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✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!

Bangalore, the capital of Karnataka, is popular as the ‘Silicon Valley of India’ due to the several large IT companies it houses. Thus, this city creates significant opportunities for subsidiary businesses as well. Among these, food stores, tea and coffee bars, hotels, restaurants, etc., are just a few. 

If you are a self-employed individual and want funds to scale up your business or meet your firm’s capital shortages, you can leverage a business loan in Bangalore. Here is all you need to know before you opt for the credit facility. 

Top Business Loan Providers and Interest Rates in Bangalore

Find the list of some best business loan providers in Bangalore:

Lender

Interest Rate

Processing Fee

Bajaj Finance

20.5% p.a. onwards

Up to 2.75% of the loan amount

KreditBee

15% p.a. onwards

N/A

FlexiLoans

12% p.a. onwards

1.5% to 2.5% of the loan amount

Lendingkart

15% p.a. onwards

2% to 3% of the loan amount

NeoGrowth

18% p.a. onwards

2% to 3% of the loan amount

Prefr Partners

16% onwards

3% to 5% of the loan amount

IIFL

16.5% onwards

2.5% to 4% of the loan amount

Disclaimer: Interest rates and processing fees mentioned here are subject to the regulations of the concerned insurance companies. Please contact your preferred insurer for more details.

Features & Benefits of Business Loans in Bangalore

Following are some aspects you need to know about a business loan:

  • Collateral-free credit: Being a mortgage-free credit facility, you can easily get a business loan without collateralising your commercial or personal properties. It can significantly reduce your hassle of preparing the property documents, and thereby, speed up the application process. 

  • No end-usage restriction: The credit amount you get through this business loan comes with zero restriction of end-usage from the financial institution’s end. You can use the capital in whatever way you prefer as long as it is for business purposes. For example, with credit borrowed from a financial institution in Bangalore, you can meet your working capital shortages, equip your firm with modern technologies, or buy necessary items for the business. 

  • Flexible tenure: You also enjoy the opportunity to choose a tenure that fits your repayment potential. Generally, a business loan comes with a tenure ranging up to 60 years, which may vary across lenders. In this regard, you can use the Bajaj Markets Business Loan EMI Calculator to understand which tenure will suit your repayment capacity.

  • No obligation to share business profit: If you onboard investors to get financial help for your business, you may have to end up diluting your share in the business. As a result, you will also have to share your business's profit with that investor.  You can easily dodge this inconvenience by taking an unsecured business loan in Bangalore. You will just have to repay the loan amount on time in easy instalments.

  • Faster credit disbursal: A business loan's turnaround time is much less than a secured loan. Without the hassle of collateralisation and minimal documentation, financial institutions process your loan request much quicker. This is why your requested capital gets disbursed quickly from your lender’s end. Thus, with the help of this business loan, you can immediately respond to your business's capital shortages.

  • Sizeable Credit Amount: You can borrow a lump sum credit with a business loan to meet your firm's working capital requirement. This way, you can receive a sufficient amount to garner a thriving business opportunity.

Eligibility for Business Loan in Bangalore

To qualify for the business loan easily, you should ideally meet the following eligibility standards:

  • Profession: You need to be self-employed

  • Age: Your age must be between 25 and 65 years

  • Commercial profit: Your firm should hold a record of profit in the last two years

  • Annual turnover: Having an annual turnover of at least Rs. 10 Lakhs is also necessary

Documents Required for Business Loan

Following are the documents you need to submit while applying for a business loan:

  • Identity proof: PAN card, voter ID card, passport, driving license, etc.

  • Residential proof: Voter ID card, Aadhaar card, lease agreement, electricity bill, telephone bill, etc.

  • Proof of age: Passport, voter ID card, etc.

  • Financial records: Income Tax Returns for the last 2 years, bank account statement, balance sheet and profit and loss statement of your business, etc.

How to Apply for an Unsecured Business Loan in Bangalore

Here are the simple steps you need to follow to apply for the business loan:

  • Step 1: Visit the official portal of Bajaj Markets 

  • Step 2: Go to the business loan section to view the list of business loan offers

  • Step 3: Click on ‘Apply Now’

  • Step 4: Fill in the business loan application form with your business, personal and residential details 

  • Step 5: Choose a loan offer from any of the lending partners of Bajaj Markets 

  • Step 6: Mention your loan amount and tenure

  • Step 7: Upload the photocopies of all the necessary documents 

  • Step 8: Submit the filled-in application form

After this, you will complete your application process for the business loan in Bangalore. 

You can now easily obtain a business loan in Bangalore from the online marketplace of Bajaj Markets . From this platform, you get to choose from several loan offers extended by different lending partners. The application and documentation processes are also seamless, making the credit disbursal quite fast. As a result, you can meet the credit shortages in your business immediately and run its operations smoothly.

FAQs on Business Loan in Bangalore

✔️How to apply for a business loan in Bangalore?

The steps to apply for a business loan in Bangalore are as follows:

  • Go to the preferred financer’s website in the loan application section and fill the application form.

  • Enter your personal details such as name, e-mail ID, mobile no., to get an OTP.

  • Share your business details such as business registration details, monthly sales and age of business.

  • Share your bank account statement for the last 6 months.

Once you submit the online form, a representative will get in touch with you for the next process.

✔️What is the eligibility criteria for an unsecured loan in Bangalore?

The eligibility criteria for an unsecured loan in Bangalore are:

  • You must be an Indian national

  • Your CIBIL score must be above 685

  • The business must be at least 3 years old

  • The owner’s age must be between 24 to 72 (age should be 72 years during the maturity of loan)

✔️How do I know if I am eligible for a business loan?

To know your eligibility for a business loan, go to the financier’s website and check your eligibility under the eligibility tab.

✔️Are there any small business loans exclusively for women entrepreneurs?

Yes, small business loan schemes are available for women entrepreneurs.