Business Loan in Gurgaon

Gurgaon, the city with third highest per capita income in the country of India which is also the major cities in the region of NCR, Delhi. The city is quite famous for its automobile industry, IT companies, management industries, pharmaceuticals and various other industries. With its proximity to the international airport, the place has become a hub for offshoring and outsourcing of various goods. In the past few years, the place has blossomed and mushroomed into a place for various startups. So to support new startups, various lending partners have turned up to help entrepreneurs in expanding their businesses or beginning new startups.

Benefits and Features of Business Loans in Gurgaon

  1. Unsecured business loan – Loans that are offered without any collateral are called unsecured business loans. In such a loan, one can get the required funds without risking their personal or business related assets. We offer unsecured business loans.
  2. Faster Disbursal – Online process for business loans helps in faster loan disbursal. We offer disbursal of business loans as early as 72 hours.
  3. Minimal Documentation – Business loans requiring less documentation are faster to process and it removes the hassle of making new documents.
  4. Business loans upto Rs 2 crore – The minimum loan amount offered by us is Rs 50,000 while it can go up to Rs 2 crore for managing one’s business. 
  5. No hidden charges – There are no hidden charges if you take a loan from us. We charge a nominal processing fee of 2% on the loan amount.
  6. Prepayment charges – There are no prepayment charges on the business loans.
  7. Flexible Tenors – A person can get a business loan for variable tenure. One can get a loan between 1 to 5 years. It depends on the creditworthiness of the person.
  8. Application process – If the application for a business loan is online then you can apply it from anywhere.

Eligibility Criteria Business Loan in Gurgaon

The basic eligibility criteria for getting a business loan in Gurgaon is as mentioned below:

  1. For a person expanding their business, it should be at least running for six months.
  2. The business must have a turnover of around Rs 90,000 or greater than that for previous 3 months before the application of the loan
  3. The business must not be a blacklisted one as per SBA finance.
  4. The location of the business must not be in the negative location.

Documents for Business Loan in Gurgaon

  1. KYC documents
    1. Identity Proof – Aadhaar Card, Voter ID card, Driving License, Passport, etc.
    2. Address Proof – Telephone Bill, Electricity Bill, Water Bill, Passport, Driving License, Aadhaar Card, Voter ID card, etc.
  2. PAN card
  3. Previous year’s bank statement
  4. Previous year’s ITR
  5. Business registration proof – GST filing, Trade License, Business Registration Certificate, Gumastadhara, Drug License, TIN  or VAT registration
  6. Partnership deed, if required
  7. Company PAN, if required

Available Variety of Business Loans in Gurgaon

Variety of business loan that can be availed in Gurgaon are:

  1. Short Term Credit: This is a type of loan offered for some specific needs of business owners like the day-to-day working capital or employee salaries or maybe for certain emergencies which can be paid in a short period. Under this type of loan, business owners borrow a certain amount of money upfront to be paid back with interest according to a pre-decided repayment schedule.
  2. Business Credit Line: This loan implies a special credit facility provided to business owners under which they get access to a specific amount of money which can be drawn as and when need arises. Generally this type, i.e., revolving credit facility is offered where the credit line gets reset once the amount is withdrawn to be paid in full exactly like in credit card.
  3. Equipment Financing: This type of loan is given to those business owners who require to purchase machinery or any business equipment.
  4. SBA Loans: There are some agencies like Small Business Administrations that do not directly offer loans to small business owners. Instead, they make some guidelines for the loans to be dispersed by their lending partners. This reduces risk & makes access to capital easier.
  5. Invoice Financing: Under this type business owners borrow loan against the amount due from their customers. It is a type of short term loan that aids businesses to improve their cash flows, pay salaries to their employees on time and make payments on time to their suppliers, and thus manage efficient business operations and robust growth.

Interest Rates for Business Loan

The interest rate for business loans offered by us is around 1.5% to 2% per month which is customizable.

Process for Getting a Business Loan in Gurgaon

For applying for the business loan, you need to follow the below mentioned steps:-

  1. Go to the website of the lender
  2. Click on the ‘Apply Now’ button on the top right corner of the website.
  3. A new web page opens in which you need to enter your personal details like name, email address, mobile number, type of business and monthly sales.
  4. Click on submit.
  5. In the next page, you need to enter OTP sent to your registered mobile number or you can login using email address.
  6. Then you need to update your business details like the nature of business, place of business, bank details and other such details.
  7. After entering your details one must upload the required documents.
  8. After the documents are uploaded, you can review the application, edit the application if required and submit it.
  9. After the submission of the application form, the person would be intimated about the loan approval through registered email address & mobile number and the loan amount would be disbursed soon.

Business Loan in Gurgaon FAQs:

1. For unsecured loans, is any collateral necessary?

No, collateral is not required for unsecured loans.

2. How can one calculate EMI?

For calculation of EMI, one can use the EMI loan calculator available on our website.

3. Are NGOs or charitable organisations eligible for small business loans?

No, NGOs or charitable organisations are not eligible for small business loans.

4. What is a secured business loan?

A secured business loan is one which requires a collateral for security.

5. Which has a lower rate of interest, secured loans or unsecured loans?

The rate of interest for secured loans is much lower than unsecured loans.

6. Is there any charge on loan foreclosure?

Yes, there are charges for loan foreclosure. But we don’t charge such charges.

7. Is a credit score necessary for a business loan?

Yes, a credit score is necessary for a business loan.

8. Can one change the date of EMI in business loans?

Yes, one can change the date of EMI in business loans but it varies from lender to lender.

9. Can one use their business loan for inventory management?

Yes, one can use their business loan for inventory management.

10. Is the credit score negatively impacted if one forecloses the business loan?

No, the credit score is not negatively impacted if one forecloses the business loan. In fact there is not much impact on the credit score if one already has a good credit score.