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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Get business loans in India that are best matched to your credit profile
Processing Fee
4%
Max Tenure
NA
Best Rate
Features
Pricing
Documents Required
Processing Fee
2%
Max Tenure
NA
Best Rate
1.50% P.M
Features
Pricing
Documents Required
Processing Fee
2%
Max Tenure
NA
Best Rate
1.58% P.M
Features
Pricing
Documents Required
Processing Fee
2%
Max Tenure
36 months
Best Rate
0.92% P.M
Features
Pricing
Documents Required
Processing Fee
2.00%
Max Tenure
2yrs
Best Rate
18%
Features
Pricing
Documents Required
Processing Fee
2.0%
Max Tenure
60 Months.
Best Rate
Nil*
Features
Pricing
Documents Required
Processing Fee
3-6%
Max Tenure
36 months
Best Rate
1.5% P.M
Features
Pricing
Documents Required
Processing Fee
3%
Max Tenure
24 - 48 months
Best Rate
2%
Features
Pricing
Documents Required
Processing Fee
2.5%
Max Tenure
12 - 48
Best Rate
1.42% P.M
Processing Fee
3%
Max Tenure
24 months
Best Rate
1.75% P.M
Processing Fee
3%
Max Tenure
10 yrs
Best Rate
16%
Processing Fee
2%
Max Tenure
10 yrs
Best Rate
18%
Processing Fee
2%
Max Tenure
2 yrs
Best Rate
18%
Processing Fee
2%
Max Tenure
2 yrs
Best Rate
18%
Processing Fee
2%
Max Tenure
3 yrs
Best Rate
19%
Processing Fee
2.5%
Max Tenure
25 months
Best Rate
21.55%
Processing Fee
2.0%
Max Tenure
2 Yrs
Best Rate
26%
Processing Fee
2%
Max Tenure
36 months
Best Rate
1.58% P.M
Processing Fee
2%
Max Tenure
12 months
Best Rate
21%
Processing Fee
2%
Max Tenure
36mns
Best Rate
16%
Processing Fee
2%
Max Tenure
09 to 60 Months
Best Rate
11.75%
Processing Fee
2%
Max Tenure
60 months
Best Rate
19%
Processing Fee
3%
Max Tenure
3 yrs
Best Rate
1.50% P.M
Processing Fee
2.5%
Max Tenure
NULL
Best Rate
15.50%
Processing Fee
NULL
Max Tenure
NULL
Best Rate
11%
Processing Fee
NULL
Max Tenure
NULL
Best Rate
11.30%
Processing Fee
2%
Max Tenure
NULL
Best Rate
12.25%
Processing Fee
2.5%
Max Tenure
5 yrs
Best Rate
18.75%
A business loan is one type of a loan that is applied for by people who aim to establish, expand or buy equipment for their businesses. Entrepreneurs who look for capital to begin their businesses also apply for business loans. These loans are perfect for small businesses in India. There are two types of small business loans in india:
A secured business loan is when the individual provides collateral in the form of land, machinery, a house, etc, as security for the loan amount. This has the added benefit of a lower rate of interest.
An unsecured business loan is when the loan amount is given without any collateral. The interest rates for unsecured loans are generally higher as there is a risk factor involved for the lender.
Business loan amounts can go up to Rs.5 crores or more based on the needs and requirements of the customer. The loan amount is generally given based on the size of the business and the amount needed for operations such as expansion, inventory, working capital and more.
Business loans have tenures that can extend up to 7 years based on the customer’s requirements.
Most business loans have a very simple loan process that requires minimal documentation from the customer. Some lenders offer doorstep services to collect the few documents that are required so make the process more convenient for the customer.
Most lenders who provide business loans ensure that the loan amount is in your bank account in 3 working days or sooner. In some cases, it can take longer due to verification of documents and other formalities that are followed.
The interest rates for a business loan generally begin at just 12%. Most interest rates are fixed at the sole discretion of the lender and can vary based on credit scores, current performance of the business and other factors.
A credit score is a three-digit number that ranges from 300 to 900. It shows your creditworthiness to your lender. Lenders use your credit score to assess your reliability. If you have a good credit score, then the interest rates for your business loan will be much lower. A credit score of 750 and above are considered a good score by most lenders. So, if you have a low credit score, then your lender will consider you to be a risky customer and will increase the interest rate for the loan or reject your loan application. Always ensure that you check your credit score before applying for a business loan.
If you have a long credit history that is good, then the interest rates that you will receive from your lender for your business loan will be low. This is because your lender will view your past transactions with your past credit products to check your creditworthiness. If you have a positive and long credit history, the banks will consider you to be reliable and will lend to you at lower interest rates. If you have a bad credit history, the interest rates will be higher as you will be viewed as a risky customer.
A large business loan amount entails a lower interest rate than a small business loan amount. So, it is better to take a large loan for your business rather than a small loan as the interest rates will vary as per the loan amount that is taken by the customer. Ensure you calculate all the needs and requirements of your business including the cost for labour, equipment, inventory and other costs.
If you have a good and healthy relationship with the lender you are borrowing from and are an existing customer with them, then the interest rates can be negotiated for and one can get a lower interest rate. This can help you lower the interest rates on your business loan. Most lenders aim to please their customers and so they can lower the interest rates if you have a positive and long-term relationship with them.
