Business Loan
Whether you are planning to expand your business or starting up a new
enterprise, IDSPay has a wide array of unsecured business loan
solutions of up to €75 Lakhs* to support you. Our flexible solutions
help you take care not just of your capital requirements but also
short-term and working capital needs towards everything from buying
or replenishing inventory, to purchasing equipment, to office
expansion, to business marketing, and even paying for additional
staff. With over a decade of experience serving small business
owners, we at IDSPay strive to provide the best business loans in India
as per the requirement of every unique customer across various
sectors including retail, e-commerce, and travel.
Based on the
information you provide on your online small business loan
application, we provide you with solutions that best fit your needs.
Key Features & Benefits Of Business Loan
Apply online for a business loan today, and begin to manage your account on our simple but highly powerful dashboard. With our seamless online tracking process, you can manage and change your custom preferences in seconds. Other benefits include:
Flexible loan facilities: With our flexible loan facility, you repay your loan within up to 48 months* as per your convenience. Thus, you can ensure that your repayment schedule matches your cash flow. There are also options for foreclosure that allow you to prepay the loan amount without any extra charges*.
Servicing capital requirements: We offer quick and easy finance for up to €75 Lakhs* to small businesses. Our competitive interest rates ensure that your cost of capital remains low.
Business Loan Eligibility
Some of the basic eligibility criteria for a business loan from SMFG India
Credit are as follows:
• Eligible Entities –
Self-employed with their own business or proprietor/partner/director of an
existing business.
• Nationality – Resident
Indian.
• Age criteria – Age between 25 –
65 years.
• Turnover – Minimum annual turnover
of INR 10 lakhs per annum and profit after taxes of INR 2 lakhs per
annum.
• Business Experience – Must have a
business that has been existing for at least 3 years, with stable income and
profits for the past 2 years.
• Credit Score –
CIBIL score of 750 or higher.
Document Required for Business Loan
At IDSPay Micro Finance, documentation for business loan applications involves
basic KYC documents (PAN, Address proof), Bank Statements and business
documents. Here is a list for your quick reference.
• Recent
photograph
• Valid Identity Proof such as PAN card, Driving
License
Valid Address Proof such as Electricity bill, Passport
•
Bank statements
• GST or ITR
• Income proofs
Proof of
Business existence (like Certificate of Incorporation, etc.)
For a more
complete list, please visit the Business Loan Documents page or speak with
our customer care representative.
Interest Rates & Charges
| Business Loan Interest Rate | Minimal and competitive (depending upon several factors such as net income, business stability, location, collateral, existing monthly obligations, etc.) |
| Loan Amount | Up to INR 75 lakhs* |
| Loan Tenure | Up to 48 months* |
| Processing Fee | Up to 6.5% of the loan amount |
| Late Payment Charges (Applicable for Payment Default) | 2% plus GST charged monthly (24% per annum) on the overdue amount calculated on day-to-day basis |
| Cheque/ECS/ Dishonoured Charges - Per Dishonour of the Cheque Per Presentation | INR 300 |
| Loan Cancellation Charges (Loan Cancelled Before First EMI) | INR 1000 |
| Customer Type | Proprietor / LLP / Pvt Ltd. / Partnership / Public Ltd. |
Calculate your Loan EMI
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| Period | Payment | Interest | Balance |
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Disclaimer: Please note that this calculator is simply a self-planning tool, and is for demonstration purposes only. Your final EMI amount will depend on many factors, and will be disclosed in the schedule shared with you after loan approval. For more details, please contact us
How to Apply for a Business Loan?
To apply for business loans online, visit IDSPay Apply Now page to start the application process.
• Click on Business Loan or SME Loan based on your requirements.
• Enter
the information requested and upload the necessary documents.
• Enter
the loan amount and select tenure.
• Based on the information you
enter, you will be given an instant decision – that is, you will be
informed immediately if the organization will consider your application
going forward. If yes, you will be given a reference number. Please save
this number for future communication.
• A IDSPay representative may get in
touch with you for any further information that may be required.
• Your
loan application will go through various stages of verification, which also
includes verification of all documents as well as physical address
verification & document collection.
• After verification is
complete, you will be given a customized offer on the loan amount as well as
the rate of interest.
• Post approval, the loan amount will be
disbursed to your bank account.
Business Loan Application Process
Here are the typical steps involved in the business loan application
process:
• Determine the loan amount you require and the specific
purpose of the loan. This will help you decide the appropriate type of loan
(working capital, term loan, etc.).
• Research different lenders and
decide upon the one that offers loan terms that best suit your business
needs.
• Check the eligibility criteria to make sure you meet all the
requirements. Keep all the required documents ready to ensure a faster
application process.
• Submit your application online or offline, along
with all the necessary information.
• Your application will go through
various stages of evaluation. Once everything is verified, you will be
offered a custom loan amount and rate of interest.
• Once you verify
and accept the loan offer, the approved funds will be disbursed to your
account.
• You will start making payments as per the decided upon
schedule.
Terms and conditions applicable. Loans are sanctioned at the discretion of IDSPay Micro Finance. Please note that Aadhaar numbers should be masked before submission as per regulatory guidelines.