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Apply Protium Business Loan
Max Tenure
24 months
Best Rate
1.67% P.M
Processing Fee
1.50%
Features
Pricing
- Interest rate: 20% - 30% P.A
- Processing fees: 2.50%
Documents Required
- Last 12 months bank statement
- KYC of applicant and co-applicant
Affordable MSME & Business Loans From Protium
Are you looking for affordable finance for your MSME? Is your business in need of a fresh infusion of funds? Protium can help. Get business loans of up to Rs.30 lakhs at interest rates starting at just 1.5% p.m. and boost your business. Learn more about this new age lending partner in the Indian business lending arena.Protium Business Loans – Snapshot
| Business Loans Amount | Up to Rs.30 lakhs |
| Interest rate | Rs.50 per day per lakh or 1.5% per month, calculated on reducing balance method |
| One-time Processing fee | Up to 2% |
| Collateral or Guarantee | NIL |
Features of Protium Business Loans
1. Various loan types to suit your business needs
2. Quick and speedy process within 3 working days
3. Completely digital process offering total transparency
4. Excellent customer support throughout the loan application process
5. Collateral-free loans of up to Rs.30 lakhs to improve your business
6. Loans not based on your credit history
Additional Read: What Is The Advantages Of Taking A Business LoanDifferent Kinds Of Business Loans Offered By Protium
Protium wants businesses to have the flexibility to use their business loans for various purposes. Some business needs require custom solutions while others need enough capital. Keeping the growing business needs in mind, Protium offers the following business loans to its customers –
- Term loans
- Line of credit/OD
- Invoice Financing
- Merchant Cash Advance
- E-commerce business loan
- Hotel or Restaurant loan
- Shop loan
Term Loans
These are flexible loans that can be used towards your working capital needs or any other business related expenses. The loan amount is based on your requirements after evaluating your eligibility.Interest rates start as low as 6% per annum, available in both floating and fixed interest rate plans. They come with simple documentation requirements and are dispersed within 3 business days.
Also Read: What Msmes Should Know Before Applying For A Business Loan
Line of Credit or Overdraft(OD) Facility
A line of credit or OD is a business loan where you are given a credit line and can use how much ever you want. You will be charged interest only for the portion you have utilized. They also allow repayments anytime so that you can save a lot on the interest component. Line of credit is very helpful when you want to purchase raw materials and spend on capital expenditure.Protium extends the line of credit for businesses that are at least 1-year-old. The promoter should be at least 24 years old and they should have filed GST returns for at least 1 year.
Invoice Discounting
Protium offers invoice discounting to businesses who are yet to receive funds from their clients but need money immediately to take care of some working capital needs. Businesses can pledge their Invoice Receivables’ with Protium and get instant funds into their account. Since the invoice acts as collateral, businesses don’t have to go looking for any security or collateral to get immediate funds. Invoice discounting is a very common type of business credit offered by Protium. The loan amount is based on the amount of invoice receivables.Interesting Read: Top Factors To Consider While Comparing Business Loan Lenders
Merchant Cash Advance
Such businesses with significant card swipe-based transactions can go for merchant cash advances. Businesses receive a sum of money in exchange for a percentage of their potential future profits when they use a Merchant Cash Advance.What are e-commerce business loans?
This loan assists small business owners and e-commerce sellers to get some much needed funding to boost their sales. The loan amount can be used to procure raw materials, improve logistics, get better packing facilities, and any other working capital needs.You will need softcopies of KYC documents and other business documents to apply for this loan. The loan process is quick and seamless. You can get your loan within 3 business days in your account.
Who can avail Hotel & Restaurant Loans?
Entrepreneurs and hotel owners can avail loans to improve their hotel business with Protium’s Hotel Loans. Hotels with more than 1 year of operation are eligible for this loan. Business documents and other income documents have to be submitted along with the loan application.Shop loan
Shop loans are a great way to get some additional funds to invest in your retail shop. Grocery stores, clothing stores, medical stores, and other small scale stores are eligible to get this loan. The minimum turnover should be Rs.50,000 and should have been operational for at least 18 months to apply for this loan.You may be interested in - Take Your Kirana Business To The Next Level With The Right Msme Loan
Eligibility criteria to apply for Protium business loans
- Applicants have to be at least 21 years old
- You have to produce valid KYC documents and business proof documents
- Minimum 1 year of business vintage
What are the documents to be submitted to get a business loan from Protium?
- Last 6 months’ bank account statement
- ITR returns for the past 2 years
- The identity proof of the applicant like PAN card, driver’s license- Business PAN card
- Business documents such as proprietorship document, partnership document, registration document, etc.
- Details of assets and liabilities of your business
Where & how can I apply for a Protium Business Loan?
You can apply for a Protium business loan through their website. You just need to fill in a simple form and their representative will get in touch with you for further process.
Summary: Protium business loans are an affordable finance option to help your business grow. You get low cost funding quickly and can take care of pressing working capital needs, equipment purchases, and other business needs fast.
You will find this useful - Learn How To Create A Compelling Business RoadmapFAQs of Protium Business Loan
1. Is Protium a bank?
Protium prides itself as ‘Finance Engineers’. It is an NBFC, partnering with leading lenders, offering digital credit solutions to MSME business owners across India.
2. How much business loan can I get from Protium?
Eligible business owners can get up to Rs.30 lakhs business loans.
3. How long does it take to process and disburse my business loan?
Protium promises a completely digital loan process, assuring the loan amount in your account within 3 business days.
4. What is the typical interest rate on Protium business loans?
Protium business loans are offered at an interest of Rs.50 per day per lakh, or 1.5% per month.
5. How can I repay my Protium business loan?
You have multiple options to repay your loan –
- Auto debit facility using NACH
- Net banking/ UPI
- Cheques
6. Can I make part payments or prepay my loan anytime?
Yes, you can make part payment whenever you want and get the benefit of a lower interest amount. You can also pre-close your loan whenever you have surplus funds.
7. Will my CIBIL™ score be affected due to the Protium business loan?
Your Protium business loan will be informed to CIBIL™ who will keep track of your repayments. Any failure or default on your part will be recorded with CIBIL™ and it can ultimately affect your credit score.