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Business Loan in Mumbai - Apply Online @11.69%

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Business Loan Details

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Rate of Interest is high ?

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Business Loan in Mumbai Details

Business Loan in Mumbai

Irrespective what your business need is taking a business loan is always a great option available in Mumbai. With the help of a business loan you will not just get necessary funding for your needs but will also get tax exemption benefits and will have transparency of all information. Banks will do a thorough checking of the documents before applying a loan, thus it is in a way rechecking if you have all necessary and valid documents related to your business and its activities.

How Finance Buddha can help you get a Business Loan in Mumbai?

Getting a business loan in Mumbai is no more a challenge. Finance Buddha is here to handhold and to help every applicant to get business loan in hassle-free manner. You can simply visit the website and fill the application form. Along with this you will be also able to check the eligibility and documentation factors with each bank. Post considering the applicant can pick the bank from the options and apply for a business loan. 

 

 

Business Loan Eligibility Criteria in Mumbai

It is crucial that every applicant for a business loan in Mumbai should meet these requirements.

  • Age of the applicant should be between 21 - 60 Years
  • Business should have a vintage of at least 3 years
  • Business should have IT returns filed for the last 3 years
  • Business Individual should be staying in the city for at least 1 Year
  • Business should have all company documents adhering to the state laws
  • You would require basic documentation such as your address proof, identity proof, latest bank statements etc.
  • Business Financials which include the overall turnover and profit after taxes should also be available

 

 

Business Loan Interest Rates, Fees & Charges in Mumbai

Rate of interest and other charges vary from bank to bank, the below list will give you a brief information of what the rates and processing fees are at the top 5 business loan providing banks in Mumbai.

Business Loans Interest Rate Comparison of Top Banks / NBFCs in Mumbai (updated 18 Aug,2019)

Bank/NBFC Institution Type Minimum Loan Amount Maximum Loan Amount Minimum Tenure Maximum Tenure Interest Rates Fees & Charges
Axis Bank Bank ₹50,000 ₹50,00,000 1 Year 15 Years Custom Up to 2% + GST as applicable
Aditya Birla Finance Ltd. NBFC ₹50,000 ₹15,00,000 1 Year 3 Years 16.85% - 17.85% Up to 2% + GST as applicable
Arohan Financial Services Ltd. NBFC ₹5,00,000 ₹75,00,000 9 Months 2 Years 20.70% - 26.99%  1% + GST as applicable
Bajaj Finserv NBFC ₹1,00,000 ₹30,00,000 1 Month 8 Years 18% - 40% Up to 3% + GST as applicable
Capital First NBFC ₹10,00,000 ₹75,00,000 1 Year 5 Years 16.00% - 24.00% Up to 2% + GST as applicable
Clix Capital Services Pvt. Ltd. NBFC ₹10,00,000 ₹50,00,000 1 Year 3 Years 12% - 15% Up to 2% + GST as applicable
Deutsche Bank Bank ₹10,00,000 ₹50,00,000 2 Year 4 Years 24% Up to 3% + GST as applicable
Edelweiss Financial Services Ltd. NBFC ₹3,50,000 ₹25,00,00,000 4 Years 10 Years 20.50% 2% - 3.5% + GST as applicable
Equitas Small Finance Bank Bank ₹5,00,000 ₹75,00,000 1 Year 5 Years 18% 2% + GST as applicable
Fortune Financial Services - Kapital Tech NBFC ₹2,00,000 ₹150,00,000 3 Months 2 Years 15% - 24% 1.5% - 2% + GST as applicable
Fullerton NBFC ₹10,00,000 ₹50,00,000 1 Year 4 Years 13% - 16%  Up to 6.5% + GST as applicable
HDB Financial Services Ltd. Bank ₹1,00,000 ₹30,00,000 1 Year 5 Years 12% - 36% 2% + GST as applicable
HDFC Bank Bank ₹50,000 ₹50,00,000 1 Year 4 Years 15.65% to 21.20% Up to 2.50% + GST as applicable
ICICI Bank Bank ₹1,00,000 ₹10,00,00,000 1 Year 5 Years 12.9% - 16.65% Up to 2% + GST as applicable
IDFC Bank Bank ₹1,00,000 ₹40,00,000 1 Year 5 Years 11.69% - 15% 1.5% + GST as applicable
India Infoline NBFC ₹1,00,000 ₹50,00,000 1 Year 5 Years 18% - 25% Upto 3% + GST as applicable
IndusInd Bank Bank ₹1,00,000 ₹15,00,000 1 Year 5 Years 10.6% -18% 0.5% + GST as applicable
Kotak Mahindra Bank Bank ₹3,00,000 ₹2,00,00,000 1 Year 3 Years 16.00 % to 19.99% Up to 3% + GST as applicable
Lendingkart Finance Ltd. NBFC ₹50,000 ₹100,00,000 1 Month 1 Year 18% - 27%* 2% + GST as applicable
Magma FinCorp Ltd. NBFC ₹3,00,000 ₹2,00,00,000 1 Year 4 Years 17%  - 21% 2% + GST as applicable
Neo Growth NBFC ₹2,00,000 ₹75,00,000 6 Months 2 Years 12% - 36% 2% + GST as applicable
RBL Bank Ltd. Bank ₹10,00,000 ₹35,00,000 1 Year 3 Years 16.00% - 27.00% 2% + GST as applicable
Standard Chartered Bank Bank ₹10,00,000 ₹75,00,000 1 Year 5 Years 13.5% - 20% Up to 2% + GST as applicable
Tribe Tech Private Limited NBFC ₹1,00,000 ₹20,00,000 1 Year 3 Years 12% - 36% 2% + GST as applicable
Yes Bank Bank ₹20,00,000 ₹400,00,000 1 Year 5 Years 13.25% - 19.99% Up to 2.5% + GST as applicable

Business Loan Documents Required in Mumbai

Below are some of the common documentations required for any type of business loans in Mumbai.

