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Business Loan Interest Rates and Processing Fees

At Finserv MARKETSkets, we encourage you to compare business loan interest rates and fees before you take a decision to apply for a home loan.

For term loans, charges are calculated on the outstanding principal of your business loan amount.

At Finserv MARKETS, these are the business loan interest rates and processing fees for term loans that we offer:

  • Hybrid Flexi
  • Term

  • Interest Rate

    18% p.a
    onwards
  • Processing Fees Upto

    3%
    of the Loan Amount
  • Foreclosure Charges

    4%
    of the Outstanding Loan Amount + Applicable taxes outstanding as on the date of such full pre-payment
  • Annual Maintenance Charges*

    0.5%
  • Convenience Fees

    Rs. 4,499
  • Bounce Charges

    Rs. 3,000
    Inclusive of applicable taxes
  • Penal Interest

    2%
    Per month on Overdue EMI + Applicable taxes
  • Outstation Collection Charges

    Rs. 65
    + Applicable taxes
  • ECS Return Fees

    Rs. 450
    Inclusive of taxes

*The above charges are excluding taxes
These are indicative and subject to change at the discretion of lender/ without prior notice.

  • Interest Rate

    18% p.a.
    onwards
  • Processing Fees Upto

    3%
    of the Loan Amount
  • Foreclosure Charges

    4%
    Of Outstanding Loan Amount + Applicable taxes
  • Convenience Fees

    Rs. 4,499
  • Bounce Charges

    Rs. 3,000
    Inclusive of applicable taxes
  • Penal Interest

    2%
    Per month on Overdue EMI + Applicable taxes
  • Outstation Collection Charges

    Rs. 65
    + Applicable taxes
  • Part-Prepayment Charges

    2%
    On Part Payment amount + Applicable taxes
  • ECS Return Fees

    Rs. 450
    Inclusive of taxes
  • Secure Fee

    NIL
  • Upfront Interest

    NIL
  • Stamp Duty Charges

    Percentage/Amount mentioned state-wise

*The above charges are excluding taxes
These are indicative and subject to change at the discretion of lender/ without prior notice.

Whether your business falls into the category of an SME or a large-scale enterprise, it’s essential that the organisation functions smoothly to achieve its business goals and objectives. All kinds of businesses at some point of time require financing for initiating new ventures, business expansion and for achieving other purposes. Hence, there are a plethora of business loan options available to customers in India. You simply cannot allow a shortage of funds to impede the growth of your company; which is why business loans are there to provide the much-needed financial cushion.

Depending on your financial needs, you can choose the appropriate plan that perfectly fits your needs and requirements. The availability of various types of plans further augments your chances of finding the perfect financing option. Plus, more competition between business loan providers spells better interest rates for you.

There are two types of interest rates viz. Flat Rate of Interest and Diminishing Rate of Interest. The following sections will explain these concepts in detail.

 

What do you mean by diminishing or reducing rate of interest?

This simply translates as the calculated monthly interest rate on the remaining loan amount. Your loan repayment will comprise, both the principal and the interest amount that must be completely paid off. As monthly EMI payments are made, the principal amount reduces. Thus, the interest levied for the subsequent month will only be on the outstanding amount and not the original loan sum. The formula for calculating your reducing rate of interest is:

Interest Payable per Payment = Interest Rate per Payment*Remaining Loan Amount.

Let’s take an example: Suppose that you have taken a loan for Rs. 1, 00,000 with a reducing interest rate of 10% per annum over a period of 5 years, then your EMI amount would decrease with each passing month. For the first year, you’ll pay an interest amount of Rs. 80,000 and for the subsequent year it will reduce by Rs. 8,000 on the diminished principal amount of Rs. 80,000 and so forth, until the entire loan is repaid. There will be a progressive reduction in the interest as you continue making timely EMI payments.

 

What is flat rate of interest?

This means the interest rate will be calculated on your total loan amount regardless of the ongoing monthly EMI payments being made. Thus, the nominal flat-rate is significantly lower than the effective interest rate. The calculation formula for flat interest rate is:

Interest Payable per Payment = (Original Loan Amount*No. of Years* Interest Rate p.a.) / Number of Payments.

