Log In

Business Loan EMI Calculator

Interest Type

Loan Amount

₹

Interest Rate

%

Loan Tenure

Mo
Loan Amount₹100,000
Interest %8 %
Tenure (months)12
Emi (monthly)₹ 8,699
Total Interest₹ 4,386
Loan Amount + Interest₹ 104,386
YearTotal Principal
( A )		Total Interest
( B )		Balance
( A + B)		Total Payment Loan Paid Till Date (%)
₹ 24,258₹ 1,839₹ 26,097₹ 75,74224.26 %
Oct₹ 8,032₹ 667₹ 8,699₹ 91,9688.03 %
Nov₹ 8,086₹ 613₹ 8,699₹ 83,88216.12 %
Dec₹ 8,140₹ 559₹ 8,699₹ 75,74224.26 %
₹ 75,744₹ 2,547₹ 78,291₹ 0100.00 %
Jan₹ 8,194₹ 505₹ 8,699₹ 67,54832.45 %
Feb₹ 8,249₹ 450₹ 8,699₹ 59,29940.70 %
Mar₹ 8,304₹ 395₹ 8,699₹ 50,99549.00 %
Apr₹ 8,359₹ 340₹ 8,699₹ 42,63657.36 %
May₹ 8,415₹ 284₹ 8,699₹ 34,22165.78 %
Jun₹ 8,471₹ 228₹ 8,699₹ 25,75074.25 %
Jul₹ 8,527₹ 172₹ 8,699₹ 17,22382.78 %
Aug₹ 8,584₹ 115₹ 8,699₹ 8,63991.36 %
Sep₹ 8,641₹ 58₹ 8,699₹ 0100.00 %

Things to Consider When Applying For a Business Loan

Stay Informed and Pay Only What is Needed

Don’t want to reduce your chances to get a Business Loan approval? It’s better to stay prepared with all the possibilities. Here are a few things you should keep track of before applying for a Business Loan.

  • 01

    Work out how much your business needs:

    Lenders typically offer large sums of money to business owners and self-employed individuals. As a result, you must examine your financial needs and apply for a loan that will assist you in funding your business. It’s never the best idea to borrow more than you need because payback could be difficult.

  • 02

    Research the types of business loans

    As part of their product mix, several lenders provide more than one business loan. The terms, loan amounts, loan tenures, and repayment alternatives for these loans are likely to be diverse. Furthermore, certain business loans may be tailored to specific sectors or segments of society, allowing members of these groups to benefit from cheaper interest rates or better terms. As a result, conduct your homework on the various forms of business loans accessible in the Indian market and make an informed decision.

  • 03

    Check your credit score

    Your credit score shows how creditworthy you are. People with strong credit are thought to be less prone to default on their payments. As a result, lenders will normally verify your credit score before granting your loan. A credit score of at least 750 is recommended to boost your chances of being approved for a loan at a reasonable interest rate. (Before applying for a business loan, verify your credit score and, if necessary, take actions to improve it.)

  • 04

    Understand the repayment terms:

    The borrowed amount is usually repaid in Equated Monthly Installments (EMIs) for business loans. Lenders usually consider your repayment capacity when determining an appropriate loan term and monthly EMI. You should verify that you comprehend your lender’s repayment terms as an applicant. Make sure you don’t fall behind on your EMI payments, as this can ruin your credit score.

  • 05

    Check the charges:

    Interest rate, processing fee, preclosure fee, documentation charges, part-payment fee, default fee, and other charges are all assessed on business loans. Be sure to look into the fees or charges that different lenders impose and how they affect the cost of your applied loan.

BUISNESS LOAN PROCESS

Your Path to Success - Simplified!

The steps of building a business are already complicated, we don’t want to add to it for you. ReferLoan offers an easy and convenient way to apply for a Business Loan. So, you can save your time and utilize it for your business the right way.

01
Visit Our Website

For the first step, you will have to visit our website to explore the loan options that fit your needs.

02
Select and Apply

Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.

03
Submit Your Document

One of the most important steps. Now you will have to submit all the required documents digitally.