  • ID Proof
  • Address Proof
  • Proof of Continuity Of Business
  • Bank Statement 6 Months
  • Board Resolution (If pvt ltd co. is co-borrower/Partnership Authorization Letter {if partnership firm is co-borrower}
  • ITR & Statement Of Computation of Income – for last 2 Years
  • CA Certified or Audited P/L Acc Statement and for >40 Lacs cases Audit report along with schedules of P&L and Balance Sheet – for last 2 years
  • Latest ITR of Co-Applicants – For last 2 Years
  • Ownership Proof of Residence or Office

 

 

Best Business Loans from Top Banks / NBFCs in Mumbai

Business Loans Interest Rate Comparison of Top Banks / NBFCs in Mumbai (updated 18 Aug,2019)

Bank/NBFC Institution Type Minimum Loan Amount Maximum Loan Amount Minimum Tenure Maximum Tenure Interest Rates Fees & Charges
Axis Bank Bank ₹50,000 ₹50,00,000 1 Year 15 Years Custom Up to 2% + GST as applicable
Aditya Birla Finance Ltd. NBFC ₹50,000 ₹15,00,000 1 Year 3 Years 16.85% - 17.85% Up to 2% + GST as applicable
Arohan Financial Services Ltd. NBFC ₹5,00,000 ₹75,00,000 9 Months 2 Years 20.70% - 26.99%  1% + GST as applicable
Bajaj Finserv NBFC ₹1,00,000 ₹30,00,000 1 Month 8 Years 18% - 40% Up to 3% + GST as applicable
Capital First NBFC ₹10,00,000 ₹75,00,000 1 Year 5 Years 16.00% - 24.00% Up to 2% + GST as applicable
Clix Capital Services Pvt. Ltd. NBFC ₹10,00,000 ₹50,00,000 1 Year 3 Years 12% - 15% Up to 2% + GST as applicable
Deutsche Bank Bank ₹10,00,000 ₹50,00,000 2 Year 4 Years 24% Up to 3% + GST as applicable
Edelweiss Financial Services Ltd. NBFC ₹3,50,000 ₹25,00,00,000 4 Years 10 Years 20.50% 2% - 3.5% + GST as applicable
Equitas Small Finance Bank Bank ₹5,00,000 ₹75,00,000 1 Year 5 Years 18% 2% + GST as applicable
Fortune Financial Services - Kapital Tech NBFC ₹2,00,000 ₹150,00,000 3 Months 2 Years 15% - 24% 1.5% - 2% + GST as applicable
Fullerton NBFC ₹10,00,000 ₹50,00,000 1 Year 4 Years 13% - 16%  Up to 6.5% + GST as applicable
HDB Financial Services Ltd. Bank ₹1,00,000 ₹30,00,000 1 Year 5 Years 12% - 36% 2% + GST as applicable
HDFC Bank Bank ₹50,000 ₹50,00,000 1 Year 4 Years 15.65% to 21.20% Up to 2.50% + GST as applicable
ICICI Bank Bank ₹1,00,000 ₹10,00,00,000 1 Year 5 Years 12.9% - 16.65% Up to 2% + GST as applicable
IDFC Bank Bank ₹1,00,000 ₹40,00,000 1 Year 5 Years 11.69% - 15% 1.5% + GST as applicable
India Infoline NBFC ₹1,00,000 ₹50,00,000 1 Year 5 Years 18% - 25% Upto 3% + GST as applicable
IndusInd Bank Bank ₹1,00,000 ₹15,00,000 1 Year 5 Years 10.6% -18% 0.5% + GST as applicable
Kotak Mahindra Bank Bank ₹3,00,000 ₹2,00,00,000 1 Year 3 Years 16.00 % to 19.99% Up to 3% + GST as applicable
Lendingkart Finance Ltd. NBFC ₹50,000 ₹100,00,000 1 Month 1 Year 18% - 27%* 2% + GST as applicable
Magma FinCorp Ltd. NBFC ₹3,00,000 ₹2,00,00,000 1 Year 4 Years 17%  - 21% 2% + GST as applicable
Neo Growth NBFC ₹2,00,000 ₹75,00,000 6 Months 2 Years 12% - 36% 2% + GST as applicable
RBL Bank Ltd. Bank ₹10,00,000 ₹35,00,000 1 Year 3 Years 16.00% - 27.00% 2% + GST as applicable
Standard Chartered Bank Bank ₹10,00,000 ₹75,00,000 1 Year 5 Years 13.5% - 20% Up to 2% + GST as applicable
Tribe Tech Private Limited NBFC ₹1,00,000 ₹20,00,000 1 Year 3 Years 12% - 36% 2% + GST as applicable
Yes Bank Bank ₹20,00,000 ₹400,00,000 1 Year 5 Years 13.25% - 19.99% Up to 2.5% + GST as applicable

Business Loan Documents Required in Mumbai

Below are some of the common documentations required for any type of business loans in Mumbai.

  • ID Proof
  • Address Proof
  • Proof of Continuity Of Business
  • Bank Statement 6 Months
  • Board Resolution (If pvt ltd co. is co-borrower/Partnership Authorization Letter {if partnership firm is co-borrower}
  • ITR & Statement Of Computation of Income – for last 2 Years
  • CA Certified or Audited P/L Acc Statement and for >40 Lacs cases Audit report along with schedules of P&L and Balance Sheet – for last 2 years
  • Latest ITR of Co-Applicants – For last 2 Years
  • Ownership Proof of Residence or Office

 

 

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