Which lenders offer short-term Business loans in India

If you are looking forward to starting a new business, the first thing you have to arrange is the funds. And we know getting a term loan could be lengthy to start a business. However, some lenders offer short-term business loans in India.

In this post, we are going to tell you about those lenders offering the best business loans. Not only, you could start a new business with the money; you could also purchase equipment or invest it into day to day operations. We will focus on the loan details, the eligibility criteria, the documents needed and how to apply.

Bajaj Finserv business loan

Bajaj Finserv business loan is focused on providing a focused fund to help you in the business activities. Whether you want to expand your business, buy new machinery or start something new, Bajaj Business loan could help you. It is easily one of the best short-term business loans in India.

Ø Bajaj Finserv offers business loan up to Rs 30 lakhs.

Ø The rate of interest starts at 18% onwards.

Ø The loan tenure is from 12 months to 48 months.

Ø The processing charge is up to 3% of the loan amount without GST.

Ø The prepayment is not allowed until 6 months EMIs has been paid.

Ø The prepayment charge is 4% of the principal outstanding loan amount.

Ø The penal interest is 2% monthly.

The eligibility criteria for Bajaj Finserv business loan

Ø The borrower age should be between 25 years and 55 years.

Ø The borrower business should be up and running for a minimum of 2 years and should have overall 3 years of work experience.

Ø The borrower should be able to submit income tax records for a minimum of 1 year.

Ø These individuals are able to apply for Bajaj Finserv business loan.

1. Self-employed professional

2. Non-Professional

3. Partnership firm

4. Sole proprietorship firm

5. Private limited company

6. Trusts and societies

7. Closely held public limited company

Documents required for Bajaj Finserv business loan

Ø Application form filled and signed

Ø Passport size photograph

Ø Proof of identity ( Aadhar card, Voter ID card, PAN card)

Ø Address proof ( For entity, security providers, partners/proprietors/ directors and guarantors)

Ø ITRS for the last 2 years

Ø Business proof

Ø Business ownership documents

Ø Certified copy of partnership deed

Ø P/L Statement for the previous month

Ø P/L balance sheet and statement for the last 2 years

Features of Bajaj Finserv business loan

Ø The lender does not require collateral to offer a loan.

Ø There is also a line of credit available.

Ø For existing customers, there is pre-approved offers.

Ø The loan is quickly disbursement.

Ø There are no hidden charges.

Types of Bajaj finserv business loan

Ø Machinery loan

Ø Working capital loan

Ø SME/MSME loan

Ø Business loan for women

How to apply for it?

You could apply for Bajaj Finserv business loan at their online website or hear to the nearest Bajaj finserv branch. Now, let’s move on to the next lender.

Ziploan Business loan

If there is one reason, which has made Ziploan one of the best short-term business, loans in India, it is the speed. The loan could be disbursed within 1 week from applying. However, the time solely depends upon the borrower’s application process. But, still, this timeline is impressive.

Ø Ziploan offers business loan up to Rs 5 lakhs.

Ø The loan repayment tenure is from 12 months to 24 months.

Ø The rate of interest is from 23% P.A to 29% P.A

Ø The processing fee is up to 3% of the loan amount.

Types of Ziploan business loan

1. Collateral free equipment loan

2. Working capital loans

Features and benefits of Ziploan business loan

Ø Ziploan usage latest technology to ensure the quick disbursal of the business loan

Ø The borrower does not need to submit a company balance sheet.

Ø The loan is available with compete for transparency without any hidden charges.

Ø There Is no prepayment penalty.

Ø It requires minimal documentation to make sure the loan is processed quickly.

Ø Borrowers credit assessment is done by Ziploan own credit rating system called ‘Zipscore’.

The eligibility criteria for Ziploan business loan

Ø The business should be in the borrower’s name.

Ø The minimum annual turnover of the business should be at least Rs 10 lakh.

Ø The minimum ITR for the previous fiscal year should be at least Rs 2.5 lakhs.

Ø The business should be up and running for minimum of 2 years.

Ø The business loan application will be evaluated by Ziploan credit system “Zipscore”.

Documents required for Ziploan Business loan

Ø Passport size photographs

Ø Identity proof ( Aadhar card, PAN Card, Voter ID card, Driving license)

Ø Address proof ( Electricity bill, rent agreement, utility bill)

Ø Bank statement for the last 12 months

Ø ITR for the last 2 years

Ø Business address proof

Business loan EMI calculator

Before you take the loan, it is essential to know what will be the monthly EMI when you begin the repay. To use the Ziploan EMI Calculator, you will need to enter three things.

First, is the loan amount you need, second is the rate of interest and the third is the loan tenure. Enter them, the calculator will tell you instantly the EMI, the total interest payable and the total payment.

Top-up loan facility

If you are an existing customer of Ziploan, you could get top loan facility. However, a borrower is only eligible when they have paid 6th EMIs without any bounced payments if the loan tenure is for 12 months.

How to apply for Ziploan business loan at Afinoz?

Ø Download the Afinoz app from the Google play store.

Ø Register on the app by giving an Email address, mobile number.

Ø Fill out the loan application, upload the documents to submit the loan application.

Ø Choose the Ziploan from the lender’s list.

Ø Once the verification process is complete, the loan amount will be disbursed.

Conclusion

Both Bajaj Finserv and Ziploan offers one of the best short-term business loans in India. Their disbursal speed, transparency and no hidden charges make them reliable and efficient. You won’t be disappointed by taking a business loan from these lenders.