Business Loan In Mumbai

Mumbai is India's financial hub, where most companies have their registered headquarters or factories to manufacture goods or provide services. However, similar to other businesses, companies in Mumbai also require a source of uninterrupted capital to invest in various aspects of their business. One of the best ways to raise adequate capital for business is through comprehensive business loans in Mumbai.

IIFL Finance’s business loans in Mumbai offer attractive interest rates to business owners to ensure their business is healthily invested and can repay the business loan through flexible EMIs.

Business Loan in Mumbai EMI Calculator

Calculate your EMI and choose the most suitable product for you

Business Loans in Mumbai Features and Benefits

Market factors such as the cost of equipment, rent, salaries, etc., are dynamic and differ in Mumbai from other Indian cities. Hence, lenders have designed business loans in Mumbai to specifically cater to the capital needs of businesses in Mumbai. Here are the features and benefits of a loan for business in Mumbai:

Immediate Capital

Entrepreneurs can raise immediate capital of Rs 30 lakh through business loans in Mumbai.

Minimal Documentation

These business loans require submitting only a few essential documents, as against traditional loans that require extensive copies.

Quick Disbursal

The loan for business in Mumbai is disbursed into the bank accounts within 48 hours of application.

No Collateral

A business owner does not need to pledge an asset as collateral when applying for a loan for a business in Mumbai.

Eligibility Criteria for Business Loans in Mumbai

Before approving business loans in Mumbai, lenders require that the business owner fulfil the set eligibility criteria. Since the eligibility criteria differs from lender to lender, you must review the rules in detail. Here are the business loan eligibility criteria in Mumbai for business loans in Mumbai:

  1. Established businesses operating for more than six months at the time of application.

  2. Minimum turnover of Rs 90,000 in the last three months from the time of application.

  3. The business does not fall under any category or list of blacklisted/excluded businesses.

  4. The office/business location is not on the negative location list.

  5. Charitable organisations, NGOs, and trusts are not eligible for a business loan.

Documents Required For Business Loans in Mumbai

A business loan provider in Mumbai requires a business owner to submit a few essential documents related to the business owner and the running business before approving the business loan. Here are the documents required by a business loan provider in Mumbai:

KYC documents – Identity proof and address proof of the borrower and all co-borrowers

PAN Card of the borrower and all co-borrowers

Last (6-12 Months) months bank statement of main operative business account

Last (6-12 Months) months bank statement of main operative business account

Additional document(s) for credit assessment and processing the loan request

GST Registration

Previous 12 months’ bank statements

Proof of business registration

PAN Card and Aadhar Card copy of the Proprietor(s)

Deed copy and company PAN Card copy in the case of partnerships

Types of Business Loans available to Enterprise Owners in Mumbai

Here are some of the business loans available to a business in Mumbai:

Working Capital Loan

This loan is perfect for covering daily business expenses.

SME Loan

A small business enterprise can take this loan to fulfil capital needs.

Equipment Loan

It is an unsecured business loan in Mumbai taken by a company to cover the cost of buying equipment.

Commercial Loans

This loan is taken by businesses with an increased demand for capital for the long-term.

Term Loans

Loans taken by businesses to cover short-term financial liabilities.

How To Apply For A Business Loan

Here is how you can apply for a business loan in Mumbai with IIFL Finance: /p>

  • Visit IIFL Finance’s website and navigate to the business loan section.

  • Click on “Apply Now” and fill in the application form.

  • Submit all the relevant documents needed for completing KYC.

  • Click on the “Submit” button to complete the loan application process.

  • After review, IIFL Finance will approve the loan in under 30 minutes and disburse the amount within 48 hours into the borrower’s bank account.

Apply For Business Loans From Other Cities in India

Similar to the business loan in Mumbai application process, IIFL Finance has designed its loan application process for other Indian cities. You can apply for business loans from other cities in India using the below table:

Rate of Interest 11.25% - 33.75% p.a.
Loan processing charges: 2% - 4% + GST*( Additional Upto ₹500 will be charged as Convenience Fees )
Cheque/ ACH Return charges: ₹500/ + GST* per instance
Cheque/ ACH swapping charges duplicate no- dues certificate: ₹500/ + GST* per instance
Penal Interest 24% per annum

Business loan in Mumbai FAQs

No, a business loan in Mumbai is not risky. However, it is important to take it from a reputed and experienced lender such as IIFL Finance.

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When you apply for business loans by IIFL Finance, you can apply for a minimum loan amount of Rs 50,000 and a maximum loan amount of Rs 5,00,000.

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Yes, lenders consider the company's business turnover ratio before applying for a business loan in Mumbai.

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You can improve the chances of getting a business loan in Mumbai by improving the business turnover, and credit score and ensuring that you submit all the required documents.

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You can calculate the EMI for the business loan from IIFL Finance through the EMI calculator on IIFL’s website. However, you will receive the loan amount based on the business loan eligibility in India.

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No, when you take a business loan, you do not have to pledge any asset as collateral. Rarely will you need to pledge collateral if you do not meet the business loan eligibility in India. However, most lenders increase the interest rate to offset their risk in sanctioning the loan for your business.

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You can get a business loan in Mumbai by visiting the selected lender's website, filling out the loan application form, and submitting the relevant documents.

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