Business Loan Amritsar

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Best Banks for Business Loan in Amritsar

Feature	HDFC Bank	Private Bank	Bajaj Finance
Interest Rate	10.75% - 17%	11.25% - 18.5%	12%
Min Loan Amt	Metro : 75000 & Non Metro: 50000	50000	100000
Max Loan Amt	50 Lacs	50 Lacs	1 Cr
Loan Tenure	1 - 5 Years	1 - 5 Years	1 - 5 Years
Processing Fee	0.25% - 2% of the Loan Amt	1% - 2.5% of the Loan Amt	0.5% - 2% of the Loan Amt
Preclosure Charges	2%, Nil foreclosure charges after 12 months	2%, Nil foreclosure charges after 24 months	Nil
Overdraft Facility	No	No	Yes

Business Loan in Amritsar Features

Business Loan Amritsar gives an Overdraft facility without any security.
Avail of a loan up to Rs. Forty lakhs (up to Rs. 50 lakhs in some selected areas) without any security.
Tenure ranging from 12-48 months.
Attractive Rate of Interest @10.45% p.a.
No Foreclosure/part Closure shall be permitted during the first six months of the limit setting.
Review your Business Growth Loan eligibility online or at any office in just 60 seconds.
Loans will be paid based on the previous payment of home loans, auto loans, and credit cards.

Business Loan in Amritsar Interest Rates

Bank

Processing Fee

Prepayment Charges

HDFC Bank Personal Loan

0.25% to 1.50%

2%, Nil foreclosure charges after 3 months

Axis Bank Personal Loan

0.50% to 1.50%

Nil

Private Bank Personal Loan

0.25% to 1.50%

2%, Nil foreclosure charges after 9 months

SBI Personal Loan

500/- to 0.50%

Nil

Kotak Personal Loan

1% to 2%

2.25% of fore closure amount if closed 1 month ahead of the tenure.

IIFL Personal Loan

Nil

Nil

Muthoot Personal Loan

Nil

Nil

Manappauram Personal Loan

Nil

Nil

PNB Personal Loan

0.70% to 1%

Nil

Canara Bank Personal Loan

1%

Nil

Andhra Bank Personal Loan

Nil

Nil

To check Personal Loan Interest Rate for all major banks you can visit: Personal Loan Interest Rates

Business Loan in Amritsar Documents Required

Salaried Customers:

PAN Card of the person availing the Business loan Amritsar.
Residence Proof required (Owned/Rented/Company provided) for loans.
Passport-sized photos–2.
Identity proof needed by the Business loan Pune (Aadhar card/driving license/Voter Id)
Payslips of the last three months of the candidate is also required.
Bank statements for the previous six months of the person who is asking for a loan.

*NOTE: In the case of rented houses, a rent agreement needs to be attached.

Self-Employed Customers:

Aadhar Card
Residence verification( Current and Permanent) is needed for applying.
Two passport-sized photos of the person applying for a loan.
All financial documents are required of the customer(Balance Sheet, P&L Statement as well as ITR files).
PAN Card is compulsory for applying.

Business Loan in Amritsar Eligibility Criteria

Salaried Applicants

The job position of the applicant should also be mentioned.
A borrower should also have the least income of INR 25,000 per month.
The least age of the person should be 21 years and a maximum of 60 years.
Work experience of the three years and the payroll should also be received in their accounts only.
Candidates must have an excellent credit history.

Self-Employed Applicants

The credit score of the individual candidates should be fair, and there should not be any debt or dues left of the individual.
The annual income of the applicants should be at least Rs 2.5 lakh.
The whole documentation method of the Business loan is that the applicants have to present their financial and bank statements of the previous three months.
The least age for an independent person should be 25 years.
The applicants asking for the Business loan should need to have a file of ITR for the last three years.
The company should be running for the prior three years continuously.

How to Apply for Business Loan in Amritsar?

Visit our website Dialabank
Go to the loan part on the page and click on the Business loan section.
The applicant will address you all the details of the Business loan where they can choose their favoured city, according to their needs.
For more knowledge on Business loans and free administration, you may call on 9878981166.

Processing Fees / Prepayment Charges on Business Loan in Amritsar

Every Bank and NBFC charges a fee for processing your loan request. Processing Fees charged by the Bank or NBFCs on Business Loan Amritsar is up to 2.50% of the loan amount.

If you close your loan before the accepted loan tenure in the documents, every lending company charges you a penal prepayment fee for the loan period agreed beforehand. In most cases, you cannot settle your loan before 12 months from the date of availing the loan. Post that the charges also vary depending on how many years the credit has been done. The Prepayment charges are mentioned below:

07-24 Months – 4% of Principal Outstanding
25-36 Months – 3% of Principal Outstanding
>36 Months – 2% of Principal Outstanding

Business Loan EMI Calculator Amritsar

CIBIL Score Required for Business Loan Amritsar

Every lending organization has its criteria for the minimum CIBIL score required for processing Business Loan demand Amritsar. Most institutions require the least score of CIBIL of 750 to process your loan application.

The organizations don’t just look at the overall score but also the detailed response on the previous loans taken. This includes details on the type of loan taken and the sum borrowed. Any delayed payments for past loans can act as a hindrance to your availing of a new loan.