Get a fast and convenient Business Loan to invest in assets and expand your operations with ease.
Business Loan
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Get high Business Loan Eligibility
Before applying for the loan, prepare a business plan, know your credit score, decide the loan amount, do some market research on available business loan options, and keep the documents ready.
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Common Documents Required
Proof of address & photo identity proof of the promoters, business proof, income proof, partnership deed for partnership firm, articles of association, memorandum of association, board resolution, PAN card, etc.
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Criteria for Business Loan Approval
Applicants should be aged between 21 to 65 years, having business vintage of a minimum of 1-2 years. The minimum business turnover and a minimum annual turnover as per the ITR will be required.
Features and Benefits of our Business Loans
- Term Loans
- Working Capital Loans
- Business Expansion Loans
- Equipment Financing Loans
- Invoice Financing & Bill Discounting
- Machinery Loans
Business Loan Eligibility and Documents
Read on to know the criteria required to apply for our Business Loan.
Eligibility Criteria & Eligible Entities
Business Type: Most lenders provide loans to various types of businesses, including sole proprietorships, partnerships, limited liability companies (LLCs), corporations, and more.
Credit Score: A good credit score is often required to qualify for a business loan. Lenders use your credit history to assess your ability to repay the loan.
Business Age: Some lenders require a minimum operational history for your business, usually ranging from a few months to a year or more.
Annual Revenue: Lenders may have a minimum annual revenue requirement to ensure your business has a stable income.
Collateral: Secured loans might require assets as collateral to secure the loan. Collateral can be real estate, equipment, inventory, or other valuable assets.
Cash Flow: Lenders often evaluate your business’s cash flow to determine your ability to repay the loan.
Age Criteria: Min. 21 years at the time of loan application & Max. 65 years at the time of loan maturity.
Eligible Entities: Individuals, MSMEs, Sole Proprietorships, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders, manufacturers, and other non-farm income-generating business entities engaged only in the services, trading, and manufacturing sectors
Business Vintage : Min. 1 year or above
Business experience: Min. 1 year, business location to remain same
Annual Turnover: Shall be defined by the Bank/NBFC
Credit Score: 700 or above (Preferred by most private and public sector banks)
Nationality: Indian citizens
Additional Criteria: Applicants must own either a residence, office, shop, or Godown.
Documentation for Business Loans
The list of documents required for a business loan to be submitted varies based on type of business entity. Submit the following documents to begin with the loan process:
- ITR for the past 2-3 years
- Current Bank Account Statement for the last 12 months
- Photocopy of PAN Card
- Address Proof for Residence such as Voter Card, Passport, Aadhaar Card, Telephone Bill, Electricity Bill
- Address proof for Business such as the Telephone Bill or Electricity Bill
- Last Financial Year’s provisional Financials and future year’s projections.
- Company’s business profile on the letterhead
- 2 photographs of promoters and property owners.
- Sanction letter and Repayment schedule of existing loan
- GST registration certificate and GST returns of latest 2 years.
- D-Vat/Sale tax registration copy
- Udhayam Aadhaar registration certificate
- Rent agreement copy of factory and residence (if property is rented)
- Business Continuity proof of 3 years (3 years old ITR/Company registration etc)
- Company PAN Card, Certificate of Incorporation, MOA, AOA, List of Directors, and Shareholding pattern for Pvt Ltd companies
- Partnership Deed, Company pan Card for Partnership Companies
How to use Business Loan EMI Calculator
Using a business loan EMI (Equated Monthly Installment) calculator can help you estimate your monthly loan repayment amount.
Follow these steps to use a business loan EMI calculator effectively:
- Enter loan amount, interest rate, tenure.
- Click Calculate.
- View EMI, total interest, repayment.
- Adjust tenure if needed.
- Consider extra costs.
- Check budget compatibility.
- Confirm with the lender before finalizing.
Fees and Charges for Business Loan
The fees and charges of business loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to business loans:
Business Loan Reviews
All the employees and staff at Prime Loan Company are extremely helpful and cooperative. They took the time to clearly understand my requirements and guided me throughout the process. I felt very comfortable dealing with them while applying for my business loan from ICICI Bank. Their support made the entire experience smooth and stress-free.