For example, if your loan amount equals to Rs. 1, 00,000 with a flat interest rate of 10% p.a. for a period of 5 years, then you’ll have to pay Rs. 20,000 as the principal repayment for the amount of: (1, 00,000/ 5) + Rs. 10,000 - interest of 10% on 1, 00,000 equals to a sum total of Rs. 30,000 progressively over the years or approximately Rs. 2,500 each month.

 

What are the primary factors that determine business loans interest rates?

  • Credit Score: A good credit score will make it easy for you to obtain a business loan. Hence, maintaining a high credit score by repaying your debts in a timely manner is absolutely essential.
  • Time in Business: Regardless of the type of your business, it should be in operation for a minimum of two years. Generally speaking, older businesses have higher chances of getting a business loan.
  • Monthly Revenue: Regular and consistent income has a strong bearing on the repayment capability of the customer. Your bank will analyse the daily average balance before deciding your business loan interest rate.
  • Collateral: This means the security pledged by the borrower for availing their business loans. The higher the value of the secured asset, the greater the chances of obtaining a huge sum of money as the loan amount. There are various types of collaterals viz. home equity, deposits, equipment and investment real estate.

 

Lastly, what are the important things to compare before I apply for my business loan?

  • Monthly EMIs: The monthly repayment amount will be decided on the basis of your income and past debt repayment records. The determining factors of your EMI would be the loan amount, interest rate percentage and tenure. Making timely payments will positively affect your CIBIL score.
  • Processing Fees: This is a onetime payment that will be charged by your lender or financial institution to process the loan amount. All institutions in India require customers to pay processing fees for obtaining their business loans.
  • Prepayment Charge: It will be levied if you repay the loan before time. This charge differs across different institutions and is one of the important factors that applicants should consider.

Finserv MARKETS brings to you tailor-made business loans to customers and ask for minimal documentation. Visit our website today if you’re seeking the perfect business loan deals. The online application process further renders things hassle-free.

Manage all your queries here

  • Why should I avail of a Business Loan online?

    Taking a Business Loan online is faster, secure, hassle-free and transparent. It will save you a lot of time and effort.

  • Why should I choose Finserv MARKETS for my Business Loan?

    Through our online process, you can avail of a loan from the comfort of your home. No paperwork. No agents. And it's super secure. You can choose from a variety of exclusive loan products which suits your need.

  • Do I have to provide any security, collateral or guarantors?

    No, we don't ask for any kind of security or guarantee.

  • Can I carry out the application process in a conventional manner offline?

    Sorry, we only have an online presence and recommend online transactions for quick processing and convenience.

  • Do you offer balance transfer facility for a Business Loan?

    We don’t have the facility of balance transfer for Business Loan.

  • How secure is my information?

    All your sensitive information like personal/financial information is encrypted and safeguarded with our best in class security systems. We don't share your information with any marketing agencies or any 3rd party without your consent.

  • What are the basic personal loan eligibility criteria for a self employed individual?

    You can apply for a personal loan if: 1. You are a self-employed individual with at least 4 years of business experience. 2. You are between 25-65 years of age

  • Can I avail of a Business Loan if I am an NRI?

    We are sorry. We currently serve only Indian residents.

  • What is the minimum and maximum tenure that I can avail of?

    You can avail of a Personal Loan on Finserv MARKETS for a tenure ranging from 1 year to 5 years (with annual renewal option for interest servicing loan).

  • Is there a minimum limit on part payment?

    There is no minimum limit on part payment in case of Hybrid Flexi Loan but there is a minimum limit of one EMI for part payment in case of a Term Loan.

  • When can I make the part-payment?

    You can make part-payments at any time after paying the first EMI of a Term Loan.

  • How many times can I make a part-payment?

    There is no limit to the number of part payments in Hybrid Flexi Loan and in Term Loan. However, a maximum of 6 part payments can be made in a year.

  • When can I foreclose my Business Loan?

    You can foreclose your loan after paying your first EMI.

  • How will a part-payment change your EMI and/or tenure?

    Part payment paid will be adjusted to the principal amount which results in a reduced monthly interest in case of Hybrid Flexi Loan. For Term Loan, you can keep the EMI same and reduce the tenor or you can keep the tenor same and increase the EMI.

  • How much amount can I withdraw on my Term Loan?

    Sorry, the withdrawal facility is not available on a Term Loan.

  • Why do Hybrid Flexi Loans have a higher interest rate than Term Loans?

