Not everyone is fortunate enough to inherit a well-established family company. Many people, particularly those who have started their own business, encounter challenges such as a shortage of finances to pay staff, expanding the business to new places, embarking on a new project, purchasing a new asset, and so on. Banks step in as saviours in such situations, providing loans to finance the firm and its activities.
Business loans are available from a variety of financial institutions. Choosing the correct bank from such a huge pool of options, however, can be difficult.
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online. Currently, we are offering
- Short Term Loans for working capital needs
- Medium Term Loans for various business needs
Business Loans based on the following:
- Unsecured Working Capital Loan
- Invoice Discounting
- GST Surrogate
- Revenue Based Finance
- Banking Surrogate
- GST Registration Certificate
- PAN Card and Partnership deed
- (Applicable if partnership company)
- Office Address Proof
- (Utility Bills for Telephone, Electricity, GST Registration Certificate OR Bank Statement)
- Income Tax returns of the last 2 Years
along with ITR Saral Copy, Computation of income statement, Balance sheet, P&L, 3 CA , 3 CD Audit reports along with all schedules.
2. SBI Simplified Small Business Loans
As the name suggests, the SBI business loans is a facility for the MSME business. The main aim of the SBI simplified small business loans is to help the small businesses in building their current assets and fixed assets.
The minimum amount of loan that could be taken by the MSME businesses is Rs 10 Lakh, while the maximum amount for the same is Rs. 25 lakh. The interesting thing about the SBI simplified small business loans is that it requires 40% of the collateral security and the interest of it is linked to the MCLR (Marginal Cost of Funds based Lending Rate).
- The repayment period of SBI simplified small business loans is up to 60 months.
- Under SBI business loans, the loan is accessed based on the balance in the existing current account of the business.
- To be eligible for the business loan from SBI, there must be a 5-year existence in the business; the current account should at least be 2 years old.
- The Quantum of the loan (Min/Max) 10 times of average monthly balance in the current account in the previous 12 months subject to:
Min: Above Rs. 10 lacs.
Max: Less than Rs. 25 lacs.
As said above, it is best for the small MSME businesses that require banking facilities.
3. Fullerton India
Fullerton India understands that each business has unique financial needs. We take great pride and effort in ensuring that business owners and entrepreneurs meet their business goals by offering them the best possible financial solutions. We work hard in ensuring customer convenience so that you can focus on growing your business while leaving the financial aspects to us. To this end, we have designed an end to end digital process so that you can apply for a business loan from the convenience of your home, anytime and anywhere.
- The lender offers four types of business loans: Business Loan, Business Loan for Women, Business Loan for Doctors, and Business Loan for Chartered Accountants. Each of these schemes has unique features and benefits.
- Fullerton India’s Business Loan can be availed by business owners for any business funding requirements that may have risen.
- The Business Loan for Women is a unique loan product that has specially been designed to cater to the financial needs of women entrepreneurs.
- The Business Loan for Doctors is a loan scheme that is designed for doctors who are in need of funds to either open their own clinic or upgrade an existing clinic. You can also apply for this loan if you are looking to purchase new medical equipment, hire more staff, etc.
- The lender’s Business Loan for Chartered Accountants is a loan scheme that can be availed by chartered accountants who require additional capital to expand their operations.
- Applicants need not hypothecate their assets to avail this loan.
- All loans will be disbursed in a timely manner.
4. Lendingkart Business Loan
Lendingkart Finance Limited is a non-deposit taking NBFC providing working capital loans and business loans to SMEs across India. We give you access to capital in a completely online quick process with minimum documents and no collateral needed.
We hope to become your partner in laying a strong foundation for your businesses and helping it grow to its full potential.
Benefits of Business Loan by Lendingkart
Business loans from Lendingkart are enable you to redraw your business strategies for matching today’s agile work environments. Here are the benefits of taking a business loan from an NBFC like Lendingkart.
- Faster processing:
- Preserving your ownership:
- Streamlines your cash flow:
- Improve your credit score:
Features of Lendingkart Business Loan
- Get Business Loans up to ₹ 2 Crore
- Superfast Business Loan Processing
- Fast Turnaround Time and Disbursals
- No collateral required
- Fair interest rates
- Extended Loan Tenure
- No Hidden Costs
- Flexible Repayments
5. Bajaj Finserv Business Loan
Bajaj finserv grants collateral-free loan to the new business setups. You can take a loan from the institution without keeping any assets as security upto 30 Lacs. There is no pressure of repayment and you can take your time for clearing the debt which is maximum up to 8 years. Bajaj finserv also provides online service which will be convenient for you to do the day-to-day transaction.
- The minimum age must be 22 years.
- The maximum age should not exceed more than 55 years.
- The company’s age should not be less than 3 years.
- Previous year Income Tax Return must be duly filled.
- A Chartered Accountant should audit the turnover of the business.
