Here are a few factors
|Location||50Km from Branch|
|Business Vintage||3 Year|
|Loan Amount & Tenure||1
Lac- 30 Lac
(12 month- 60 Month)
|Loan Product||Only Term Loan No OD Limit|
|Rate of Interest & Type||18% to 22% Banking (Reducing)|
|Applicant Type||Any Self Employed Person|
|Whether Co-Applicant Mandatory||Yes|
|Proprietor Age/Co-Applicant Age||21 Year-70 Year|
|Part Payment Allowed||No|
|Whether Ownership Proof Required||Yes, Either Office or Residence should be owned within Lending Branch Location|
|Business Registration Proof Mandatory||Yes|
|Program||Banking Program-10 Lac, Income Program-30 Lac|
|Product for Professionals||No|
|Negative Profile||Both Side Rented Applicant, Advocates, Jewellers, Share Traders, Gym, Liquor Business, Real Estate|
No of Enquiries not matter
2. No. of running loan doesn't matter
|Additional||1. 51% Shareholding required on Loan if applicant is LLP/Partnership firm/Company|
Shriram Finance Business Loan EMI Calculator
|Interest %||18 %|
|Emi (monthly)||₹ 9,168|
|Total Interest||₹ 10,016|
|Loan Amount + Interest||₹ 110,016|
|Year||Total Principal |
( A )
|Total Interest |
( B )
( A + B)
|Total Payment||Loan Paid Till Date (%)|
|₹ 23,351||₹ 4,153||₹ 27,504||₹ 76,649||23.35 %|
|₹ 76,651||₹ 5,861||₹ 82,512||₹ 0||100.00 %|
Documents required for Shriram Finance Business Loan
Let’s look into the eligibilities and required Documentation to make your application process even smoother:
KYC of applicant & Co-Applicant
Last 3 year ITR with computation of income of applicant & co-applicant
Last 3 year audited balance sheet of applicant
Last 3 year Tax audit report of applicant
Last 12 month Bank Statement of applicant & co-applicant
26AS of last 2 year of applicant & co-applicant
Copy of GST registration
Copy of MSME registration
Copy of Last 12 month GST return
Sanction letter of all running loan
Latest utility Bill of residence if owned or rent agreement if rented
Latest utility Bill of Office if owned or rent agreement if rented
2 Reference with contact details
Last 3 year Debtors & Creditors on letter head
List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
Note : Shriram Finance Business Loan may ask for additional documents based on the applicant’s profile. The above list is for reference purposes only.
Some Important Points
- Company-MOA, AOA, COI , PAN Card
- Partnership Firm/LLP- Partnership Deed & PAN Card
- Proprietorship Firm- PAN Card, Adhaar Card, Passport size photo
- KYC means Adhaar Card, PAN Card, Passport Size Photo
- Company : Directors
- Partnership firm/LLP : Partners
- Proprietorship Firm : Spouse of Proprietor
About Shriram Finance Business Loan
Shriram Finance Business Loan is here to help you realize the maximum potential of your company. Don't let financial limits hamper your progress. Apply for a Shriram Finance business loan instantly to take a further step towards realising your business goals.
Give your company the financial backing it deserves. Join up with Shriram Finance to start on a journey of growth, innovation, and success. Apply now to feel the difference that comes from having a financial partner who is committed to seeing your company succeed.
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
FREQUENTLY ASKED QUESTIONS
An unsecured business loan is a type of loan that doesn't require the borrower to put up any collateral or security. The lender trusts in the borrower's capacity to repay the loan based on their creditworthiness, which is assessed through factors such as income, credit history, and financial stability.
To secure an unsecured business loan from Shriram Finance, you need to apply either online or visit a Shriram Finance branch. The application process will require you to submit essential documents like KYC (Know Your Customer) forms, bank statements, business registration proof, and income proof. It's important to provide accurate and complete information to avoid rejection.
Shriram Finance is a reputed name in the financial sector and offers competitive interest rates on their business loans. They provide flexible repayment options, ensuring you can manage your business's cash flow effectively. The loan approval process is quick, and they require minimal documentation, reducing the hassle for borrowers. Moreover, Shriram Finance offers tailored solutions to meet your unique business needs.
