Business Loans in Bangalore

Businesses need working capital to stay afloat. One of the options to secure it is to avail a business loan from a bank. Just in case, if you are eligible to get a bank loan to fund your business, you should definitely go for it. Both national banks and NBFCs offer business loans in Bangalore at low-interest rates and for long terms as well, compared to anything that you will find online through any non-conventional lenders.

Moreover, the best part about availing a bank’s business loan instead of the new existing options it that – bank’s don’t ask you share in your business nor they ask any profit sharing, like the investors who are ready to fund your business. There is a fixed percentage of interest charged for the particular lending which you have to repay along with the principal amount.

Apart from this the other convenience which you get with it is flexibility in terms to repay the loan. You can choose from monthly, quarterly or part payment as the repayment option. You can also choose the prepayment option where you can repay the loan before the tenure is over.

Best Business Loans of 2019

Here are the Top Business Loan Providers in Bangalore

Axis Bank

Axis Bank provides simplified access to funds for business purposes with minimum documentation. The loan is offered without any collateral.

EMI-based Business Loans are available for professionals such as Doctors, Engineers or Chartered Accountants. With Axis bank, a business loan from a minimum amount of ₹ 50,000 is available which can go up to a maximum amount of ₹ 50 lakhs in Bangalore.

Eligibility to avail an Axis Bank Business Loan

Age: 21 to 65 years

Business Vintage: Minimum 3 years

Turnover of the Business: ₹30 Lakhs to ₹10 Cr

Documentation Required

  1. Last 2 years ITR Documents
  2. Audit Report
  3. PAN Card / Form 60 for all applicant
  4. KYC Documents ( Aadhar card, Pan card, voter Id card, or any other government issued card)
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Bajaj Finserv

Bajaj Finserv offers easy and quick business funding for small and medium enterprises in Bangalore at low-interest rates. The funding available through Bajaj Finserv Business Loan can be up to ₹30 lakhs that too without any collateral. The funding available through this loan can be used in your business for any purpose such as to build the infrastructure, expand the operations, upgrade to the latest machinery, to maintain inventory, or to increase the working capital.

The customized loan options are also available can help you to boost your enterprise and take it to the new heights.

Eligibility to avail an Bajaj Finserv Business Loan

  1. The age of the applicant should be between 25-55 years old.
  2. The business should have a functional tenure of at least 3 years.
  3. The business for which funding is being asked should have its Income Tax returns filed for at least past 1 year.

Documents Required

  1. Bank account statement
  2. Document showing business licence
  3. KYC documents of the business owner
  4. Certificate of business existence
  5. Passport size photograph
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Capital First

Capital First offers business loans to all the small and medium scale enterprises at affordable rates starting from ₹3 lakhs to ₹75 lakhs. A business loan from Capital First can fulfill your aspirations of expanding your business. A business owner can meet the working capital requirements, scaling requirements through the Capital First Business Loan. The loan comes with the top up facility for the existing customers. The tenure period for which a Capital First loan can be opted for one to five years.

Eligibility required to avail Capital First Business Loan

  1. Capital First business loan can be availed only by the: Sole proprietorship firms, Private limited companies, and closely held limited companies, Partnership firms, Self-employed individuals / professionals – CAs, Doctors, etc. e. Retailers f. Manufacturers or Traders
  2. The applicant should have a good credit history.
  3. To avail a Capital First business loan the company’s turnover should be more than 1 crore.
  4. The company should be in profit even after paying all the relevant taxes.

Documents Required

  1. Documents for Identity proof
  2. Documents for address proof
  3. For income proof- ITR , 6 months bank statement and the latest audit report
  4. For business proof- business license, sales tax, VAT registration.

Aditya Birla Finance Ltd.

Entrepreneurs can fulfill their all business requirements and expansion goals or can meet their working capital needs by using the Aditya Birla Finance Ltd. Business Loan. The loan provides a convenient option of repaying it in easy monthly installments. Business loans through Aditya Birla Finance Ltd can be availed by small enterprises engaged in manufacturing, services, retail or wholesale trade activities. The loan is offered without any security that to without visiting the branches. The best part about this loan is it can be applied online and the applicant gets e-approved for it.

Document Required

  1. Pan Card
  2. Aadhar card
  3. Bank statement for last one year
  4. Business proof ( business should have a variant of 1 year)
Why FinTech Lenders are the Best for Business Loan

HDFC Bank

HDFC Bank Business Loan can you take your business to new heights. The loan is offered at an affordable price so that a large number can avail the benefits. HDFC offers business loans up to ₹ 40 lakhs and up to ₹ 50 lakhs for the selected location. The loan can be availed without fulfilling any collateral requirement and has to potential to meet all your working capital requirement.

Eligibility required to avail an HDFC Business Loan

  1. Self-employed individuals, Private Ltd. Co, Proprietors and Partnership Firms involved in the business of Manufacturing, Trading or Services are eligible to avail this loan.
  2. To avail, HDFC business loan business should have a minimum turnover of ₹ 40 lakhs
  3. The business should have a Minimal Annual Income of ₹1.5 lakhs per annum.
  4. The business should have been making a profit for the last 2 years
  5. Individuals should be in the current business for a minimum of 3 years, and with 5 years total business experience to be eligible for this loan.
Is It Safe to Apply for Business Loans Online?

Documents Required

  1. PAN Card
  2. For ID proof – Aadhaar Card / Passport / Voter ID Card / Driving License
  3. For address proof- Aadhaar Card / Passport / Voter ID Card / Driving License
  4. For Income proof -Bank statement of the previous 6 months latest ITR along with computation of income, Balance Sheet and Profit, Loss account for the previous 2 years, after being CA Certified/audited proof of continuation.
  5. For Business proof – ITR / Trade license / Establishment / Sales Tax Certificate