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

Calculate Business Loan EMI

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50,00075,00,000
%
13%21%
Months
12 Months48 Months

Calculated EMI*   0  Apply Now

Small Business Loan

A small business loan, also known as a commercial loan, is a loan product designed especially for investment in a business. Business loans for small businesses cater to the urgent needs that a new opportunity can throw up. These loans can either be secured by collateral or be unsecured, based on the amount needed, the type of loan and the relationship between the business and the lender.

Advantages of Business Loan

  • Faster approval of the loan
  • Less documentation required
  • No collateral required if you opt for an unsecured small business loan

Small Business Loan Eligibility Criteria

The criteria that you must meet before applying online for a small business loan include:

  • The borrower should be a self-employed professional, manufacturer, retailer or trader.
  • The minimum age to apply for a business loan application is 21 years.
  • The maximum age at the time of loan maturity should be 65 years.
  • The borrower's minimum turnover should be Rs. 10,00,000 in the last 12 months.
  • The individual should be running the business for 3 years and have at least 5 years of business experience.

Small Business Loan Procedure

The procedure for applying for a small business loan is quite simple. You can apply online for a small business loan in 3 simple steps:

1. Check The Criteria

The first step before applying online for a small business loan is to check if your application matches the criteria as mentioned above. This will ensure that your loan does not get rejected later in the process.

2. Submit Application And Documents

Submit the business loan application form available online. Our representative will get in touch with you to take the process ahead.

3.Wait For Small Business Loan Approval

If your profile matches our eligibility criteria, you will be asked to submit the required business loan documentation. After successful verification of your documents as per SMFG India Credit’s policy, your loan gets approved and the funds get disbursed to your registered bank account.

FAQs

Do I have to provide any security or collateral to apply for a small business loan?

No security or collateral is required for small business loans up to Rs 75 Lakhs* at SMFG India Credit. These loans are unsecured, similar to personal loans, and do not require pledging personal or business assets.

Is the interest rate on a small business loan floating or fixed?

The interest rate on small business loans offered by SMFG India Credit is fixed.

What is the maximum repayment tenure offered on small business loans?

The maximum repayment tenure available for small business loans at SMFG India Credit is 48 months.

What is the processing fee for a Small Business Loan?

The processing fee for a Small Business Loan from SMFG India Credit can be up to 6.5% of the loan amount.

What are the eligibility criteria for availing Small Business Loans from SMFG India Credit?

To avail Small Business Loans from SMFG India Credit, applicants should be self-employed professionals, manufacturers, retailers, or traders. The minimum age is 21 years, and the maximum age is 65 years. The individual should have a minimum annual turnover of INR 10 lakhs and must be running the business for at least three years with five years of overall business experience.

How long does it take to get a small business loan from SMFG India Credit?

The process of getting a small business loan from SMFG India Credit takes approximately 24 hours post-document verification and physical address proof verification.

What are the minimum and maximum loan limits offered by SMFG India Credit for small business loans?

SMFG India Credit offers small business loans with a loan limit ranging from INR 50 Thousand to INR 75 Lakhs*.

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* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.

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