very business, irrespective of its size and nature, requires funding from time to time. A business loan is an unsecured credit that can help you meet your growing business’ urgent financial requirements. You can apply for a business loan to usher in the funds required to expand your existing business, boost its production, take your business online, procure inventory, buy equipment, and much more.
You can apply for a business loan with us and get business finance of up to Rs. 75 lakhs. You can avail of our online business loan from the convenience of your home or office. We won’t make you run from pillar to post or burden you with endless paperwork. Additionally, you can choose a suitable tenure to repay your business loan amount at your convenience.
With Tata Capital’s new business loans, you can secure hassle-free funding and meet the short-term and medium-term financial requirements of your business. Whether you plan to equip your workforce with the latest technology, launch a new store shortly, or manage your company’s cash flow, our business loan offering with structured EMI options and extended tenures can be your perfect companion.
What Types of Business Loans are Available with Tata Capital?
With Tata Capital, you can avail an instant business loan with zero collateral and minimum paperwork. Here are the different types of business loans available with us:
- Business Loan for Women
If you’re a self-reliant businesswoman looking to boost your working capital and scale business operations, you can apply for a business loan for women with us.
- MSME/SME Loans
Being the owner of a small or medium-sized business, you may need funding from time to time to nurture your business. You can apply for MSME/SME Loan with us to fulfill your business finance requirements.
- Machinery Loan
If you’re into a manufacturing business, you may need to install the latest machinery or equipment in your factory. You can apply for a machinery loan with us to fund the purchase of your business-related tools or equipment.
- Working Capital Loan
Every business, be it big or small, needs working capital to maintain its day-to-day operations. By availing of a working capital loan with us, you can ensure the smooth functioning of your business.
Who Can Take a Business Loan?
Self-employed individuals, Proprietorship Firms, Partnership Firms, Limited Liability Partnership Firms, Private Limited companies, Closely Held Public Limited companies, HUFs, Trusts, and Societies are eligible to apply for a business loan with Tata Capital.
When Should You Choose a Business Loan?
Several lending institutions offer business loans in India to help business owners meet their urgent cash-flow requirements. Usually, you can apply for a business loan for the following purposes:
- Expansion of your business
Sometimes, you may need finances to fund the expansion of your business. This may include adding a new dimension to your existing business or procuring new spaces for expanding your reach. The best way to get business funding for expansion is a business loan.
- Purchase Raw Materials
If you’re into a manufacturing business, you may need continuous funding to procure raw materials or inventory. During peak seasonal fluctuations, you may need additional funds to stack up a large volume of inventory. A business loan can be of great help in such a situation.
- Shortage of Cash Flow
Ensuring a steady stream of cash flow is critical for a growing business. A shortage of cash flow can have a detrimental impact on your business. A business loan can help you maintain a healthy cash flow even during crunch times or off-seasons.
- Buy the latest Equipment
In the competitive world, no business can survive without the use of cutting-edge technology. However, the sky-rocketing costs can sometimes deter business owners from upgrading their business equipment. In such scenarios, a business loan can ensure that they don’t have to suffer.
What are the Eligibility Criteria for a Business Loan?
At Tata Capital, we provide business finance with simple eligibility criteria and minimal documentation. You can apply for an online business loan and get hassle-free funding of up to Rs. 75 lakhs. Below are our business loan eligibility requirements you need to fulfil:
- Your age should be at least 21 years at the time of applying for the business loan and not more than 65 years at the time of the last EMI
- Your credit score should be at least 650 or more
- Business should be profitable
- Minimum 2 years business stability
- Banking balance should be at least Rs. 5000
What are the Documents Required for Business Loan?
Following documents are required for availing a Business Loan
- Last six months’ company bank statements
- Last two years Income Tax Returns
- Last two years balance sheet and Profit & Loss accounts
- KYC documents of the company
- KYC documents of the business owners
- A report with detailed information about how the candidate will utilise the Business Loan
- Photo identity proof (Aadhar card/ Driving license/ Voter ID/ Passport)
- Bank statements
- Business proof
How does a business loan work?
A typical structure of a business loan involves a lending institution extending capital to a business owner, for which interest is charged. The business owner must pay back the business loan amount along with the applicable interest, in the form of Equal Monthly Instalments (EMIs), over a predetermined period of time known as loan tenure.
Three core components make up a business loan –
- Principal amount – Also known as the loan amount, the principal is the sum of money a business owner borrows from a lending institution.
- Rate of interest – The rate of interest is the cost of borrowing the business loan, generally expressed as a percentage of the principal amount. This is the amount that you need to pay in addition to the principal loan amount.
- Loan Tenure – The tenure is the period for which the business loan is borrowed. Business loan tenure is calculated from the date of first disbursement till the date of payment of the final disbursement.