Business loans are primarily availed to meet working capital requirements, for business expansion purposes, enhance cash flow, to purchase equipment/machinery, etc. Collateral-free business loans offered by Banks/NBFCs are of amounts up to Rs. 2 crores. Business loans in Gurugram can be availed by individuals, startups, business owners, entrepreneurs, self-employed professionals, MSMEs, large enterprises, and other business entities engaged in the services, trading, and manufacturing sectors.
Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs
| Bank/NBFCs | Interest Rate | |
| Axis Bank | 10.75% p.a. onwards | Apply Now |
| Flexiloans | 1% per month onwards | Apply Now |
| HDB Financial Services Ltd. | 8% - 26% p.a. | Apply Now |
| HDFC Bank | 10.75% - 25% p.a. | Apply Now |
| IDFC First Bank | 10.50% p.a. onwards | Apply Now |
| Indifi | 1.50% per month onwards | Apply Now |
| Kotak Mahindra Bank | 16% - 26% p.a. | Apply Now |
| Lendingkart | 12% - 27% p.a. | Apply Now |
| Mcapital | 2% per month onwards | Apply Now |
| NeoGrowth Finance | 15% - 40% p.a. | Apply Now |
| Tata Capital | 12% p.a. onwards | Apply Now |
| UGRO Capital | 9% - 36% p.a. | Apply Now |
Business loans, Working Capital loans, and MSME loans can also be availed by Sole Proprietorships, Partnership Firms, Limited Liability Partnerships, and other enterprises engaged in business activities. The rate of interest and loan amount that can be availed in Gurugram is below mentioned:
| Business Loan in Gurugram – Highlights |
|
| Category | Amount |
| Loan Amount | Up to Rs. 2 crore – Collateral Free |
| Loan Tenure | Up to 5 Years, may exceed |
| Interest Rate | 16% p.a. onwards |
| Collateral/Security | Not Required for Unsecured loans |
Note: The mentioned interest rates are subject to change and depend on the sole discretion of the bank and RBI.
Apply for Business Loan @ low interest rate Apply Now
Eligibility Entities & Criteria
The following entities can avail business loans in Mumbai:
- Individuals, Business Owners, Entrepreneurs, Startups, Self-employed Professionals, SMEs & MSMEs
- Artisans, Traders, Retailers, Manufacturers, Shopkeepers, Small Vendors & Retailers
- Private and public limited companies, Sole Proprietors, Private Limited Companies, and Partnership Firms engaged only in the Manufacturing, Trading, or Services sectors
Basic eligibility criteria to meet before applying for a business loan are—
- Minimum age limit of the applicant should be at least 18 years and the maximum up to 65 years at the time of loan maturity
- Minimum Annual Turnover and profit depend on lender’s requirements
- Current Business experience should be a minimum of 2 years
- Business should be operations and in profit for last 1 year
- Applicants with no previous defaults with any financial institution
Types of Business Loans
Business loans in Gurgaon can be applied for under the following categories:
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Overdraft
Overdraft accounts are a type of credit facility offered to the savings or current account holders of the Bank. The account holder can withdraw cash from his/her account, even if the account balance is zero or below. The interest rate is charged only on the utilized amount from the total sanctioned limit. The sanctioned overdraft limit is renewed after every 2 months as per the borrower’s consent.
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Term Loan
Most of the business loans in Gurgaon that are granted are term loans. Term loans typically have a tenure ranging from 3 to 5 years. Term-based business loans are generally unsecured, however, secured term loans are also offered for loan types, such as Letter of Credit, POS Loans, Bill Discounting, Fleet Finance, Equipment/Machinery loan, etc.
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Bill Discounting
Through Bill discounting businesses get access to instant cash and don’t have to wait around for invoices or bills to be paid by customers. In this scenario, a bank purchases the business’ bills at a reduced rate. Afterward, the customer settles the bill with the bank instead of the business that provided the product or service.
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Letter of Credit
Letter of Credit (LOC) is provided by a bank guaranteeing that the seller will be paid if they fulfill their obligation. Here, the bank provides security by ensuring the seller gets paid. Letters of credit are beneficial in international trade where the laws of the foreign land are not known to the seller. They can be used in a domestic setting as well, especially, when business deals are done with a stranger.
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Mudra loan under Pradhan Mantri Mudra Yojna (PMMY)
Mudra Loan was launched by the government in a bid to increase the growth of MSMEs in India. Under this scheme, customers may get a loan of up to Rs. 10.00 lakh on the tenure of up to 5 years. These loans do not require collateral or security and the interest rate charged is highly competitive as well.
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Loans for Women Entrepreneurs
Additionally, the government, as well as Banks, has brought out several loan schemes to offer credit facilities to businesswomen and women entrepreneurs. Some of the loan schemes offered exclusively for women entrepreneurs include the following:
- PNB Mahila Udyami
- Cent Kalyani – Central Bank of India
- ICICI Bank – Self Help Group-Bank Linkage Programme (SBLP)
- Loans under Stand-Up India Scheme
Also Read: Top Business Finance For Women Entrepreneurs In India
Documents Required for Loan Application
Basic Documents:
| Identity Proof | Aadhaar Card, Passport, Voter ID Card, PAN Card, Driving License |
| Address Proof | Aadhaar Card, Passport, Voter ID Card, Driving License |
Additional Documents required:
- PAN Card
- Bank statement for the previous 6 months
- Latest Income Tax Returns (ITR), income proof, balance sheet, and profit and loss account for the last 1 years (audited by a chartered accountant)
Sole proprietor declaration, a certified copy of partnership deed, certified true copy of the memorandum, and articles of association which must be certified by the director, and original copy of board resolution
Apply for Business loans from other Cities in India
FAQs
Q. Who can apply for a Business loan in Gurugram?
Applicants, especially Gurgaon residents who run income-generating enterprises and are Indian citizens can apply for business loans.
Q. What is the maximum loan amount that can be availed for a business loan?
The maximum unsecured loan amount that customers may apply for is up to Rs. 2 crores, wherein customers need to deposit collateral with the lender.
Q. What is the repayment tenure for business loans availed in Gurugram?
Applicants may get minimum repayment tenure of 12 months and the maximum loan tenure goes up to 60 months (shall exceed as per business requirements).
Also Read:
| What is MSME (Micro, Small & Medium Enterprises) |
| What are MSME loans |