Electronica Finance Business Loan

Electronica Finance is a part of the SRP Electronica Group that specialises in providing business loans and machine finance to its customers. Electronica Finance Limited (EFL) has partnered with SIDBI to provide machine loans at competitive interest rates across the nation. Besides machinery loans, EFL also provides corporate lending products that include working capital loans, bill discounting and loans for the purchase of industrial properties.

Business loans offered by Electronica Finance can be availed by self-employed professionals, private and public limited companies, partnership firms and sole proprietorships. Below mentioned are the types of business loans offered by EFL.

EFL Business Loan

Business loans offered by Electronica Finance can be used for expansion purposes, to purchase machinery or equipment, to pay rent and salaries, to buy raw materials/stock etc. If an applicant’s financial profile and credit score is good, then this loan becomes unsecured and further there is no need to submit any collateral to avail it.

EFL Business Loan
Interest Rate	Based on applicant’s profile
Loan Amount	Up to Rs. 50 lakh
Collateral	Used machines up to 12 months can be used as collateral
Unsecured loan	If applicant’s financial history and credit score is good
Credit Bureau Score	700+
Annual Turnover	Above Rs. 2 crore

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the NBFC and RBI. GST and service tax shall be levied extra on the mentioned charges.

Working Capital Demand Loan

This loan is primarily used to meet the day-to-day needs of the business expenditure or working capital requirements. It helps in maintaining the cash flow and supports to overcome the cash crunch situations during anytime of business tenure.

Working Capital Demand Loan
Interest Rate	Based on applicant’s profile
Loan Amount	Up to Rs. 50 lakh
Repayment Tenure	Up to 90 days
Interest rate to be paid	Only on used/availed amount from the assigned limit or the amount
Nature of loan	Can be used after repayment or expiry of 1 year (whichever is earlier)
Credit Bureau Score	700+
Annual Turnover	Above Rs. 2 crore
Business existence	More than 3 years

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the NBFC and RBI. GST and service tax shall be levied extra on the mentioned charges.

Machine Loan

Machine loan can be availed to purchase various machines, such as embroidery machine, Computer Numerical Control (CNC) and Vertical Machining Centres (VMC) machines, blow moulding, printing and wood cutting machines, injection moulding, etc.

Machine Loan
Interest Rate	Based on applicant’s profile
Maximum Loan Amount	Up to 75% of equipment value or Rs. 3 crore (whichever is lower)
Repayment Tenure	Max. up to 5 years
Collateral	Not required
Loan Disbursement Time	Within 7 working days
Credit Score	600+
Owned Premises	At least one
Loan Disbursal Time	Within 3 working days

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the NBFC and RBI. GST and service tax shall be levied extra on the mentioned charges.

Also Read: What is Machinery Loan and its top Providers

Loan Against Property (LAP)

By putting his/her property as a collateral, an applicant can avail loan against property to acquire business assets, for business expansion purposes and to meet working capital requirements.

Loan Against Property
Maximum loan amount	Up to Rs. 3 crore
Repayment Tenure	Max. up to 84 months
Loan-to-value (LTV) Ratio	Up to 70% of property value
Collateral	Industrial property
Business tenure	More than 3 years
Annual Turnover	More than Rs. 1 crore
Credit Score	600+

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the NBFC and RBI. GST and service tax shall be levied extra on the mentioned charges.

*All the above mentioned conditions for all loans will increase the chances of getting a business loan but are not mandatory.

Additional Lending Products from EFL

Institutional Lending

Under institutional lending, lines of credit and loans are offered to NBFCs and MFIs for various business related purposes.

Features:

• Loan Amount: Depends on business requirements
• Attractive interest rates
• Repayment Tenure: Maximum up to 3 years
• Loan Disbursal Time: Within 7 working days

Emerging Enterprise Loan / Loans for Micro Enterprises

Emerging Enterprise loans are offered to small business owners or entrepreneurs for business expansion purposes, stock purchase, to buy commercial property or to meet working capital requirements. Businesses with good cash flow and decent financial and loan repayment history can avail this loan. Loans for micro enterprises are generally property backed loans that means commercial or residential property shall be kept as collateral by the lender during loan tenure.

Features:

• Loan Amount: Maximum up to Rs. 50 lakh
• Interest rate: Depends on business requirements
• Collateral: Business or residential property
• Business Tenure: At least 3 years

*All the above mentioned conditions for both the additional loans will increase the chances of getting a business loan but are not mandatory.

FAQs

Q1. What is the loan amount offered by EFL for their business loan?

Ans. The minimum loan amount offered is Rs. 3 lakh and the maximum is up to Rs. 5 crore.

Q2. What is the repayment tenure of the working capital loan offered by Electronica Finance Limited?

Ans. The repayment period of working capital loan or business loan is from 24 months to 60 months.

Q3. What are the options for repaying business loans or their other lending products?

Ans. Business loans can be repaid by post-dated cheques and Electronic Clearance Service (ECS).

Q4. What are the documents required to apply for a business loan?

Ans. The documents required to apply for a business loan are KYC documents, last 6 months’ banks statement and financial documents.

Q5. How can I contact EFL?

Ans. You can contact EFL by reaching out at the below mentioned address or by writing an email or simply by calling them.

Contact Address

Electronica Finance Ltd.,
Audumbar, 101/1, Erandwane,
Dr Ketkar Road, Pune 411004,
Maharashtra, India
Email: contact@efl.co.in
Phone no: 020-67290700 / 0800-701-1556