Business Loan for Startups

Business loans for startups from SMFG India Credit aim to assist young entrepreneurs in achieving their ambitious dreams.

Whether you're a small or medium-sized enterprise, our loans for startup businesses are designed to support a wide range of financial needs. You could use the funds as a working capital loan to manage day-to-day operations during growth phases, or as an equipment purchase loan to invest in new machinery, tools, or specialised equipment critical to your business.

In order to qualify for an SMFG India Credit business loan, your enterprise should have been operating for at least 3 years, with a record of stable income and profits for the last 2 years.

Keep reading to learn more about how a startup loan can empower your business journey.

Features and Benefits of Startup Business Loan

Startup loans for new businesses are different from other financing loans for established companies and have various benefits and specific features.

Flexibility - Startup business loans are designed with more flexibility to allow the business owner to concentrate on growth than just worry about repayment. At SMFG India Credit, we offer customised packages with flexible repayment tenures for your convenience.

Collateral - At SMFG India Credit, our short term startup loans do not require collateral. You can avail up to INR 75 Lakhs* of unsecured business loans.

Availability of Funds - We ensure swift disbursal as soon as your loan is approved.

Documentation Required - To avail a startup business loan from SMFG India Credit, you will only need to submit basic documents without too many hassles.

*Terms and Conditions apply

Eligibility Criteria for a Startup Business Loan

To avail a startup loan for new business from SMFG India Credit, some of the eligibility criteria are as follows:

• You should be a resident citizen of India
• You should have a CIBIL score of at least 700
• You should have been engaged in the current business for at least 3 years, with an overall business experience of 5 years
• Minimum annual income of your business should be INR 2 lakhs
• You should be between 21 years to 65 years of age

Click here for detailed eligibility criteria for business loans.

Documents Required for a Startup Loan for a New Business

The documents required for obtaining a startup business loan from SMFG India Credit are as follows:

• Identity Proof - Passport, PAN card, Aadhaar card, driver’s license or voters id can serve this purpose.
• Address Proof - Electricity bills, telephone bills, Passport, Aadhaar card or voters' ID can serve this purpose.
• Proof of Age - Can be submitted by way of a copy of the passport or the PAN card.
• Income Statement - Proof of stable income to be provided.
• Bank Statements - The last 6 months' bank statement to be submitted. You can also give a scanned copy of the cancelled cheque to give the IFSC code proof.
• Signature - Proof of signature to be submitted by bank-verified statements or PAN card.
• Photos - 2 copies, passport size.
• Financial statements audited by a CA for the past 2 consecutive years, and IT returns for the last 2 consecutive years.

Interest Rates & Charges of Business Loan for Startups

When you opt for an unsecured business loan for startups, the interest rates and the associated charges (such as processing fees) can have a significant impact on your overall borrowing cost. To ease your enterprise’s growth journey, SMFG India Credit offers competitive interest rates tailored to your unique business profile.

However, the final interest rate for your startup loan is influenced by several factors, including the loan amount, credit score, net income, business stability, current financial obligations, and more.

Here’s a quick overview of the charges that may apply to your loan for startup businesses*:

How to Avail Startup Business Loans?

Here’s how you can easily apply for an unsecured business loan at SMFG India Credit:

Provide Your Details

Begin your online application here and choose the ‘Business Loan/SME Loan’ option. Enter the required information, upload relevant documents, and choose your preferred startup loan amount and tenure. To ensure smooth processing, double-check that all submitted details and documents are accurate and up to date.

Get an Immediate Eligibility Decision

Once your application is submitted, you'll receive an instant update on whether your startup business loan is eligible for further processing. If eligible, a reference number will be generated – keep it easily accessible for future communication. An SMFG India Credit representative may connect with you for any additional information.

Verification, Approval & Disbursement

Your application will undergo various standard checks, such as document verification and address confirmation. Once everything is validated, you’ll receive a customised loan offer detailing the sanctioned amount, applicable interest rate, and other key terms. After final approval, the loan amount will be disbursed directly into your account.

Ready to Grow? Secure Your Business Loan for Startups Today!

With a streamlined online application process, competitive interest rates, and flexible repayment tenures ranging from 12 to 60 months*, we make it easier for entrepreneurs to access the funding they need. Apply online today or reach out to our expert team to explore your business financing options. Let us be your trusted financial partner in building a successful business venture.

Unlock the Capital You Need: Watch to Learn How!

With the rustic flair of desi music and subtly infused humour, this video tells a story of a small retailer who was able to grow his small business with a loan. Watch now and enjoy!