Best Short Term Business Loans In India

Today, getting a fast business loan is easy if you know where to look. Whether you plan to expand your business, or trying out a new venture, having financial back up is necessary. This is why we wanted to tell you about two such lenders, offering the best instant business loan.

We will explore their loan details, the rate of interest, and other details. It will help in choosing a suitable lender as per your need.

Tata Capital Business loan

TATA capital business loan is easily one of India’s leading lenders. It’s quick approval, the competitive interest rate has helped it to create a presence among the borrowers. Whether you need, short-term funds, capital funding, or projecting funding, Tata capital has every option.

• TATA Capital offers business loans up to Rs 75 lakhs.

• TATA capital Business Loan Interest Rate ranges from 19% to 24% P.A

• The loan term is from 1 year to 3 years.

• The processing charge is up to 2.75% of the loan amount. The minimum charge is Rs 1,000.

• The prepayment charge is allowed after 6 months EMIs.

• The prepayment charge is 4.5% of the loan amount.

• The NOC charge is Rs 550.

• The loan cancellation charge is Rs 2% of the loan amount or Rs 5,750, whichever is higher.

The eligibility criteria for TATA Capital Business loan

• The borrower’s age should be between 25 years and 65 years.

• The borrower should have a minimum of 2 years of work experience.

• The business should be up and running for a minimum of 3 years.

• The business turnover should be a minimum of Rs 30 lakhs to Rs 40 lakhs annually.

• The minimum CIBIL score required is 750.

Required documents for TATA Capital Business loan

• The application form

• Identity proof

• Address proof

• Two passport size photographs

• Business ownership documents

• ITR for two years

• Bank account statement for the last 6 months

• Article of association

How to apply for TATA business loan at Afinoz?

You can download the Afinoz app from the Google Play store to get started. Just follow the steps and in a few minutes, you could apply for the loan. Now, let’s move on to the next Short Term Business Loan lender.

Lendingkart business loan

Lendingkart business loans are the best for SMEs and MSMEs, who want to grow or expand their business. The loan is easily available, needs minimal documentation, and does not ask for collateral.

• Lendingkart offers business loan amount up to Rs 1 crore.

• The business loan interest rate is from 15% to 27% P.A

• The loan tenure is up to 3 years maximum.

• The processing charge is 2 to 3% of the loan amount.

• There is no prepayment charge.

• The penal interest is 2% of the loan amount.

The eligibility criteria for Lendingkart business loan

• Your minimum age should be 21 years to apply for the business loan.

• The business should be up and running for a minimum of 3 years.

• The business turnover should be between Rs 10 lakhs and 2 crores P.A

• The applicant should have minimum 2 years of work experience.

• The minimum CIBIL score required is 700.

Required documents for Lendingkart business loan

• Identity proof

• Address proof

• Bank statement for the last 6 months

• Proof of business ( ITR, ownership documents, balance sheets from previous years)

How to apply for Lendingkart business loan?

You can download the Lendingkart app from the Google play store or visit its official website to apply for the loan.

Bottom line

Both lenders offer a considerable large business loan depending upon your need. Do dive deep before you make a decision. Talk to both lenders regarding the loan. Once you are satisfied, apply for the loan.