Current Business Experience

Banks will prefer that your business has been showing stable signs of growth at least for the last 3 years. If you can show sustained billing and revenues and top it off with profit, getting a business loan should not be a problem for you. Some banks give a loan amount up to 60 to 80% of  your median annual profits.

Total Business Experience

A bank will prefer if you have been engaged in sustainable business for atleast 5 years to consider giving you a loan. Your diversity in terms of business experience and so on along with good results will help you acquire your business loan.

Processing Time

The processing of the loans usually takes 4 working days after all the documents are submitted.

Pre-Payment

You can pre-pay the loan after repaying a min. of 6 EMI’s. Foreclosure charges would be applicable as per the banks term and condition.You can make a part pre-payment with a minimum amount of Rs.50,000 after 6 months from the date of disbursement of the loan. This part pre-payment can be made only once in a financial year.