04
Enjoy Your Financial Freedom!

Once your application is approved based on your eligibility, the amount will be disbursed to your account shortly.

Right Documents - Easy Process

Required Documents to Apply for Business Loan

PAN Card

Aadhaar Card

Driving Licence

Voter ID

Passport

Basic Documentations for Business Loan Required from Bank

  • Proper Address proof of an Applicant: In address proof, the basic documents are: Aadhaar Card, Voter’s ID card, Driving License, rent agreement, utility bill, etc.
  • If the applicant is staying in rent, then the applicant needs to provide a proper “rent agreement”
  • If the applicant is staying in their own residence, then “latest utility Bill”
  • KYC or Know Your Customer Documents: these documents consist of: PAN Card copy, Voter’s ID Card, Driving License. Aadhaar Card, etc..
  • Business Proof which consists of GST Registration, License Trade, Drug License, Registration Under Shop ACT, etc.
  • Income Proof Documents which consist of Balance sheet and Profit and Loss Accounts that need to be audited by an Auditor and also with Auditor’s report.
  • If in case of partnership firm then “partnership Deed” is required
  • If in case of Company then
  • Articles of Association
  • Memorandum of Association
  • Board Resolution
  • Company or Partnership firm identity like PAN Card.
  • If a company has a commercial vehicle, then National and State Permit.
These are the document if BUSINESS IS LESS THAN 1 LAKH

Details Documents of Business Loan

01 For PROPRIETORSHIP CONCERN

Basic Documents of Main Applicant

  • KYC of Proprietor (Passport Size Photo, Aadhar Card & Pan Card Copy)
  • Latest Utility Bill of Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)
  • Co-Applicant KYCKYC of Co-Applicant (Passport Size Photo, Aadhar Card Copy & Pan Card Copy)

  • Business Vintage Documents

  • Copy of GST Registration
  • 1-Year-Old Business Vintage Proof (Any Registration or ITR 4)
  • Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill

02 PRIVATE LIMITED COMPANY

Basic Documents of Main Applicant

  • KYC of Company (Pan Card of Company+ MOA & AOA & Certificate of Incorporation of Company)

  • Co-Applicant KYC

  • KYC of all Directors and Major Shareholder of Company (Passport Size Photo, Aadhar Card & Pan Card Copy)
  • Latest Utility Bill of any of its Director Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)

  • Business Vintage Documents

  • Copy of GST Registration
  • 1-Year-Old Business Vintage Proof (Any Registration)
  • Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill)
  • List of Directors and Share Holders on Company Letterhead as on Date

03 Partnership Firm/LLP

Basic Documents of Main Applicant

  • KYC of Partnership Firm/LLP (PAN Card Copy of Firm/LLP +Partnership Deed/LLP Deed of Firm/LLP)

  • Co-Applicant KYC

  • KYC of all Directors and Major Shareholder of Company (Passport Size Photo, Aadhar Card & Pan Card Copy)
  • Latest Utility Bill of any of its Director Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)

  • Business Vintage Documents

  • Copy of GST Registration
  • 1-Year-Old Business Vintage Proof (Any Registration)
  • Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill)
  • List of Directors and Share Holders on Company Letterhead as on Date

  • Financial Documents

  • Last 3 Years ITR along with Computation of Income of Applicant
  • Last 3 Year ITR along with Computation of Co-Applicant
  • Form 26 As Last 2 years
  • Audit Report + Tax Audit Report last 3 years (if available)
  • Last 12 months GSTR3B returns

  • BANK STATEMENT

  • All Current and Limit Accounts Banking Last 12 months in PDF Format of Applicant
  • Saving Account bank Statement of Applicant & Co-Applicant Last 12 months in PDF format

  • OTHER DOCUMENTS

  • All running loan sanction letter with repayments schedule of applicant and Co-Applicant.
  • If EMI is not on time, then SOA (Statement of Account) is also required.
  • 2 Business reference along with Contact
  • Contact detail of the person who will attend PD along with email address.
  • List of Debtors and Creditors on Letterhead of last 2 years and latest. If BL case> 1 Cr.
These are the document if

