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Business Loan in Mumbai
Mumbai, the financial, commercial, and entertainment capital of India was officially known as Bombay until 1995. The city ranks among the top ten centers of commerce in terms of global financial flow. The highest number of millionaires and billionaires in India are found in Mumbai. This 'alpha world city' has a population of roughly 20 million. Mumbai houses a number of corporate headquarters, and financial institutions, and accounts for 25% of India's industrial output. Built after reclaiming the 'Seven Islands of Bombay', the city's ancient heritage can be found in caves in and around the city.
Volatile trends or market indecisiveness may cause your business finances to decline to threaten to put your business expansion plans on the back-burner. Take a look nearby; there are resources available in the form of a Business Loan in Mumbai at practical rates of interest. Whether you have a plan to procure real estate or a strategy for an infrastructure venture or plan to upgrade plant and machinery or technology, or whether you plan to increase manpower, Ruloans has the experience and expertise to get you through every phase to secure for you a hassle-free business loan Mumbai with no surplus charges.
Features and Benefits of a Business Loan in Mumbai
Investments are part and parcel of growing an enterprise. Advanced equipment, skilled staff, and other factors are essential for growth. However, a shortage of funds shows up as a major obstacle to growth. A business loan has the capacity to bridge the gap to provide the much-needed push, especially since such a loan requires no collateral. Take a look at the features of a Business Loan in Mumbai.
Flexibility
Banks and NBFCs are not equity investors to interfere with how you run your business. Nobody dictates the use of the money you receive by way of a business loan. Timely repayments make sure you are in charge of spending.
Prudent Rate of Interest and tenure
Competition among lenders brings out the best in terms of offerings for borrowers. Business loans are the best offering in terms of the rate of interest and shorter tenures. The reasonable interest rate for business loan funding a good alternative for your enterprise.
Collateral Free
Small and medium enterprises generally do not possess many assets to provide as collateral for loans. Business loans on the other hand don't require collateral security, and as such you don't need to worry about going to the bank repeatedly for funds.
Multiple Options
Banks and NBFCs offer a bouquet of business loans to provide for your business needs. Whether you're looking for funds to upgrade machinery and equipment, or you're in need of funding for hiring skilled staff, you'll be surprised at what lenders have to offer.
Working Capital Option
Since there are no end-user restrictions on the funds received by way of a business loan, in times of liquidity crunches, you have funds at your disposal to tide through. You simply don't need to dip into emergency funds to cover short-term capital needs.
No Profit Sharing
When you turn to investors to fund your enterprise, you mull over profit-sharing as ROI or return on investments for investors, which fluctuate. This does not apply to funding by way of a business loan, since the terms and conditions of your loan govern by set parameters such as interest, fees, etc.
Quick Disbursal
Easy eligibility and minimal documentation cause a business loan to be disbursed quickly. Your enterprise emergencies are dealt with swiftly, and you don't need to halt operations to plan and execute growth strategies.
Eligibility Criteria for a Business Loan in Mumbai
The term Loan Eligibility in broad terms refers to qualifications to avail of a business loan from a bank or an NBFC. Lenders use Eligibility Criteria as a standard to resolve the number of funds to be lent on the basis of your financial credentials such as your business income, financial commitments, etc., subject to your business vintage, which decides your business loan tenure. Eligibility criteria for a Business Loan in Mumbai are listed below.
Age
Your age should be minimum of 21 years, and maximum of 68 years at Loan Maturity
Nationality
You should be a Resident Citizen of India without having defaulted on any previous loans, and without any Criminal Record
Credit Score
Your credit score should be 650 or higher
Eligible Entities
Individuals, SMEs, MSMEs, Sole Proprietorship, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, Retailers, Traders, Manufacturers engaged in Services, Trading, and Manufacturing Sectors
Business Vintage
The age of your business should be minimum 1 year in profitable operations
Annual Turnover
The annual turnover of minimum Rs.12 lakhs and above for existing enterprises
Additional Criteria
You must own a residence, an office, a shop, or warehouse
Note: The above eligibility criteria are for indicative purposes only, and can vary from lender to lender.
What are the Documents Required for Getting a Business Loan in Mumbai
We at Ruloans are dedicated to making your business loan process smooth. Documents obligatory for a business loan are minimal. We request you to submit precise facts and credentials so that your business loan request can be processed in the shortest possible time. Documents required for Business Loan in Mumbai are listed below.
Documents Required
For Self-Employed Individuals (PVT LTD COMPANIES)
- Age Proof of applicant & Co-applicant (For E.g.: -Passport, Driving License, PAN Card, Birth Certificate).
- Residence Proof of each applicant & Co-applicant - (For e.g. -Passport, Telephone bill /Electricity Bill).
- Business proof (GST Certificate & Udyam Aadhar).
- Company Pan Card copy with company stamp & signature.
