Do I need to pledge assets to apply for a small business loan?

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.

What is the maximum tenure of a small business loan?

At SMFG India Credit, small business loans offer a maximum repayment tenure of 60 months. Borrowers can avail themselves of this period to gradually repay the loan amount, making it more manageable and accommodating for their business needs.

How to get a loan for a business without collateral?

To get a loan for a business without collateral, applicants need to meet certain eligibility criteria, including being between 21 to 65 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 out the online form, and submitting it. A representative will get in touch after 72 hours*.

Does a business loan affect my credit score?

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.

What documents are required while applying for a business loan?

When applying for a business loan, the following documents are typically required: PAN Card Business address proof Business registration proof (GST or other registration certificates) Account statements of the business for the last 6 months to 1 year Income tax returns of the business for the last 2-3 years Financial statements, including balance sheets, profit and loss statements, etc. KYC documents of the business owners/partners/directors

Are there any charges other than the interest rate that I have to pay to avail of the business loan?

Besides the interest rate, there are other charges associated with availing a business loan, such as: Processing fees, which can be Up to 2.75% of the total loan amount + GST. Cheque/ECS dishonoured charges – INR 500 + GST Swap charges – For any change in repayment instruments (per instance) - INR 500 + GST Loan cancellation charges – INR 1000 + GST

What is the minimum turnover requirement for a Business Loan?

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.

What is a good credit score to get a business loan?

A good credit score to secure a business loan is generally considered to be a CIBIL score of 725 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.

How long does a business loan approval take?

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 72 hours* to complete, ensuring the lender carefully evaluates the application before making a decision.

Are there any prepayment charges in business loans?

SMFG India Credit charges the following prepayment fees: 0 to 17 EMI(s) fully paid – 7% of the principal outstanding. 18 to 23 EMI(s) fully paid – 5% of the principal outstanding. 24 to 35 EMI(s) fully paid – 3% of the principal outstanding. 36 or more EMI(s) fully paid – No foreclosure fee.

What is the minimum business loan amount I can apply for?

You can apply for a minimum online business loan of INR 50,000*.

Can I apply for a business loan online?

Yes, you can apply for a business loan online. The application process can be initiated here . Fill in the required details and submit the application along with the necessary documents.

How can I check the business loan application status?

Simply log in to our online portal using your name/customer ID/Loan Account Number to check your application status. Alternatively, you can reach out to us on 1800 103 6001 from your registered mobile number (between 9am and 7pm), email your request to namaste@smfgindia.com , or visit your nearest branch .

Which entities can avail of a business loan?

Eligible entities that can avail of an online business loan include: proprietorship, partnership, private limited, closely held or unlisted companies, LLPs, and educational institutions and hospitals run by Trusts/Societies. For detailed information, visit our business loan eligibility criteria page.

Can a salaried person apply for a business loan?

These loans are typically designed to cover business-related expenses. Salaried individuals can instead consider personal loans .

What are the different types of loans offered under business loans?

SMFG India Credit offers different types of business loans like working capital loans, business loans for women, MSME loans, machinery loans, and more.

How is the business loan processing fee calculated?

Our business loan processing fee is Up to 2.75% of the total loan amount + GST.

What if I need a higher loan amount compared to my pre-approved business loan offer?

At SMFG India Credit, you can apply for unsecured business loans of up to INR 75 lakhs*. The final loan amount will depend on several factors, including your eligibility, creditworthiness, and our policy at the time of loan application.

Can I change the due date of my business loan EMI?

Yes, you may be able to change the due date of your business loan EMI, subject to lender policies. Get in touch with your lender for specific details on the formal request process and any applicable charges.

Do I require any security or guarantor to avail of a business loan?

At SMFG India Credit, you can access collateral-free business loans of up to INR 75 lakhs*. If you require higher loan amounts, please explore our Loan Against Property solutions.

Can I use a business loan for working capital management?

Yes, you can use business loans to support your day-to-day workflows and address current, short-term liabilities like salaries, utilities, and rent.

What are the steps for foreclosing a business loan?

Here are the general steps involved in foreclosing a business loan: Initiate a loan foreclosure by contacting the lender (online or in person). Fill out and submit the foreclosure application form along with any required documents. Pay the outstanding loan amount, plus prepayment charges, if applicable. Receive a NOC (No Objection Certificate) and confirmation of loan closure.

