How to get a startup loan?

The government offers different types of startup business loan. You can apply as per your requirement. · Startup India Scheme · Mudra Loan under PMMY · Bank Credit Facilitation Scheme · Standup India · psbloansin59minutes.com Choose the government schemes and contact your nearest brunch to get the startup loan.

How To Get A Loan To Start A Business (Up To 50 Lac)

If you need money to start a business or grow an existing one, consider applying for a Startup business loan from a bank or NBFC. The bank’s interest rate on your loan will be based on the total amount borrowed and the time over which payments are spread out.

Borrowers can expect to pay different interest rates from various financial institutions based on the size and length of their loans.

We will cover how to get a loan to start a business within 72 hours.

Table of Contents

Business Loan Quick Recap

Interest rate	11.99% – 26% p.a.
Loan Amount	Up to Rs. 50 lakh
Loan Tenure	36 months – 60 months
Approval Process	Online
Eligibility Age	23 years or above
Processing Fees	2%-3% + GST
Eligible for	Self-Employed

Also Read: MSME Business Loan

Benefits of New Business Loan

Hassel-Free Loan: Unlike other forms of credit, obtaining a business loan requires very little paperwork and no collateral, making it very convenient and accessible.

Quick Approval: Loans up to 50 lakh are available without any additional paperwork or waiting time, and Banks / NBFcs are approved instantly.

Easy Payment Process: The Business loan is available for 5 years with an easy installment process. This functionality allows you to pay both online and offline. The utilization of this feature is totally and completely free of charge.

Higher Loan Amount: Loan Amount available up to 50 lakh to you, and you have the option to make use of it. Different banks and NBFC companies have a different amount of loan amounts, it depends on your cibil score and bank statement.

Best Interest Rate: Some government banks offer up to 9.65% interest rate per annum and other hand NBFCs companies offer an 11.99% interest rate per annum. You can choose the best interest rates for your needs.

Eligibility Required for Business Loan

Cibil Score required 700 or above
Age should be 23 yr
Should be valid ID prove
Indian Residence

Also Read: PSB Loans in 59 Minutes

Documents Required For New Business Loan

KYC documents (Aadhaar Card, Pan Card)
3 years Business Vintage proof (IT File, Trade License)
Recent 6 months Bank Statement
Electricity Bill or Rent Agreement

Interest Rate & Charges

Interest rate	11.99% – 26% p.a.
Processing fee	2%-3% + GST
Late Payment Charge	Depends on Banks

Also Read: Paytm Business Loan

Business Loan Interest Rates Different Banks/NBFCs

Bank/NBFCs	Interest Rate
SBI e-Mudra	8.40% – 12.35% p.a.
Axis Bank	14.25% – 18.50% p.a.
IDFC First Bank	14.50% onwards
Kotak Mahindra Bank	16% – 19.99%
Fullerton Finance	17% – 21%
Bajaj Finserv	17% p.a. onwards
ICICI Bank	17% onwards
IIFL Finance	1.5% per month onwards
Lendingkart Finance	15% p.a.
Tata Capital Finance	14% p.a.
Hero Finance	12% – 18% p.a.

Also Read: Mudra Loan

How to Apply for Business Loan

Business loan applicants may research and compare available loan programs to choose the one that best meets their needs. Here are the measures you need to take to get a loan for your company:

Step 1: Narrow down your options by selecting a bank or non-bank financial institution from which to apply for a business loan.

Step 2: Access the site in question by clicking the “Apply” tab.

Step 3: Include your business name, its purpose, its industry, its gross annual profit, your bank account number, the amount of any current EMIs, your full name, your gender, your address, your Social Security number, your date of birth, and your email address.

Step 4: Bank representative will get in touch with you to complete the loan paperwork.

After your loan application is accepted, the funds will be sent to the account you have specified within the specified number of business days.

FAQs

How to get a startup loan?

The government offers different types of startup business loan. You can apply as per your requirement.
·         Startup India Scheme
·         Mudra Loan under PMMY
·         Bank Credit Facilitation Scheme
·         Standup India
·         psbloansin59minutes.com
Choose the government schemes and contact your nearest brunch to get the startup loan.

What is the highest possible loan amount for a new business?

The size of the startup business loan you may get is determined by factors including your credit score, the potential for growth of your company, and the company’s current financial stability. Here at Fullerton India, we provide unsecured company loans of up to INR 50 million without the need for any collateral.

How much of a loan I can get for my new business?

There are a number of variables, like the lender’s policies, your company’s yearly revenue, your personal credit history, etc., that will determine the maximum loan amount you may get. The Mudra Loan, for instance, allows for a beginning business loan of up to Rs.10 lakh.

Which Indian banks give startup loans?

Many financial institutions in India, including traditional banks, non-bank financial companies (NBFCs), and even Small Finance Banks and Micro Finance Institutions, provide business loans to new enterprises seeking funding.