BUSINESS IS FOR 1 LAKH OR ABOVE

01 For PROPRIETORSHIP CONCERN

Basic Documents of Main Applicant

  • KYC of Proprietor(Passport Size Photo, Aadhar Card & Pan Card Copy)
  • Latest Utility Bill of Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)

  • Co-Applicant KYC

  • KYC of Co-Applicant (Passport Size Photo, Aadhar Card Copy & Pan Card Copy)

  • Business Vintage Documents

  • Copy of GST Registration
  • 1-Year-Old Business Vintage Proof (Any Registration or ITR 4)
  • Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill

02 PRIVATE LIMITED COMPANY

Basic Documents of Main Applicant

  • KYC of Company (Pan Card of Company+ MOA & AOA & Certificate of Incorporation of Company)

  • Co-Applicant KYC

  • KYC of all Directors and Major Shareholder of Company (Passport Size Photo, Aadhar Card & Pan Card Copy)
  • Latest Utility Bill of any of its Director Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)

  • Business Vintage Documents

  • KYC of all Directors and Major Shareholder of Company (Passport Size Photo, Aadhar Card & Pan Card Copy)
  • Latest Utility Bill of any of its Director Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)

  • Business Vintage Documents

  • Copy of GST Registration
  • 1-Year-Old Business Vintage Proof (Any Registration)
  • Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill)
  • List of Directors and Share Holders on Company Letterhead as on Date

03 Partnership Firm/LLP

Basic Documents of Main Applicant

  • KYC of Partnership Firm/LLP (PAN Card Copy of Firm/LLP +Partnership Deed/LLP Deed of Firm/LLP)

  • Co-Applicant KYC

  • KYC of all Directors and Major Shareholder of Company (Passport Size Photo, Aadhar Card & Pan Card Copy)
  • Latest Utility Bill of any of its Director Residence if Owned (If Rented then Rent Agreement along with Latest Utility Bill)

  • Business Vintage Documents

  • Copy of GST Registration
  • 1-Year-Old Business Vintage Proof (Any Registration)
  • Office Address Proof Latest Utility Bill (If Rented Rent Agreement Required with the latest utility bill)
  • List of Directors and Share Holders on Company Letterhead as on Date

  • Financial Documents

  • Last 1 Years ITR along with Computation of Income of Applicant
  • Form 26 As Last 1 years
  • Last 12 months GSTR3B returns

  • BANK STATEMENT

  • All Current and Limit Accounts Banking Last 06 months in PDF Format of Applicant
  • Saving Account bank Statement of Applicant & Co-Applicant Last 06 months in PDF forma

  • OTHER DOCUMENTS

  • If EMI is not on time, then SOA (Statement of Account) is also required.
  • All running loan sanction letter with repayments schedule of applicant and Co-Applicant.
Leave Your Question

FREQUENTLY ASKED QUESTIONS

No, you need not have collateral to get a business loan.

Postdated cheques, Electronic Clearance Service (ECS), and Direct Debit are all options for repayment of a business loan.

Typically, you need to maintain a credit score of 750 or higher to get a business loan without any hassles. A poor credit score can lead to the rejection of your loan application.

After evaluating your documents and eligibility criteria, the lending institution will disburse your business loan within 72 hours. However, this time can vary from one lender to another.

No, you can’t make part payments for business loans.

Getting a loan can provide access to funds that can be used for various purposes, such as buying a home, starting a business, or covering unexpected expenses. Loans can also help build credit history and improve credit scores if payments are made on time and in full.

A micro loan is a small loan that is typically used to finance small businesses or other income-generating activities. The loan is typically paid back in weekly or monthly installments over a short period, with interest charged on the outstanding balance. Micro loans are often made to borrowers who do not have access to traditional financing, such as low-income individuals or small business owners.

ReferLoan is a Marketplace which connect Financial institutes with prospective users through its integrated approach. ReferLoan helps users to increase their CIBIL Score and finding the best Financial Products from the available Financial Institutions. ReferLoan is the only Market Place which helps the users to explore the opportunities in Debt as well as in Equity.

Email icon [email protected]
Call icon 0124-4847123
Company
Loan
Card
help desk
Help Desk

Copyright 2023 © Referloan.in.