Yes, Shriram Finance offers a seamless online application process. You can apply by filling out a simple form on their website and uploading the necessary documents. Once you submit your application, they offer instant approval and disbursal of the loan amount within 24 hours, subject to verification and approval.
At Shriram Finance, the loan limits for a business loan range between ₹1 lakh to ₹30 lakhs. These limits provide enough flexibility for small to medium-sized businesses to secure the capital they need for their operations or expansion.
You can calculate your EMI using the EMI calculator provided by Shriram Finance or any reliable online EMI calculator. You need to enter the loan amount, the interest rate applicable to you, and the tenure of the loan. The calculator will then provide a detailed breakdown of your monthly EMI and the total amount payable over the loan tenure.
Several factors influence business loan calculations, including the principal loan amount, the rate of interest, the tenure of the loan, your credit score, your income, and your previous repayment history. A higher credit score, steady income, and good repayment history can lead to better loan terms, including lower interest rates.
Shriram Finance calculates business loan interest using the reducing balance method. Under this method, interest is calculated on the outstanding balance of the loan, not the initial principal amount. This means that as you repay the loan, your interest charges decrease, making it a fairer method of calculation for borrowers.
The choice between a line of credit and a business loan depends on your specific needs. A line of credit is flexible - you only borrow what you need and pay interest only on the amount borrowed. It's beneficial for managing ongoing operational expenses or unforeseen costs. A business loan, on the other hand, provides a lump sum amount and is useful for funding larger one-time expenses, like purchasing equipment or expanding operations. Consider your business needs, repayment capacity, and the cost of borrowing to make the right choice.
Shriram Finance offers a maximum repayment tenure of up to 60 months or 5 years for their business loans. This period provides enough time for businesses to comfortably repay the loan in installments while managing their ongoing operational expenses.
Shriram Finance accommodates a broad range of business registration proofs. These include the Goods and Services Tax (GST) registration certificate, a shop and establishment certificate, trade license, partnership deed, certificate of incorporation, and memorandum and articles of association. This wide-ranging acceptance of various forms of proof allows a greater diversity of businesses to avail their loan services.
To determine your eligibility for a business loan from Shriram Finance, you can either visit their website or utilize their online eligibility calculator. The eligibility criteria include being a business owner or self-employed professional aged between 23 and 65 years at the time of loan maturity. In terms of business specifications, your business should have been operational for a minimum period of 3 years and should have a minimum annual turnover of 20 lakhs. Any previous loan commitments must be openly declared, and residential proof is a necessity.
Applying for a business loan from Shriram Finance is a simple and straightforward process. To begin, visit Shriram Finance's official website and select the 'Apply Online' option. You will then be prompted to input your mobile number, pin code, business registration status, and GST registration status. Following this, you'll need to provide your personal and business details, along with the necessary documents such as identification proof, address proof, income proof, and business registration proof. Once you've submitted your application, you will receive an approval status. If your application is approved, the loan amount will be transferred to your bank account within 24 hours.
Shriram Finance does not require collateral for an unsecured business loan. However, for secured or mortgage-based business loans, collateral such as property, machinery, or equipment might be required.
Yes, Shriram Finance applies a penalty of ₹500 per cheque bounce on their business loans.
Yes, Shriram Finance allows pre-closure of the business loan. You can close your business loan ahead of the tenure by paying the outstanding principal amount along with the applicable pre-closure charges, which are 5% of the outstanding principal amount.
If a borrower fails to make timely repayments on a Shriram Finance business loan, the company charges an overdue penalty. This amounts to 3% per month on the overdue amount.
Unsecured loans are granted based on the borrower's creditworthiness and repayment capacity. The lender evaluates the borrower's income, credit score, business vintage, cash flow, and other factors to determine eligibility and interest rate.
Unsecured business loans are beneficial because they provide businesses with immediate access to funds without the need for collateral. These loans can help businesses manage cash flow, seize new opportunities, expand operations, and even improve their credit score, providing greater financial flexibility.