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
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:
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:
Established businesses operating for more than six months at the time of application.
Minimum turnover of Rs 90,000 in the last three months from the time of application.
The business does not fall under any category or list of blacklisted/excluded businesses.
The office/business location is not on the negative location list.
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:
Types of Business Loans available to Enterprise Owners in Mumbai
Here are some of the business loans available to a business in Mumbai:
How To Apply For A Business Loan
Here is how you can apply for a business loan in Mumbai with IIFL Finance: /p>
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, 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.