Calculate Business Loan EMI

Loan Amount

50,00075,00,000

Rate of interest

13%33%

Loan Tenure

12 Months60 Months

Months

12 Months60 Months

Calculated EMI* 0 Apply Now

Get your Business Loan Approved in Minutes

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Business Loan - Apply Online for an Instant Business Loan

Business loan solutions can help you scale your operations and unlock new growth opportunities. Whether you’re expanding your reach or strengthening your cash flow, applying for business loans online can support your evolving working capital needs.

SMFG India Credit supports entrepreneurs and business owners by offering a range of unsecured business loan solutions of up to INR 75 lakhs*.

You can use our business loan solutions to cover key expenses like buying inventory, purchasing new equipment, office expansion, marketing, salaries, and more.

Our loan products cater to a variety of sectors, including retail, e-commerce, manufacturing, travel, and others. We also offer expert advice and support throughout your business loan tenure, so you can make informed decisions and manage your finances effectively.

Read on to explore the features and benefits of our business loan offerings, check the eligibility criteria and documentation, and learn what to expect from the online business loan application process.

Features and Benefits of a Business Loan

Apply online for a business loan today, and begin to manage your account on our simple but highly powerful dashboard. With our seamless online tracking process, you can manage and change your custom preferences in seconds.

Other features and benefits of our business loans include:

• Flexible Business Loan Facilities

With our flexible online business loan facility, you repay your loan within up to 60 months* as per your convenience. Thus, you can ensure that your repayment schedule matches your cash flow. There are also options for foreclosure that allow you to prepay the loan amount without any hidden charges.

• Business Loans for Capital Needs

We offer substantial business loan amounts of up to INR 75 lakhs* to SMEs.

• Attractive Business Loan Interest Rates

We offer competitive business loan interest rates to ensure optimal cost of borrowing.

• Small Business Loans in 72 Hours*

In the world of business, it’s important to tap into opportunities at the right time. This is why we have straightforward online business loan eligibility criteria and minimal documentation requirements, so you can access funds when you need them the most.

• No Collateral Business Loan

With SMFG India Credit, you can get collateral-free business loans without pledging your personal or business assets.

• Tailor-Made Business Loan Solutions

Our small business loan products come with pre-approved offers for your capital needs. You can also get a higher loan top-up amount and choose a repayment tenure up to 60 months* as per your convenience.

• Online Business Loan Account Access

You can track and manage your business loan account anytime, anywhere and across devices (desktop, mobile, or tablet) using our service portals and mobile applications.

Business Loan Eligibility

Understanding the eligibility criteria is the first step towards a successful business loan application. You can use our business loan eligibility calculator to get a quick estimate of the loan amount you may be able to borrow. This helps you plan your finances better and take proactive steps to strengthen your application, if needed.

Now, let’s take a closer look at the key eligibility requirements at SMFG India Credit.

Eligible Entities	Must be self-employed with their own business or proprietor /partner/director of an existing business.
Nationality	Must be a resident Indian.
Age Criteria	The age should be between 21 - 65 years (not more than 65 at the time of loan maturity).
Turnover	Minimum annual turnover should be INR 10 lakhs per annum, and profit after taxes should be INR 2 lakhs per annum.
Business Experience	Must have a business that has been existing for at least 3 years, with stable income and profits for the past 2 years.
Credit Score	CIBIL score should be 725 or higher.

*Please note that this is only the basic eligibility criteria for business loans. 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

Along with your online business loan application, you’ll be required to submit documents that serve as proof of your identity, age, address, income, and business continuity. These business loan documents help us validate crucial information, allowing us to present a tailored offer that aligns with your financial profile and business needs.

Here is a list of the basic documents required for your quick reference:

Mandatory Documents	Passport-sized recent photograph Bank statements GST or ITR
Valid Identity Proof	PAN card, Driving licence, etc.
Valid Address Proof	Electricity bill, Passport, etc.
Income Proof	Tax returns, Balance sheet, etc.
Proof of Business Existence	Certificate of incorporation, Trade licence, etc.

For a more complete list, please visit the business loan documents page or speak with our customer care representative.

Business Loan Interest Rates and Charges

SMFG India Credit offers competitive business loan interest rates for eligible enterprises. These rates are influenced by various factors, such as business cash flow, location, creditworthiness, profitability, and so on.

