Small enterprises can access business loans to fuel growth, cover expenses, or invest in equipment. These loans often have flexible terms and lower requirements, empowering entrepreneurs to pursue their dreams effectively.
How can I easily obtain a small enterprises business loan?
To secure a small enterprises business loan, start by researching lenders who specialize in serving small businesses. Prepare a comprehensive business plan outlining your objectives, financial projections, and repayment strategy. Ensure your credit score is in good standing and gather necessary documentation. Approach lenders with transparency and confidence, demonstrating your commitment to success and repayment.
Hero Fincorp Personal Loan
Hero FinCorp is your go-to solution for all your personal financial needs—from home renovations to weddings, medical treatments, and travel.
| Location | PAN INDIA |
|---|---|
| CIBIL Score | 700+ |
| Minimum Salary Per Month | 15000/- Per Month |
| Salary Mode | NEFT, RTGS, COMPANY TRANSFER & IMPS if Employer Name is Mentioned in Bank Statement |
| Applicant Age | 21 Years to 55 Years |
| Loan Amount & Tenure | 5000 to 10 Lac (12 Month to 60 Month) |
| Rate of Interest (Type) | 9% to 16% (FLAT) |
| Processing Fees | 1% - 3% |
| Processing Mode & TAT Processing | Online |
| TAT | 1 Day to 3 Days |
| Foreclosure Charges | NIL |
| Part Payment Allowed | Yes After 6 Month |
| OD Product | No |
| BT + TopUp | No |
| Minimum Job Experience | 6 Month |
| Current Employer Business Vintage | 2 year |
| FOIR | 65% of Net Salary |
| Whether Co-Applicant Mandatory | No |
| No of Enquiry Allowed | No |
| USP | (i) Funding to Defence & Police Employees |
| (ii) 700+CIBIL Score Applicant Loan Upto 2 Lac Without Documentation | |
| Negative Profile | 1. NRI Employee |
| 2. Applicant receiving Salary in Cash & UPI | |
| 3. NGO Employee | |
| 4. Gym Employee/Jeweller Employee/Aviation Sector Employee/Tour & Travel/Real Estate |
Kindly Call Our Hero Representative For Your Logins- Mrs Gayatri – +91 79825 65842
What are the eligibility criteria for small enterprise business loans?
Eligibility criteria vary among lenders but typically include factors such as credit score, business revenue, and time in operation.
| Age Criteria | Min. 21 years at the time of loan application & Max. 65 years at the time of loan maturity |
|---|---|
| Eligible Entities | Individuals, Start-ups, MSMEs, Sole Proprietorships, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders,manufacturers, and other non-farm income-generating business entities engaged only in the services, trading, and manufacturing sectors |
| Business Vintage | Min. 1 year or above |
| Business experience | Min. 1 year, business location to remain same |
| Annual Turnover | Shall be defined by the Bank/NBFC |
| Credit Score | 750 or above (Preferred by most private and public sector banks) |
| Nationality | Indian citizens, should not have defaulted on any previous loan(s) with any lender |
| Additional Criteria | Applicant must own either a residence, office, shop, or go down |
What documents are required for the loan application?
- Duly filled application form with Passport-sized Photographs
- KYC documents of applicants, partners, and co-applicants: Passport, Aadhar card, Voter’s ID card, PAN card, Driving license, Utility Bills (Recent Water or Electricity Bills)
- Income Proof with the Last 6 months’ bank statement
- Last 1 years ITR for existing enterprises
- Business Incorporation/Establishment Certificate
- Business Vintage and Address Proofs
- Any other document required by the lender
How does your income affect your business loan eligibility?
The income of the applicant is vital to getting a business loan, as it gives a sense of security and reliability to the lender that the borrower shall be able to repay the loan on time, without defaulting.
What is the minimum annual turnover required to apply for a business loan?
The minimum annual turnover required to apply and qualify for a business loan varies from lender to lender.
What is the minimum interest rate offered by banks or NBFCs?
The business loan interest rate starts from 16% p.a. and can exceed depending on the applicant’s profile and business requirements.
What is the loan amount offered under a business loan?
There is no minimum loan amount to borrow. However, the maximum collateral-free business loan is offered up to Rs. 2 crores by selected lenders.
What is the preferred credit score for business loan eligibility?
The preferred credit score that financial institutions seek is 750 or above. At the time of the loan application, the bank scrutinizes the credit history of the applicant. If the credit score is lower than 750 then the Bank/NBFC might charge a higher rate of interest.
Does background information affect the chances of loan approval?
Yes, background information can severely hamper the chances of loan approval. If the bank finds out there are convictions of fraud or other criminal records then they will reject your loan application.