Do you need a Business loan? Check out these lenders to get a Business loan

When you want to start your own business or expand the current one, what is the first thing you begin to look for? It is capital or money. If you have money, then you can quickly start a new venture. However, for those who do not have money, they can opt for a business loan. 

Many financial lenders in India offers business loan such as Banks (ICICI, IDBI) NBFCs and Apps. So, If you are looking for lenders, then this blog is for you. We will mention one bank and two apps which provide a business loan to those who need it. We will cover their basic details, eligibility criteria, required documents, and how to apply. After reading about them, you will have a definitive idea of how to get a business loan. Now, let's get started. Please keep reading.  We will begin with an ICICI Business loan. 

ICICI Business loan 

We will begin with an ICICI business loan. A financial institution that is one of the highest-rated lenders in India. Whatever is your need in business regarding money, ICIIC business loan is a perfect partner for you. The whole process is convenient, fast, and transparent. 

There are mainly three types of business Loans ICICI Offers. 

• ICICI Bank Business Financing 

• ICICI Customized MSME Solutions

• Industry-Specific Loans   

ICICI Bank Business financing 

If you have a medium-size business, then this is the best loan for you. Here are its features. 

• The loan is for the capital needs of your business. 

• The rate of interest is very competitive. 

• Overdraft facility is available up to 15 Lakhs. 

• If you are a manufacturer, trader, or a service provider, you can apply for this loan. 

• If you need a loan under 1 crore, there is no need for a guarantor under the CGTSME scheme.  

• The loan amount allotted to you will be based on GST returns. 

• IF you can the money to expand your business or purchase a commercial asset.

There are four types of ICICI bank business financing loans. 

• ICICI Bank Business loan Schemes

• ICICI Term Loans

• ICICI GST Business loan

• ICICI InstaOD

ICICI Customized MSME Solutions

If you are starting a new business, then this loan is for you. Since the loan is customized, you can add and remove things as per your preferences. It is best for Micro, Small and medium enterprises. Here are it's key features you need to know. 

• This business loan is especially for newly founded business. 

• Those who are in retail, wholesale, manufacturing are eligible for this role. 

• If your business is running for more than 1 year, then you can avail of the overdraft/Cash Credit and Export Credit Card Facilities. 

• If your business comes under CGTMSE scheme, you won't have to submit Collateral. 

• The unsecured overdraft facility is available up to Rs 25 Lakh. 

• There is no need for audited financials. 

ICICI Bank Industry Specific loan 

Now, this loan is for a specific industry since there is no availability for industry specifics loan; this is for them. Here are its amazing features. 

• The loan is specifically aimed at Education institutions, Pharmaceuticals, construction business, and Information technology business. 

• The loan repayment is very flexible. 

• The loan is available Cash credit against current assets. 

• The rate of interest is floating. 

• There is no specific eligibility criteria for this loan. 

What is the Eligibility Criteria for ICICI business Loan?

As you can see, there are many types of ICICI Business loans. The eligibility criteria is different for each one. However, there is a general criterion which we are mentioning below. 

• The applicant age should be between 25 Years to 65 Years. 

• The turnover of your business should be above Rs 60,000. 

• The minimum credit score required is 750. 

Documents required for ICICI Business Loan? 

Here is the list of the documents you will need to submit. 

• 2-4 Passport Sized photographs

• Aadhar Card, PAN Card

• Residence Proof

• Profit and Loss statement

• Balance Sheet

• Proof of Continuity of Business

ICICI Business loan Rate of Interest rate and processing fee

• The rate of interest for secured facilities is +6.0 %(Non-PSL). 

• The rate of interest for facilities backed by CGTMSE is up to +7.10%

• The processing fee is up to 2% of the loan amount excluding GST

Now, we will move on to the next business loan lender, which is Ziploan. 

Ziploan Business loan 

Ziploan is an NBFC, offering loan to Small and Medium business enterprises. Ziploan has a unique way of rating a borrower's profile. The loan process is very fast with the latest technology. Here are its fantastic features.

• You can get multiple business loans for various reasons. 

• Ziploan, makes sure the process is completed with minimal documentation. 

• The loan amount disbursal is very quick. 

• There are no prepayment charges. 

• The maximum business loan you can avail is Rs 5 Lakh. 

Ziploan Rate of interest, loan tenure, and processing fee

• The rate of interest is 1.5%-2% per month. 

• The loan tenure ranges from 12 months to 24 months. 

• The processing fee is up to 3% of the loan amount. 

• There is no need to submit a collateral. 

Types of Ziploan Business loan 

There are two kinds of business loans. 

1. Equipment loan 

2. Working capital loan

Ziploan Business loan eligibility Criteria 

Once you applied for a loan, you need to fulfill specific criteria to get the loan. 

• The applicant business should be running for at least 2 Years. 

• The minimum ITR for the previous financial years should be at least Rs 2.5 lakh. 

• The applicant business minimum turnover should be at least Rs 10 Lakh. 

• The business premise should be in the applicant's names. 

Documents required for Ziploan Business loan 

These are the list of the documents you will need to submit. 

• Aadhar Card/ PAN Card

• Bank statement for the last 12 Months

• ITR for the previous 2 year

• Business address proof

• Address proof

How to apply for Ziploan Business loan 

Here is the step by step process to apply for Ziploan. 

• Download the Ziploan from the Google play store. 

• Upload the documents, begin filling the application. 

• Sign loan agreement at your convenience

• The loan amount is disbursed into your bank account. 

Now, we will move on to the next business loan lender, which is Indifi. 

Indifi Business loan 

Indifi business loan is offered to small and medium enterprises. You can use the money for business expansion, business property, or invest in new business. Here are its features. 

• It is a collateral-free loan. 

• The loan application approval is based on many things, Such as stability in business, earnings, and cash flows. 

• A borrower can get a loan up to Rs 50 Lakh.

• The rate of interest for Indifi is 1.5% per month

• The processing fee is up to 2% of the loan amount.  

Types of Indifi Business loan 

Indifi offers 5 Types of business loans. 

1. Merchant Cash Advance

2. Invoice Discounting

3. Short Term loans

4. Credit Lines

5. Term loans

Eligibility Criteria for Indifi

Here is the eligibility criteria for Indifi. 

• The applicant minimum age should be at least 23 Years of age. 

• Your business should be up and running for at least 1 year. 

• You should own the business location or a rent agreement for at least 3 Years. 

Documents required for indifi

These are the list of documents you will need to submit. 

• Passport size Photograph

• PAN Card

• Bank Statement for last 6 Months

• ITR if you need loan more then 15 Lakh. 

How to apply

• Visit the official website of Indifi. 

• Fill the application form with basic details. 

• The indifi team will contact you for completing the process.

So, these are three lenders who can provide you business loan. Before you take a loan, you should consider their positive and negative points. 

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Digital12345 Joined: January 19th, 2020