Here’s a quick overview of the applicable fees and charges when applying for our business loan online:

Business Loan Interest Rate	Minimal and competitive (depending upon several factors such as net income, business stability, location, collateral, existing monthly obligations, etc.)
Loan Amount	Up to INR 75 lakhs*
Loan Tenure	Up to 60 months*
Processing Fee	Up to 2.75% of the total loan amount + GST
Late Payment Charges (Applicable for Payment Default)	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.
Cheque/ECS/ Dishonoured Charges - Per Dishonour of the Cheque Per Presentation	INR 500
Loan Cancellation Charges (Loan Cancelled Before First EMI)	INR 1000 + GST
Organisation Type	Proprietorship, Partnership, Private Limited, Closely held or unlisted companies, LLPs, Educational Institutes and Hospitals run by Trusts / Societies.

Business Loan Application Process

Understanding the online business loan application process can help you prepare more effectively and increase your chances of approval. Here are the general steps involved in applying for a business loan:

• Determine Your Business Loan Amount and Purpose

Determine the loan amount that you need and the specific purpose. This includes estimating expenses such as inventory, equipment, and operating expenses. Knowing this will help you select the appropriate business loan type (working capital, term loan, etc.) and ensure that you do not borrow more or less than the necessary amount.

• Research Different Business Loan Providers

Research different lenders to compare the various quick business loan options, interest rates, and terms. Look for reputation, positive reviews, and decide upon the lender that offers loan terms that are best suited to your specific business needs.

• Check Business Loan Eligibility and Gather Documents

Make sure you pay attention to the business loan eligibility criteria of your chosen lender and ensure that you meet the basic requirements before applying. Prepare all the essential documents and ensure they are free of errors to speed up the application process.

• Submit Your Business Loan Application and Await Approval

Complete the easy business loan application process online or offline by providing all the requested information and submitting the documents. Your application will then go through various stages of evaluation. Once everything is verified, you will be offered a custom loan amount and rate of interest. The loan amount will be disbursed once you verify and accept the business loan offer, after which you can start making payments as per the agreed-upon schedule.

Estimate Your EMI with Our Business Loan Calculator

A business loan EMI calculator is a handy tool that can help you foresee your monthly obligations. By providing a realistic overview of your monthly expenses, it enables you to make informed decisions about your business loan amount and tenure. The calculator takes 3 inputs:

The total loan amount
The loan tenure
The interest rate

The business loan EMI calculator lets you try out different values to picture different scenarios, ultimately helping you to make the best financial decisions for your business.

Types of Business Loans

At SMFG India Credit, we understand that every business has unique financial requirements. We offer a variety of tailored loan solutions to support enterprises across different sectors, allowing business owners to select the option that best aligns with their goals and capital needs.

Below are the different types of business loans we offer:

Business Loan for Women

At SMFG India Credit, we support and empower women entrepreneurs by offering competitive interest rates on business loans. These flexible loan solutions are designed to help women scale their businesses smoothly and confidently.

Business Loan for Doctors

We offer tailor-made online business loan solutions for medical professionals. Doctors can borrow amounts of up to INR 75 lakhs* to support operations for their clinic or nursing home. With speedy loan processing and flexible loan tenures, medical entrepreneurs can grow or upgrade their practice efficiently.

Business Loan for CAs (Chartered Accountants)

We extend customised, collateral-free business loan solutions for chartered accountants. Our seamless digital lending process makes it possible for CAs to get swift access to funds for a variety of causes, like office expansion, renovations, or recruitment.

Business Loan for Manufacturers

We understand the unique needs of a manufacturing business and how it may need consistent funding to effectively manage operations. Hence, we offer quick business loans for manufacturers which can be used to cover expenses like overheads, equipment upgrades, raw material procurement, and inventory replenishment.

Business Loan for Self-Employed

Our business loan solutions for self-employed professionals are designed to support both short- and long-term capital requirements, with an easy online application process.

Working Capital Loan

A working capital loan helps businesses meet their immediate financial obligations, like salaries, utility bills, or rent. SMFG India Credit’s efficient approval and disbursement processes help businesses ensure smooth, uninterrupted day-to-day operations.

MSME Loan

We offer substantial, collateral-free loans of up to INR 75 lakhs* to MSMEs and SMEs. These loans are designed to help micro, small, and mid-sized businesses scale their operations without compromising their cash flows.

