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.
The criteria that you must meet before applying online for a small business loan include:
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:
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.
Submit the business loan application form available online. Our representative will get in touch with you to take the process ahead.
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.
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.
The interest rate on small business loans offered by SMFG India Credit is fixed.
The maximum repayment tenure available for small business loans at SMFG India Credit is 48 months.
The processing fee for a Small Business Loan from SMFG India Credit can be up to 6.5% of the loan amount.
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.
The process of getting a small business loan from SMFG India Credit takes approximately 24 hours post-document verification and physical address proof verification.
SMFG India Credit offers small business loans with a loan limit ranging from INR 50 Thousand to INR 75 Lakhs*.
* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.
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