    You can actually save on interest payments even though the base rate is marginally higher than a Term Loan. The innovative customer friendly features that come with Hybrid Flexi allows you flexibility and control on your loan repayment which can help you minimize the interest you pay. In case of any fund requirements, you can always withdraw from the part payments with funds instantly credited to your bank account.

  • What documents do I need to submit to avail of a Personal Loan for self employed?

    You provide us with the digital copies of all your documents. Usually, for a personal loan/line you would need to provide proof of identity, proof of current address, proof of qualification, SPDC and a cancelled cheque.

  • How do I check my Business Loan eligibility?

    You can visit our Eligibility Calculator section for a quick check on your Business Loan eligibility.

  • Why do I need to provide my bank account credentials while applying?

    We fetch your last 1 month bank statement directly from your bank thus saving you the trouble of uploading the documents.

  • Can I get a loan anywhere in India? What is the maximum loan amount that I can get?

    We are present in 35 major cities in India. You can avail of a loan of up to Rs.25 lakhs subject to your eligibility.

  • What are my EMI dates? Can I change them?

    You can schedule your EMI payment date as the 2nd or 5th of every month. You may change your EMI dates after paying a nominal fee.

  • How can I change my tenure?

    You can change your tenure by making part payments.

  • What is the loan processing fee?

    2% of the loan amount is charged as Processing Fee. This fee is deducted from the loan amount.

  • What are the part-payment charges?

    There are no part-payment charges on Hybrid Flexi loans. Term Loans come with a 2% part-payment fee.

  • What are the foreclosure charges?

    We charge you 4% of the outstanding principal as foreclosure charges.

  • Are there any annual maintenance charges for Hybrid Flexi Loan?

    It is 0.25% on the loan amount.

  • Are there any other hidden charges?

    No. We commit 100% transparency to you. There are no hidden charges at all.

  • What are the EMI bounce charges?

    We charge Rs. 1,000 per bounce for your Business Loan repayments.

  • What are the penal charges for my Business Loan?

    We charge 2% per month on overdue amount.

  • What happens if my EMI payment bounces?

    It is advised that you maintain sufficient funds in your account for clearing loan EMIs regularly. However, in case of an EMI bounce we would be charging bounce charges of Rs. 1,000 per bounce. You could also attract penal charges on further delay in paying the EMI which can impact your credit score.

  • How do I get my loan foreclosure letter?

    The foreclosure letter can be downloaded by logging in to our Customer Portal.

  • How do I make a loan part-payment?

    Login to our Customer Portal and go to make part-payment.

  • How can I foreclose my loan?

    Login to our Customer Portal and go to foreclose your loan.

  • How do I pay my EMIs?

    Your EMIs will be auto deducted from your bank account via automatic ECS instruction.

  • What is the procedure to withdraw out of part payments made?

    Log in to our Customer Portal and select the additional withdrawals tab.

  • Where will I get the disbursed loan amount?

    The loan amount will be credited directly to your bank account.

  • What is ECS-mandate?

    ECS is an electronic mode of funds transfer from one bank account to another. You need to inform your bank and provide a mandate that authorizes the institution, who can then debit or credit the payments through the bank. The mandate contains details of your bank branch and account particulars.

  • How do I track the status of my online application?

    Login to our Customer Portal to track the status of your application.

  • How can I make my overdue payments?

    You can pay your overdue EMIs online through the Customer Portal. This facility is offered to customers who have Net Banking activated for their Bank account.

  • How long does it take for the part-payment or withdrawal to reflect in the statement of account?

    The part-payment or withdrawal will reflect in your statement within 30 minutes.

  • Where can I view my EMI status?

    You can view and also download your Statement of Account or Repayment Schedule on Customer Portal. Alternatively, your statement of account will be forwarded to your registered email ID every month.

  • How can I get my loan account statement?

    You can view and also download your Statement of Account or Repayment Schedule on Customer Portal. Alternatively, your statement of account will be forwarded to your registered email ID every month.

  • Where can I view my outstanding loan amount?

    You can view and also download your Statement of Account or Repayment Schedule on Customer Portal.

  • Where can I access my loan documents?

    Scanned copies of your loan documents are available on the Customer Portal.

Our Pursuit, Your Happiness

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Check your personal loan eligibility in seconds!

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