Apply Business Loan Online up to Rs. 50 Lakhs

Find the best quotes for collateral free business loan online from multiple lenders with flexible repayment options.

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What is a Business Loan?

Business loans are financial products designed to cater to the needs of small businesses or enterprises. They help meet capital requirements and support expansion efforts.

Banks and financial institutions offer customized business loans at attractive interest rates. Typically, these loans do not require any collateral.

While personal loans are for individual needs, business loans are designed for business funding, which is a larger financial commitment.

Features of a Business Loan

• Interest rates start at 13.5%
• Minimum Loan Amount: ₹50,000
• Maximum Loan Amount: ₹50 crores (can vary based on business nature)
• Repayment Period: 12 months to 5 years
• Collateral-free for unsecured loans
• Minimal paperwork required for online applications

Things to Know Before Applying for a Business Loan

1. Borrow what you need – Do not over-borrow. Assess your requirement to avoid repayment difficulties.
2. Understand loan types – Choose a loan that best suits your business needs and eligibility.
3. Credit Score – A score of 750+ is ideal. Check and improve your score if needed.
4. Charges – Be aware of all applicable fees: interest, processing, default, document, foreclosure, etc.
5. Repayment – Know your EMI and repayment terms clearly. Budget accordingly.

Business Loan Types

Professional Loan

For doctors, advocates, CAs—based on credit and collateral like land, FDs, bonds.

Trade Loans

Offered to:

• Sole Proprietors
• Private Limited Companies
• Partnership Firms

Overdraft Loan

Credit based on history, relationship with bank, and repayment capacity.

Business Loans for Women Entrepreneurs

Special loans with benefits in interest, tenure, and security. Includes training and consultation support.

MUDRA Loan

Under Pradhan Mantri MUDRA Yojana:

• Loan range: ₹50,000 to ₹10 Lakhs
• For MSMEs and startups

Term Loan

Secured/unsecured with monthly or quarterly repayments.

• Short-term, Medium-term, or Long-term
• Interest: Fixed or Floating

Letter of Credit

Used for import/export businesses as a payment guarantee based on essential documents.

Eligibility to Avail Business Loan

• Age: 21 to 65 years
• No criminal background
• Good credit score; no past defaults
• Last 3 years’ Income Tax Returns
• Varies by lender (turnover, operational history, charges, etc.)

Documents Required

• ID Proof: PAN, Aadhaar, Voter ID, Passport
• Address Proof: Ration Card, Aadhaar, Voter ID
• Passport-size photo
• Business address proof
• Last 6 months’ bank statement
• Last 3 years’ ITR
• Proof of business property ownership
• Balance Sheet and P&L accounts
• GST Certificate, Registration, Sales Tax Certificate

Eligible Entities

• Self-employed professionals (Doctors, CAs, Architects)
• Sole Proprietors
• Partnership Firms
• MSMEs
• Manufacturing & Services Companies
• Private Limited Companies
• Artisans & Retailers

Why Apply for a Business Loan via Fincover?

• Avoid multiple visits and follow-ups
• Loan aggregator helps find the best offer
• Minimal paperwork and simplified approval

How to Apply for a Business Loan?

1. Visit Fincover and enter your mobile number, loan amount, city, turnover, and profits
2. Submit the form
3. Get eligible loan offers from banks & NBFCs
4. Compare, select, and apply
5. Submit documents → Bank verifies and decides on approval