- Required three years ITR Returns of Applicant & Co- applicant
- Latest three years Company ITR Returns required with Computation of Income, Profit & Loss A/c, Balance Sheet, Capital A/c, Audit Report with 3cb & 3cd (if audited) and all schedules.
- Memorandum of Association(MOA) and Article of Association(AOA)
- List of Directors with Share Holding Pattern required on company letterhead with stamp & sign.
- Board Resolution on company letterhead with stamp & sign.
- Form 32 / Annual Return file with ROC.
- Latest Year Bank statements of all Current A/c's.
- Updated one-year bank statements of all saving A/c's
- Company Profile on company Letterhead
- Provide Latest One Year GST 3B Challan required.
For Self-Employed Person (PROPRIETOR)
- Age Proof of applicant & co-applicant required (Pan Card Copy and aadhaar card)
- Residence Address Proof required of applicant & co-applicant (For E.g.- Passport Copy, Driving License copy, Latest Telephone / Electricity Bill copy)
- Office Address Proof required with company stamp (Latest Telephone / Electricity Bill, Shop Establishment Certificate, etc.).
- Latest 3 years ITR with profit and loss and balance sheet.
- Latest one-year bank statement
- GST certificate & udyam aadhaar certificate.
- Latest one-year GST challan GST-3b.
For Self-Employed Individuals (PARTNERSHIP FIRM)
- Age proof of applicant & Co-applicants. (E.g. Pan Card, Passport, Driving License, Birth Certificate Etc.)
- Residence Proof of applicant & Co-applicant's (E.g. Passport, Tel/ Electricity bill, Lease Agreement along with latest electricity bill in the name of owner).
- Business proof (GST Certificate & Udyam Aadhar)
- Latest 3 Years Complete ITR of applicant and co-applicant.
- Latest 3 years complete ITR of the company with profit & loss and balance sheet.
- Audit reports for all three years if audited.
- Partnership Deed
- Pan Card copy of partnership company required with stamp & signature.
- Company A/c Bank Statements (Latest 12 Months)
- Saving Bank Statements (Latest updated 12 Months required)
- Company Profile of the Company.
Agriculturists
- Application with Photograph
- Identity and Residence proof
- Last 6 months, Bank Statements
- Processing Fee Cheque
- Copies of Clear Title of Agricultural Land depicting Landholding
- Copies of Clear Title of Agricultural Land depicting crops being cultivated
- Details of 2 years of previous loans availed
How to Apply for a Business Loan in Mumbai?
1
Online Application
Fill out your 'Basic Details'
2
Document Submission
After you receive your 'Business Loan Eligibility', choose your 'Financial Institution', and upload 'Required Documents'
3
Verification
The Institutions will 'Verify' your business Loan application, and submitted documents
4
Approval
Your Business Loan will be 'Sanctioned'
5
Disbursal
Receive your 'Business Loan Amount' in your Bank Account - Simply Efficient!
Compare Business Loan Interest Rates from Top Banks and NBFCs - November 2024
Bank Name
Interest Rate
Processing Fees
IDFC BANK
16.50
2
ICICI BANK
16%
2
HDFC BANK
16%
1.5
POONAWALA FINANCE
17.75%
2
STANDARD CHARTERED BANK
15.5%
1.5
ADITYA BIRLA LTD
22%
2.5
HERO FINCORP LTD
20%
3.05
AXIS BANK
17.5%
2
UNITY
16%
2
YES BANK
16.5%
2
SMC
17%
2
BAJAJ FINANCE LTD
17.75%
2
FULLERTON INDIA
21%
1.75
GROWTH SOURCE
19%
2
NEO GROWTH
18%
2
INDUSIND BANK
17%
2
KOTAK MAHINDRA BANK
17%
2
TATA CAP FINANCE
21.50%
2.5
LOAN FRAME
25%
2
FINTREE
20%
2
FED BANK
17.50%
2
DEUTSCHE BANK
16.5%
2
U GRO CAPITAL
24%
2.5
CHOLA
18%
2
IIFL
18%
2
CENTRUM
21%
2
L& T FINANCE
17%
2
ASHV FINANCE
19%
2
LENDING KART
18%
3
INDIFI
21%
2.5
PIRAMAL
16.49%
2.75
AXIS FINANCE
18%
2
AXIS FINANCE
18%
2
INCRED
21%
2
CREDIT SAISON
22.50%
2
AMBIT
17%
2
PROTIUM
18%
2
PREFER
16%
3
PAYSENSE
16.5%
3.5
DBS
18%
2
TRU CAP
21%
2
SHREERAM FINANCE
17%
2
MASS FINENCE
24%
2.5
CLIX CAPITAL
24%
3
Utkarsh Finance
17
2
GODREJ
18
2
BANDHAN BANK
15.50%
2