Entrepreneur Loan in India

A capital infusion can prove to be extremely useful for business ventures. And if you own your own enterprise, you’re in a better position to appreciate how an influx of funds can improve the way your business functions. As an entrepreneur in India, one of the best ways to expand your business is to apply for an entrepreneur loan, available on Finserv MARKETS.

With the funds obtained by availing an entrepreneur loan in India, you can invest in business infrastructure, improve the quality of your goods or services, and upgrade your machinery. There are also many exclusive financing options like women entrepreneurs’ loans, which can help women in charge of businesses. If you’re interested in availing an entrepreneur loan or a women entrepreneurs’ loan on Finserv MARKETS, here’s everything you need to know about this method of financing.

Features and benefits of an entrepreneur loan

By availing an entrepreneur loan in India, you get to enjoy many benefits. Some of the useful features of a business loan, available on Finserv MARKETS, are listed here:

  • You can avail unsecured loans going up to ₹30 lakhs in a hassle-free manner on Finserv MARKETS.

  • These are collateral-free loans, so you do not need to worry about pledging your personal or business assets in exchange for the funds.

  • With the documents in place, you can enjoy quick loan approvals in as few as 24 hours.

  • You can also avail the flexi loan facility on Finserv MARKETS. With this feature, you get a fixed loan limit up to which you can borrow as per your requirements. You only need to pay interest on the amount of loan actually used.

  • Using the online customer portal, Experia, you can also manage your loan from anywhere, at any time.

Documents required for an entrepreneur loan

Submitting the right set of documents can ensure that your business loan is processed in a smoother and faster manner. To apply for an entrepreneur loan on Finserv MARKETS, here are the documents you are required to submit.

Proof of identity

ID proofs include any valid documents issued by the government, such as PAN card, voter ID, Aadhaar card, passport, or driving license.

Proof of address

To apply for an entrepreneur loan on Finserv MARKETS, you also need to submit address proofs like passport, ration card, utility bill, trade license, lease agreement, among others.

Financial documents

Financial documents like your bank account statement for the past 6 months, one copy of your IT return for the previous year, and the audited financials of your enterprise for the two previous years are required.

Proof of business ownership

In addition to the above documents, you also need to submit proof of ownership of the business. The documents needed for this category depend on the kind of business profile, as explained below:

In case of self-employed professionals:

Documents that have been issued in the name of the business concern, such as PAN card, registration documents, municipal tax payment receipts, utility bills, or IT returns

In case of self-employed non-professionals:

Individual ID proofs of the owner, registration documents of the sole proprietor, IT returns, the owner’s bank statements spanning across the previous 6 months at least, GST return, and statement of book debt/creditor/periodic stock, among others

In the case of other entities like partnerships and private companies:

Partnership agreement (for partnership firms), Certificate of Commencement/Articles and Memorandum of Association (for private companies), Income Tax returns, GST returns, and individual proofs of identity of partners and directors

Eligibility to apply for an entrepreneur Loan

These are the eligibility criteria that an applicant must fulfill in order to avail of an entrepreneur loan on Finserv MARKETS.

  • Must be aged between 25 and 65 years

  • Must own a business that’s been in operation for a minimum of 3 years

  • Must have filed Income Tax Returns for the said business for at least 1 year

Entrepreneur loan interest rate and charges

Before you apply for a business loan or a women entrepreneur loan on Finserv MARKETS, these are the interest rates and charges that you should be aware of:

  • Rate of interest: Starts at 18% per annum

  • Processing fees: Can go up to 3% of the loan amount

  • Penal interest applicable in case you fail to pay the EMI on or before the due date: 2% per month + additional taxes thereon

  • EMI bounce charges: Up to ₹ 3,000 inclusive of taxes

  • Loan statement charges in case of physical copy: ₹ 50

How to apply for an entrepreneur loan?

If you wish to apply for an entrepreneur loan in India, you’ll be glad to know that it’s quite a straightforward process. On Finserv MARKETS, the process is even easier, because all you need to do is fill out a simple application form online. So, if you’re interested in availing a business loan or a women entrepreneurs’ loan, head to Finserv MARKETS and apply for a loan right away.

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