
3. Business registration proof (GST or other registration certificates)
4. Account statements of the business for the last 6 months to 1 year
5. Income tax returns of the business for the last 2-3 years
6. Financial statements, including balance sheets, profit and loss statements, etc.
7. KYC documents of the business owners/partners/directors

Besides the interest rate, there are other charges associated with availing a business loan, such as:

1. Processing fees, which can be up to 6.5% of the loan amount.
2. Cheque/ECS dishonoured charges – INR 300
3. Swap charges – for replacement of post-dated cheques to ECS – INR 500
4. Swap charges – for replacement of ECS to ECS – INR 500
5. Loan cancellation charges – INR 1000

To qualify for a Business Loan, applicants typically need to meet a minimum annual turnover requirement of INR 10 lakhs per annum and demonstrate a profit after taxes of INR 2 lakhs per annum. Meeting these financial criteria showcases the business's stability and capacity to handle the loan obligations.

A good credit score to secure a business loan is generally considered to be a CIBIL score of 750 or higher. A higher credit score reflects a borrower's strong creditworthiness and responsible credit management, increasing the chances of loan approval and potentially securing more favorable terms.

The approval process for a business loan involves various verification stages, including document verification and physical address verification. This comprehensive assessment may take up to 24 hours to complete, ensuring the lender carefully evaluates the application before making a decision.

SMFG India Credit charges the following prepayment fees:

1. 0 to 17 EMI(s) fully paid – 7% of the principal outstanding.
2. 18 to 23 EMI(s) fully paid – 5% of the principal outstanding.
3. 24 to 35 EMI(s) fully paid – 3% of the principal outstanding.
4. 36 or more EMI(s) fully paid – No foreclosure fee.