Seema Singh
Happy Client
As a housewife, I had a dream of starting my own kitchen for food delivery. Prime Loan Company helped me turn that dream into reality by assisting me in getting a business loan from my preferred bank. The interest rate was very affordable, and with their support, I’ve successfully started my kitchen, which is now running smoothly and profitably. I’m truly thankful to Prime Loan for their guidance and encouragement.
Rajni Malhotra
Happy Client
I never imagined getting a business loan could be this easy! A big thanks to Prime Loan Company for providing such a reliable platform for all types of loan needs. I secured a business loan at a 16% rate of interest, and the funds were disbursed within just 8 days of applying. The entire process was smooth and hassle-free. Highly recommended!
Sameer Patil
Happy Client
Applying for a business startup loan through Prime Loan Company turned out to be one of the smartest decisions I’ve made. If you want to save time, effort, and money, you should definitely consider taking a loan through Prime Loan. Once you experience how efficiently this platform works, you won’t look for alternatives. Now, all my loan-related queries and concerns are handled by Prime Loan — it’s truly a one-stop solution!
Priya Nair
Happy Client
Business Loan FAQs
What is a business loan, and how much can one borrow?
A business loan is a type of financing offered by Prime Loan Company to support various business needs—whether it’s starting a new venture, expanding operations, purchasing equipment, or managing cash flow.
The loan amount you can borrow depends on several factors, including Prime Loan’s lending criteria, your creditworthiness, the intended use of the loan, and the overall financial health of your business. Typically, business loans can range from a few thousand rupees to several lakhs.
Who can apply for a business loan?
Business loans are available to various entities, including sole proprietorships, partnerships, LLCs, corporations, non-profit organizations, and startups. Eligibility is typically based on factors like the business’s creditworthiness, revenue, profitability, and the borrower’s personal credit history. Each lender may have specific criteria, so it’s advisable to check with them for exact requirements.
What are requirements to get a business loan?
To get a business loan, you typically need to provide a business plan, demonstrate a good personal and business credit score, submit financial statements and tax returns for your business, and possibly offer collateral. Additional requirements may include legal documents, bank statements, and personal identification. Requirements can vary, so it’s best to check with the lender for the specific documentation needed for your loan application.
What is Udyam?
Udyam Registration, or MSME Registration, is a special card granted to small and medium-sized businesses by the government of India. This card has a unique number and a certificate stating that the company is a micro, small, or medium enterprise. This Udyam registration helps MSMEs secure loans with lower interest rates, reduced collateral requirements, and faster processing times, making it easier for small businesses to grow and thrive.
By registering under Udyam, businesses can also gain access to government subsidies, tax benefits, and other financial support tailored to their needs. This initiative is part of the government’s broader effort to promote entrepreneurship and support the growth of MSMEs in India.
What is the minimum CIBIL Score required for a business loan?
Minimum Cibil score required for acquiring a business loan is generally 650+ but it also depends on various lenders.
By registering under Udyam, businesses can also gain access to government subsidies, tax benefits, and other financial support tailored to their needs. This initiative is part of the government’s broader effort to promote entrepreneurship and support the growth of MSMEs in India.
How can I qualify my business for an instant business loan?
To qualify for an instant business loan, you typically need a good credit score, stable revenue, and a low debt-to-income ratio. Lenders may also require your business to have been operational for a certain period. Meeting these criteria increases your chances of qualifying for an instant business loan, which can provide quick access to funds for your business needs.
What security is required to avail the business loan?
Business loan is an unsecured loan in which one doesnt need any collateral to secure a loan from any lender.
What are the loan schemes initiated by the Government of India?
The Government of India has initiated several loan schemes to support various sectors and promote entrepreneurship and economic development. Some key loan schemes include:
1) Pradhan Mantri Mudra Yojana (PMMY)
2) Stand-Up India Scheme
3) Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGTMSE)
4) Startup India Scheme
5) Prime Minister’s Employment Generation Programme (PMEGP)
6) Credit Linked Capital Subsidy Scheme (CLCSS)”
7) National Rural Livelihoods Mission (NRLM)
These schemes are aimed at providing financial support and promoting entrepreneurship across various sectors of the economy.