Features and Benefits of Collateral-Free Loan
- Minimal Documentation
- Instant Processing
- High Value Loans
- Competitive and Flexible Interest Rates
- Flexible Repayment Options
- Online Account Management
FundsTiger Lending Marketplace for MSME Finance provide loans and other ancillary products to micro, small and medium enterprises (MSMEs) improving small business access to capital and leverage technology and proprietary credit modeling algorithms to accelerate loan origination volume, duration and lower the cost of loan application processing and matching. MSME financing platform that connects MSME Borrowers, Lending Institutions and Partners will open up new financing avenues for the MSME borrowers for faster, easier and simpler loans.
Our consumers come to us for their money requirements, whether they are short-term or long-term, small-ticket or large-ticket, personal, family, or business. FundsTiger team brings a wealth of international financial knowledge to the table and tailors it to your specific needs. Money advice, credit advice, wealth planning, and, of course, credit are all available to our clients.
Faster Funding – We are over 80% faster than most traditional banks and lenders
Total Focus on Your Wins – We leverage our technology and business expertise for your financial success.
Customized Loans – We can structure and customize loans for your unique needs
Customer needs in Forefront – Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking the personal loan offers based on customer profile, we try to give you the most personalised experience.
Support you can rely upon – Monitor your loans 24/7 and reach out to a super-responsive support service
Relationships, not Borrowers – We believe in building relationships, not just lending to borrowers.
More Value for Money – We offer the best value for money loans when compared to all our competitors
Real-time Customer Support – Our customer support team is fast and efficient to clear all your doubts regarding personal loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.
Cutomised Tailor Options – Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
7. HDFC Bank
HDFC Bank is a trusted banking institution having good collateral free loan schemes. If you are willing to get a loan from an old and trusted institution then HDFC would be the best option for you. The terms and conditions of business loans are:-
- Grants business loan without collateral between the range of 40-50 Lacs.
- Processing fee of 0.99%
- Average interest rate of 15.75%
- Overdraft facility of 1 Lac to 5 Lacs.
- Repayment period between 12-48 months.
- Apply for a business loan using mobile banking and net banking.
- No Need of any guarantor and security.
Minimum: 21 years
Maximum: 65 years (At the time of loan maturity)
Annual Business Turnover: Minimum 40 lakh
Minimum business experience of 5 years with at least 3 years in the current business
Business Profitability Tenure: Minimum 2 years
Minimal Annual Income (as per ITR): Rs. 1.5 lakh per annum
8. ICICI Bank Business Loans
ICICI business loans are another great option for loan seekers. It offers business loans for purchasing new plants and machinery or new assets. Also, the loan can be availed from ICICI bank for setting up a new industrial unit, or modernizing/expanding/renovating your already existing unit.
- The business loan from ICICI could be availed as working capital, term loans, or composite loan.
- The maximum tenure of business loans is 7 years.
- It charges an interest rate based on the repo rate. The current repo rate is 4% that means the rate of interest is 10% to 11.10% ( repo rate: + 6.0% / 7.10 %).
- The requirements of ICICI business loan include the last one-year income tax return, audited financials of the last 3 years, and current year performance and turnover. Also, they ask for the latest bank statements for the last 6 months.
- No quantum of the loan is specified.
The ICICI bank business loans are best suited for the existing customers of ICICI banks.
9. Kotak Mahindra Bank
The final option you are left with is to try the Kotak Mahindra Bank Loan which don’t require any guarantor and security. You can get a loan of up to 75 Lacs without mortgaging any movable or immovable assets. The eligibility criteria for getting a business loan from Kotak business loan are as follow:-
- A business should have a minimum turnover of 40 Lacs.
- The applicant must be in the business for at least 3 years.
- Businesses must be of manufacturing, trading or service.
- The age of the applicant must be between 25 years to 65 years.
- Processing fee of 2% on loan amount and it is negotiable.
- Documentation charges of ₹3500 if the loan is less than 10 Lacs.
- Document charges increases to ₹6000 if the loan amount is more than 10 Lacs.
10. Citi Banks Business Loans
Do you own a business which has links with foreign countries? Is it related to import/ export and foreign exchange? If that is the situation, then Citibank can be the right choice for you. Citibank is usually favourable whenever business operations happen overseas. In over 100+ countries, Citi bank has its networks.
It offers INR and foreign currency-denominated rates on the amount of your business loans. For the management of the working capital, one may also get LIBOR denominated rates. The best thing about this is that it is cheaper than normal interest rates.
You can avail, overdrafts, working capital loans, short term and long term loans.
CitiBank does not disclose the loan amount, its rate of interest and the tenure on its website. This will be revealed to you at the time of application.
With Citi bank, you will have to pay 2% processing fee on the sanctioned amount. There will be 2% pre-closure charges and 2% renewal fees.
As mentioned, Citi bank’s business loans are best for businesses which have overseas operations or forex transactions.