Machinery Loan

Our quick and easy machinery loans can help you purchase or upgrade to the latest equipment. Boost your production capacities by securing a machinery loan with flexible repayment tenures of up to 60 months* and competitive interest rates.

How to Apply for Business Loan

At SMFG India Credit, you can apply for a business loan online in a few easy steps. Here’s how:

• Provide Basic Details to Apply for a Business Loan

You can initiate the online business loan application process here. Click on ‘Business Loan’ or ‘SME Loan’ based on your requirements. Proceed to enter the required details, upload the documents, enter the desired loan amount, and select the tenure. Please make sure to upload up-to-date and accurate business loan documents to avoid any delays.

• Wait for the Decision on Your Business Loan Application

Based on the information you enter, you will be given an instant decision, that is, you will be informed immediately if your business loan application will be considered going forward. If yes, you will be given a reference number. Please save this number for future communication. An SMFG India Credit representative may get in touch with you for any further information that may be required.

• Look Forward to Your Business Loan Approval and Disbursement

Your business loan application will then go through various stages of verification, which also include verification of all documents, physical address verification, and document collection. After the verification is complete, you will be given a customised offer on the loan amount as well as the rate of interest. Post approval, the business loan amount will be disbursed to your bank account.

Where We Offer Business Loans

Business Loan in Mumbai

Get customised business loan solutions of up to INR 75 lakhs* for your enterprise in Mumbai to thrive even in competitive markets.

Business Loan in Delhi NCR

The capital region of Delhi NCR is home to some of the top businesses in technology, retail, healthcare, and manufacturing. If your business is located in Delhi, you can avail of flexible online business loans with tenures of up to 60 months*.

Business Loan in Bangalore

Scale your enterprise in the ‘Silicon Valley of India’ with business loans at affordable interest rates. Leverage Bangalore’s growth potential with our tailored loan solutions.

Business Loan in Goa

Goa’s coastline attracts tourists from all around the world and has helped businesses in the retail, food, tourism, and hospitality sectors grow immensely. Boost your business in Goa through SMFG India Credit’s small business loans.

Business Loan in Chennai

In addition to being one of the fastest-growing Indian cities, Chennai is a hotspot for manufacturing businesses. Strengthen your position in the city’s booming business sector by applying for business loans designed to support a wide array of capital needs.

Business Loan in Kerala

Navigate through Kerala’s ever-changing business environment with collateral-free business loans of up to INR 75 lakhs*. Apply online easily with minimal documentation.

Business Loan in Kolkata

Fuel business expansion in Kolkata with the help of our competitive business loan offerings. Enjoy attractive interest rates and repayment tenures suited to your financial goals.

Business Loan in Bihar

The bustling markets of Bihar and its rich culture are ideal for small to medium-sized enterprises that are aiming to scale. Access business loans of up to INR 75 lakhs* and take the first step towards sustainable growth.

Business Loan in Gujarat

Gujarat, being one of the most affluent states, is the perfect place for you to branch out and scale up. Apply for business loans online and avail of some of the most competitive interest rates in the market.

Pragati Ki Misaal – A Story of Ambition and Progress

Watch this AI generated video to know how a business loan can fuel your dreams of growth and expansion.

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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 on Business Loan

What is the maximum business loan amount I can apply for?

You can avail a loan amount of up to INR 75 Lakhs*. The amount would be calculated based on your income and other parameters. Speak to a SMFG India Credit customer service representative today to know more about your business loan eligibility.

At what rate of interest will I get a business loan?

SMFG India Credit offers competitively priced business loans between 13% – 33% to suit every customer’s needs. The business loan interest rate is decided by several factors, including your income source, number of years in business, business stability, and existing monthly obligations.

What are the eligibility criteria for applying for a small business loan?

To apply for a small business loan from SMFG India Credit, you need to be at least 21 years of age. Your age at the time of the maturity of the loan should be less than 65 years. This criterion is applicable to self-employed individuals. If you are a non-professional individual, a different set of eligibility criteria might apply to you.

Can I get a business loan to start a new business from SMFG India Credit?

At SMFG India Credit, we provide unsecured business loans to eligible borrowers who have an existing business for the past 3 years, and which has been generating stable profits since the past 2 years. Applications from individuals who need seed funding to start a new business from scratch and/or do not meet our business loan eligibility criteria will not be accepted.