These criteria can vary from lender to lender and so it is best to check with your lender as to what their eligibility criteria are for their short-term loans.
These documents needed can vary from lender to lender and so it is best to check with your lender as to what documents are required for their short-term loans.
1. What are the two types of small business loans?
There are two types of business loans – secured and unsecured. A secured business loan is when the individual provides collateral as security for the loan amount. An unsecured business loan is when the loan amount is given without any collateral.
2. What is the tenure for a business loan?
Business loans have tenures that can extend up to 7 years.
3. What are the usages of business loans?
Business loans are applied for by people who aim to establish, expand or buy equipment for their businesses. Entrepreneurs who look for capital to begin their businesses also apply for business loans.
4. What is the minimum and maximum age for applying for a business loan?
The applicant should be a minimum of 21 years and a maximum of 65 years.
M2P Fintech Announces The Launch of New Core Lending Suite For Financial Institutions 28 Sep 2022
M2P Fintech, an API Infrastructure provider for banks and NBFCs, will be launching a core lending suite (CLS). Through the consolidation of various solutions, M2P expects to provide a consolidated offering instead of having its clients partner with ...
Read moreM2P Fintech, an API Infrastructure provider for banks and NBFCs, will be launching a core lending suite (CLS). Through the consolidation of various solutions, M2P expects to provide a consolidated offering instead of having its clients partner with various loan management systems. M2P Fintech cofounder and chief executive Madhusudanan R said that banks and large financial institutions currently have four or five LMS since they either launched different products or the current LMS did not have the ability to support their new products. He further added that lending products are not offered in an integrated fashion and that is where M2P will be providing an integrated approach where lenders will not be required to find and integrate with new LMS and can save time. The core lending suite is to provide end-to-end management from customer onboarding, loan management, customer underwriting and also payment clearing. With the core lending suite any lending institution can level up owing to it being a single solution from onboarding to collections to ‘go to market’ strategies. This means that one could seamlessly build or remove products, solutions, or services on top of their existing systems, depending on the shift in consumer behaviour without affecting business continuity.
Poonawalla Fincorp Starts Digital Consumption Loan Business21 Apr 2022
Indian-based NBFC Poonawalla Fincorp Limited has started the Digital consumption loan space through the partnership with KrazyBee. Under this partnership, Poonawalla Fincorp provides small-ticket Personal finance to the consumers. The new partners ha...
Read moreIndian-based NBFC Poonawalla Fincorp Limited has started the Digital consumption loan space through the partnership with KrazyBee. Under this partnership, Poonawalla Fincorp provides small-ticket Personal finance to the consumers. The new partners have planned to disburse 1000 crores under this partnership. The main strategy of Poonawalla is to concentrate more on small business finance. The scheme will offer an end-to-end digital loan across the country. The credit underwriting for these loans is accomplished via a scorecard which allows the right consumer selection at scale, while the complete digital process supports democratizing the procedure of taking loans.
Ninjacart collaborates with Avanti Finance to Introduce Credit products to uplift the Agri Value Chain community6 Apr 2022
Ninjacart has announced its strategic tie-up with Avanti Finance to provide better digital financing to facilitate the agri-platform. This strategic partnership will provide speedy and hassle-free access to credit products and unique technical suppor...
Read moreNinjacart has announced its strategic tie-up with Avanti Finance to provide better digital financing to facilitate the agri-platform. This strategic partnership will provide speedy and hassle-free access to credit products and unique technical support to uplift the Agri value chain community. Ninjacart and Avanti will co-create an innovative digital lending platform to access credit flow at an affordable cost to serve the unserved parts of the Agri value chain community.
New Update on Kinara Capital’s HerVikas Business loan21 Mar 2022
Indian-based Fintech MSME loan provider, Kinara Capital has planned to promote women entrepreneurship by committing to disburse NRI 200 crores of Loan through its HerVikas women business scheme in the fiscal year 2022-2023. The HerVikas scheme provid...
Read moreIndian-based Fintech MSME loan provider, Kinara Capital has planned to promote women entrepreneurship by committing to disburse NRI 200 crores of Loan through its HerVikas women business scheme in the fiscal year 2022-2023. The HerVikas scheme provides hassle-free access to collateral-free business loans with automatic discounts to women entrepreneurs seeking MSME business loans. The myKirana App will make the loan process instant and easy for women entrepreneurs as the automatic discount is applied digitally without any paper works.
Geojit credits introduce a digital platform for loans against shares14 Jan 2022
Geojit credits, a subsidiary of the geojit financial services group, introduced a new digital platform providing loans against shares. The NSDL Digital LAS is designed to deliver quick liquidity to investors to confront their expenditures. Geojit's L...
Read moreGeojit credits, a subsidiary of the geojit financial services group, introduced a new digital platform providing loans against shares. The NSDL Digital LAS is designed to deliver quick liquidity to investors to confront their expenditures. Geojit's LAS digital platform will assist the consumers to apply for loans by pledging shares by opting for the scheme and finishing up all documentation through the online platform. Once the loan process is completed and the application has been digitally signed, the loan applicant will instantly receive the amount credited to their bank account. The interest amount will be levied on the amount that is utilized by the applicant. This initiative makes geojit credits become the first organization to digitally disburse Loans against shares to any Demat account owner who is registered with NSDL.
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