Business Loans in Mumbai
One of India’s top cities and a global hotspot, Mumbai is the best place to start a business. As the trend tells us, startups in Mumbai have been on the rise for a long time and this trend is only going to grow in the coming years. However, coming up with so much capital to start a new business or even to run an enterprise successfully can be a bit of a challenge.
Whether you own a mid-sized enterprise or want to come up with digital-era start-up, you need capital from all possible sources. At such times, an online business loan is a comforting source that provides you with all the capital you need. With Shreeji Lending, you can avail business loans in Mumbai at low-interest rates. What’s more? At Shreeji Lending we make sure that the client’s loan is disbursed in the shortest possible time so that you can deploy the capital instantly.
Our Financial Partners
Looking for Business Loan in Mumbai?
A business loan is essentially capital borrowed from a bank or any financial institution for the purpose of starting a new venture or for the expansion of an existing enterprise which helps a great deal with business growth. Usually, the interest rate and time period are decided prior to procuring the loan.
There are two types of business loans, namely secured business loan and unsecured business loan. In case of secured business loans, the borrower/borrowers have to provide collateral in the form of machinery, land, inventory, and such in exchange of lower interest rates.
In case of an unsecured business loan, there is no provision of offering collateral and thus, the interest rates are comparatively higher. This is due to the high-risk factor for the lender. Shreeji Lending has a strong presence in Borivali, Kandivali, Malad, Goregoan to name a few.
How to Avail Business Loans in Mumbai?
In order to avail a business loan, you must first have a venture. Individuals either go for a business loan to deploy the capital in their business or in some cases, individuals avail a business loan to improve their creditworthiness. The extra capital can always be channelized for expansion or elsewhere.
If you are looking for availing a business loan in Mumbai, then rest assured. Shreeji Lending offers loan broker services for individuals just like you to avail business loans in Mumbai. We help you procure business loans in Mumbai from high-end financial institutions such as SBI, BOI, etc.
You can get a business loan in Mumbai starting from INR 50,000/- that goes up to INR 1 crore. Likewise, the tenure of a business loan is anywhere between 1-5 years to 15 years at maximum. The interest rates differ from lender to lender and may lie anywhere between 12% per annum to 24% per annum.
In order to avail a business loan, the owner of the business must have
- A good credit score
- A legitimate business
- Good turnover
- High creditworthiness
Features of Business Loan
Business Loans are bifurcated into Short term loan, Long term loan and Medium term loan.
- Collateral Free Loans
- Fixed Interest Rate
- Flexible Repayment Tenure
- Minimal Paper work
- Fast Processing
Business Loan Benefits With Shreeji Lending
Quick Disbursal
We make sure that your business loan application process is as efficient as possible, thereby reducing the time. Likewise, we ensure that your loan amount is disbursed quickly so that you can achieve your business goals in the desired time period. Helping you with uninterrupted Cashflow.
Unsecured Loans
In case of collateral-free Loans, you don’t risk losing your business or personal assets that are precious to you. We help you avail unsecured loans at lower interest rates for maximum tenure from high-end Banks and NBFCs.
Lower Interest Rates
Whether you go for a secured business loan or an unsecured business loan, with Shreeji Lending, you will have to pay lower interest rates. We negotiate with the lenders on your behalf and settle for only the best.
Online Application
You can apply for a business loan in Mumbai in a hassle-free online process where you need to fill out the online application form. After this, you will be required to submit the essential documents and the rest is a smooth process.
How to Apply for a Business Loan?
Read this section carefully, to speed up your loan approval process
- Fill out the information above and hit Submit.
- Fill out the details in the online application form.
- Check the filled information once for errors.
- Submit the required documents.
- We will call you after reviewing the application.
Eligibility Criteria for Business Loan
Document Required
- The applicant must be between 25 to 55 years old to apply for a business loan.
- Applicant must also own a business running for at least 3 years.
Income Tax Returns for the applicant’s business should be filed for a minimum of 1 year.
Bank statement of last 6 months
- Applicants need to provide identification proof with appropriate KYC documents including Aadhaar card, voter ID, PAN card, passport, driving license or any other valid document issued by the government.
- Applicants need to provide Address proof with appropriate KYC documents including Aadhaar card, passport, electricity bill, telephone bill, lease agreement or any other valid document issued by the government.
- Financial Documents like a copy of Income Tax Return filed for at least one year, bank account statement for the last 6 months, Balance Sheet and Profit & Loss Statement for the previous 2 years, audited by a CA
- Proof of Business Ownership
Eligibility Criteria for Business Loan
- The applicant must be between 25 to 55 years old to apply for a business loan.
- Applicant must also own a business running for at least 3 years.
- Income Tax Returns for the applicant’s business should be filed for a minimum of 1 year.
Bank statement of last 6 months
Documents Required
- Applicants need to provide identification proof with appropriate KYC documents including Aadhaar card, voter ID, PAN card, passport, driving license or any other valid document issued by the government.
- Applicants need to provide Address proof with appropriate KYC documents including Aadhaar card, passport, electricity bill, telephone bill, lease agreement or any other valid document issued by the government.
- Financial Documents like a copy of Income Tax Return filed for at least one year, bank account statement for the last 6 months, Balance Sheet and Profit & Loss Statement for the previous 2 years, audited by a CA
- Proof of Business Ownership
FAQ About Business Loans
Most frequent questions and answers
All types of Businesses are eligible for a loan from Shreeji lending. Only criteria is they should be registered and have a decent credit history/score. We also help NPA people to get loans if applicable.
Collaterals are not necessary always. It depends on your credit score/history whether collaterals would be needed or not. If you are already bearing a loan, then it might be easier to get another if repayments are being done on time.
The lowest interest rate for business loans in Mumbai is 3% depending on the type of loan taken. It can go up to 17% as well depending upon the person’s credit score.
You can get a business loan in Mumbai in as simple as 2 weeks. It entirely depends on your requirement and the process of documentation. Some people also get loans in 1 week if they have the documentation ready.
We cannot disclose the financial partners for Business loans in Private Finance. But in Commercial Finance, we have tie-ups with all the leading DSAs and Banks in Mumbai