Business Loan - Apply for Business Loan Online Up to ₹40 Lakhs

What is a Business Loan EMI Calculator?

Small business loan EMI calculator allows you to determine your monthly obligations even before the loan approval. This online tool helps you figure out how much interest and principal you will pay on a business loan over the loan's term. To use this calculator, all you need to do is input the loan amount, interest rate, and loan tenure. Using this calculator, you can choose the small business loan amount that best suits your needs and budget.

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WHAT IS A BUSINESS LOAN?

A business loan is capital or working capital borrowed by a business owner from lenders to fund expenses mainly related to daily operations, expansion, growth or marketing. The primary intention of a private business loan is the quick infusion of money, enabling the business to support its urgent requirements such as business expansion, meeting working capital needs, purchasing business assets, and staff expansion.

The demand for a loan for a business varies depending on its size, needs and the type of industry the business operates in. We, at Hero FinCorp, understand that from our years of experience in giving loans to SMEs across various industry verticals in India. Through a Hero FinCorp Unsecured Business Loan, we try our best to make sure that the financial needs of businesses are met. Our flexible business line of credit and term loans for small businesses are designed to give businesses quick access to urgent working capital.

BUSINESS LOAN ELIGIBILITY CRITERIA

To apply for a business loan with Hero FinCorp, you must meet the following eligibility criteria:

Age

You must be an Indian citizen between the age of 21 years and 65 years at the time of loan application and loan maturity.

Occupation

Self-employed Professionals: Architects/ Chartered Accountants/ Doctors/ Company Secretaries

Self-employed Non-Professionals: Sole Proprietors/ Retailers/ Traders/ Manufacturers/ Service Providers

Entities: Limited Liability Partnership (LLPs)/ Private Limited Company/ Partnership Firms/ Trusts

Business Status

SMEs must have at least 5 years of business experience.

Maximum Loan Tenure

Flexible tenure up to 5 years

The repayment tenure will not be extended once the borrower reaches the age of 62 years.

Maximum Loan Amount

You can get a business loan amount ranging from Rs 3 lakh to Rs 40 lakh.

The business loan amount depends upon many factors such as the applicant's age, income, business type, credit history etc.

Minimum Income

You must have a steady source of income.

Hero FinCorp does not have any predefined minimum monthly income.

DOCUMENTS REQUIRED FOR A BUSINESS LOAN

To get a quick business loan with Hero FinCorp, make sure you have all of the following documents in place.

Mandatory Documents

Duly filled application form

PAN Card

Proof of Identity

Voter ID Card/ Photo ID issued by GOI/Passport/ Driving Licence/Aadhaar Card

Proof of Address

Aadhaar Card/ Voter ID Card/ Property Tax Receipt/ Driving Licence/ Utility Bill/ Registry Copy/Property Tax Receipt/ Lease or Rent Agreement

Business Continuity Proof

VAT/ Excise/ Sales Tax/ Service Tax Registration

Trade License/ Copy of partnership deed/ Registration Certificate issued by RBI or SEBI/ Certificate of Practice

Signature Proof

Banker's Verification/ Passport/ PAN Card

Proof of Income

Latest ITR, GST returns for the financial year, Latest audited financials, Last 6 months bank statement

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Frequently Asked Questions (FAQs)

What is the maximum amount of business loan that I can take?

If you need a business loan to expand your business, the maximum amount you can obtain will be based on your business credit history, income, annual turnover etc. At Hero FinCorp, you can receive business loans ranging from Rs 3 lakh to Rs 40 lakh.

Who is eligible for a business loan from a loan company in India?

If you are a self-employed professional or non-professional such as a trader, manufacturer, or service provider, you can easily obtain an online business loan in India. Apart from this, entities such as LLPs, partnership firms, and private limited companies are eligible for small business loans in India.

How does a business loan work?

A business loan is an unsecured form of credit offered to businesses for expansion, meeting capital expenditures, staff expansion etc. It comes with predefined terms and conditions. Borrowers need to repay the loan along with interest over a specific time.

What is the maximum tenure of a small business loan?

Business loans have a short repayment period. At Hero FinCorp, we provide a flexible repayment tenure ranging from 12 months to 60 months.

When should I take a business loan?

You should opt for a business loan if you want to purchase new machinery, or you want to establish a new office or are looking for a staff expansion. You may also opt for a business loan for a new business setup. A business loan does not have any restrictions on its usage; you can use it for multiple business purposes.

How to get a loan for a business without collateral?

To get a business loan for a small business without collateral, you must possess a strong credit history and a regular stream of income.

How to take a loan for business?

You can apply for a small business loan with your preferred lender either online or offline. To apply with Hero FinCorp, simply go to our website's business loan section, fill out the online application form, upload the mandatory documents, and receive instant approval. You can also apply for a business loan at your nearest Hero FinCorp branch or outlet.

Does a business loan affect my credit score?

Yes, business loans do have an impact on the borrower’s credit score. Your credit score will be improved if you pay your EMIs on time. Paying your EMIs on time will make you a low-risk borrower and will increase your borrowing capacity in the future.

How is my company loan eligibility calculated?

To determine your loan for company eligibility, Hero FinCorp evaluates your income, business credit history, annual turnover, sales report, and business debt-to-income ratio, among other things.

Is pre-closure allowed in private business loans?

Yes, if you have taken out a small loan for business, you can foreclose it after 12 months from the date of loan sanctioning. However, business loan providers levy foreclosure fees in this case. Read the business loan details mentioned on your loan agreement letter to understand the charges in more detail.

How long does it take to disburse the business loans in India?

You can get quick online approval for a business loan if you meet the qualifying criteria of a business loan service provider and have all the relevant paperwork on hand. Post verification of your profile and documents, loans for business will be disbursed into your account within 48 hours of online business loans approval.

What is the age limit to apply for easy business loans with Hero FinCorp?

If you need a loan for business, you must be at least 21 years old and not more than 65 years old at the time of loan maturity.

Does Hero FinCorp offer business loans for new businesses in India?

As of now, Hero FinCorp does not offer business loans to new businesses in India. However, to arrange loans for new business, you may either opt for a loan against property or a personal loan.

How important is the performance of a business to avail of a business loan?

If you want to qualify for low-interest business loans, you must have a strong business profile and a high annual turnover. We don't consider such business loans online applications where business performance is below average, or the company is close to shutting down.

What are the ways to choose the right business loan?

In case you need a business loan but are unsure about the various business loan products available, it is recommended that you first determine the purpose for which funds are needed. If you require funds for working capital, choose a working capital loan; if you require funds for the purchase of machinery, choose equipment financing. Business loans come with customised products to meet your specific business requirements.

What documents are required while applying for a business loan?

While giving a business loan, companies engage in loan business requests for documents such as business existence proof, income proof, business address proof, and a few more documents that they think is necessary.

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WHAT IS A BUSINESS LOAN?

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What is a Business Loan EMI Calculator?

Calculate your EMI and choose the most suitable EMI for you

WHAT IS A BUSINESS LOAN?