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Volatile market trends and increasing business needs cause demand for urgent immediate cash-in-hand. A Business Loan designed for this purpose gives you the advantage to avail unsecured credit at competitive interest rates.
Whether you plan to invest in infrastructure investment or upgrade plant and machinery, a Business Loan caters to all your commercial needs.
| Type | List of Documents |
|---|---|
| Photo Identity Proof | Voter ID, Passport, Aadhaar Card, Driving License |
| Age Proof | Voter ID, Passport, Driving License, Aadhaar Card, Birth Certificate, Secondary School Leaving Certificate, Pension Payment Order or Receipt, LIC Policy |
| Address Proof | Rent Agreement, Bank Statement, Ration card, Passport, Driving License, Electricity Bill, Property Tax Receipt, Water Bill, Telephone Bill, Credit Card Bill |
| Income Proof | 6 Months Bank Statements |
| Income Tax | Form 16 |
| Employment Proof | Employers Letter, Identification Card |
| Type | List of Documents | Proof of Business | PAN, GST, Registration Certificate, Trade License Partnership Deed Article of Association, Memorandum of Association, Import Export Code, Registration Certificate, Professional Practice License for Doctors, Consultants, etc Registration Certificate of Establishment for Shops, Factories, and Other Establishments, Business Address Proof |
|---|---|
| Income Proof - Financial Statement Audited by CA | Profit and Loss Account Statement, Balance Sheet, 6 Month Bank Statements, 3 Year Income Tax Returns |
| Income Tax | 3 Year Income Tax Returns or Assessment Orders, Advance Income Tax Paid |
All loans are not created equal, personal loan has become a great option for people to use.
| Bank Name | Interest Rate | Processing Fee |
|---|---|---|
| IDFC BANK | 16.5% | 2.5 |
| ICICI BANK | 16.5% | 1.5 |
| HDFC BANK | 16.25% | 1.5 |
| POONAWALA FINANCE | 18% | 2 |
| STANDARD CHARTERED BANK | 16.5% | 2 |
| HERO FINCORP LTD | 18% | 2 |
| ADITYA BIRLA LTD | 18% | 2 |
| AXIS BANK | 17% | 2 |
| UNITY | 18% | 2 |
| YES BANK | 16.5% | 2 |
| SMC | 18% | 2 |
| BAJAJ FINANCE LTD | 17.75% | 2 |
| FULLERTON INDIA | 17% | 2 |
| GROWTH SOURCE | 21% | 2 |
| NEO GROWTH | 18% | 2 |
| INDUSIND BANK | 17% | 2 |
| KOTAK MAHINDRA BANK | 17% | 2 |
| TATA CAP FINANCE | 17% | 2 |
| LOAN FRAME | 18% | 2 |
| FINTREE | 20% | 2 |
| FED BANK | 18% | 2 |
| DEUTSCHE BANK | 16.5% | 2 |
| U GRO CAPITAL | 18% | 2 |
| CHOLA | 18% | 2 |
| IIFL | 15.5% | 2 |
| CENTRUM | 17% | 2 |
| L& T FINANCE | 17% | 2 |
| ASHV FINANCE | 17% | 2 |
| LENDING KART | 20% | 3 |
| INDIFI | 22% | 3 |
| PIRAMAL | 18% | 3 |
Personal Loans are an unsecured form of multipurpose credit, which may be used to cover a number of personal expenses. You can acquire a personal loan by qualifying with preset eligibility criteria, which are minimal. The basic eligibility criteria are as follows.
Minimum 18 years
Maximum 65 years a time of Loan Maturity
Resident Citizen of India with no Criminal Record
Minimum 3 years Own Business Vintage
Minimum Annual Turnover and Profit at Lender’s Discretion
Registered Chartered Accountant Audited Balance Sheet Compulsory
No Previous Default with any Financial Institution
Resident Individuals, Self-employed Professionals, Companies, Private Limited Companies, Public Limited Companies, Sole Proprietors,
Enterprises
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
Running a business means paying for business related expenses. Funds are a pre-requisite for expenses such as start-up expenses, business expansion, working capital, etc. When adequate funds are not available, businesses can avail funds from external lenders such as Banks and NBFCs for such expenses, and the funds that are availed are known as business loans. Thus, business loans are debts that a company must repay in accordance with the terms and conditions in the loan agreement. To apply for a business loan, go to the Business Loan page and select from an array of options offered by Rk Loan Finance Partner Banks and NBFCs to apply.
Depending on the lender you select, you can get a business loan for salaried persons; this however depends on the eligibility criteria applicable.
Most Banks and NBFCs offer minimum Rs. 50,000 as a business loan.
Banks and NBFCs offer funds as business loans after keeping assets as collateral or security. The assets are first valued, and the terms and conditions of the business loan are then decided for your loan agreement.
Banks and NBFCs offer business loans after categorizing the applicant’s profession. Self Employed Professionals are categorized as follows Self Employed Professionals (SEP) Nature of Employment Doctor CA CS Architect Engineer, etc. Self Employed Non Professionals (SENP) Nature of Employment Trader Commission Agent Contractor, etc. Eligibility criteria to avail Business Loan are as follows Turnover: Minimum Rs. 60,00,000 Experience 5 years overall business experience 3 years current business Business must be profitable for last 2 years Age: Minimum 25 years to a Maximum of 65 years 2 years paid Business Income Tax Returns Strong Credit History
Companies applying for business loans are categorized as follows Partnerships / Proprietorship Limited Liability Partnerships Private Limited Companies
Your Loan EMI depends on three factors. Loan Amount or Loan Value Rate of Interest Loan Tenure or Period of Loan Use the following mathematical formula to calculate you EMI. EMI = P x r x ( 1 + r ) n / [ ( 1 + r ) n – 1 ] Where, P = Loan Amount R = Rate of Interest N = Loan Tenure in Months
Depending on your lender, you may choose between fixed interest rates or floating interest rates when you avail a business loan.
Yes, You can apply for personal loan online with Ruloans Easy Application Process. Apply for Instant Personal Loan now[link]
Interest Rates on Business Loans start at 16%.
To prove your eligibility for a Business Loan, you will have to furnish documents with regards each eligibility criteria. The followings documents are required for a Business Loan Filled Application Form 3 Passport Size Photograph Photo Identity Proof Proof of Age Address Proof Income Proof Income Tax Employment Proof For more details also check additional documents required for Self-Employed, Non-Salaried, MSMEs, and SMEs
Most banks and NBFCs offer business loan balance transfer facilities to transfer your outstanding business loan from your existing lender to a new lender.
Now apply for a Car Loan online, All you need to do is provide your details below application form.