InCred Business Loan

InCred Business Loan - Eligibility Criteria, How to Apply, Documents Required, Interest Rate, Customer Care

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Small-scale businesses generally do not have enough funds to be re-invested in the industry for expansion. To meet fund requirements, small-scale enterprises opt for business loans that can fulfil their fund requirements for diversification and growth. Business loans are the most straightforward and accessible source of funds as the process is simple and hassle-free.

InCred business loans are very beneficial for small-scale businesses and start-ups. InCred offers business loans of up to ₹3 Lakhs for a tenure of a maximum of 5 years. You can easily avail of the InCred business loans via Bajaj Markets online without any hassle.

How to Apply for InCred Business Loans

The application procedure to avail of an InCred business loan is effortless and quick. All you have to do is:

Provide basic details

First, you will need to provide your basic details like mobile number as well as your date of birth.
Fill in your business details

Next, enter information with regards to your business’. After that, select InCred to proceed.
Select loan repayment tenure and principal amount

Enter preferred loan amount and repayment tenure.
Approval and Disbursal

Once the loan application is approved, you will receive the loan amount in 24 hours.

InCred Business Loan Interest Rates and Charges

Categories	Rate and Charges
Interest Rate	20%-36% p.a.
Processing Charges	2% -5% of the loan amount
Repayment Tenure	12-48 months
Disbursal Time	24 hours

Factors Affecting InCred Business Loan Interest Rates

The interest rates for business loans are affected by various factors. Applicants should consider these factors before applying for a business loan -

Nature of Business - The nature of the business is the most crucial factor affecting the interest rate of a business loan. When we say the nature of business, it includes the kind of business activity that the business is involved in. The business activity should be in a profitable situation as past profit-loss situations also play a crucial role in deciding the rate of interest.
CIBIL Score - CIBIL Score is a 3-digit numerical expression granted by Credit Information Bureau India Limited based on the previous credit history. This expression shows your ability to repay the loan on time. This number ranges from 300-900. Any score above 750 is counted as a good score which increases your chances of getting approved for a business loan with a lesser interest rate. During the application review process, CIBIL plays an essential role as it assures the lender of timely repayment.
Annual Turnover - The annual turnover of a business is also an essential factor in deciding the interest rate for a business loan. For businesses with high turnover, the rate of interest is generally low, whereas, for businesses with low turnover, the rate of interest is high.
Repayment History - An applicant's repayment history also influences the interest rate. Applicants with a positive repayment history have higher chances of getting loans at a lower rate of interest, and applicants who have a history of defaults have a higher chance of getting loans at a higher rate of interest.
Good Relationship - In case you are an existing customer of the institution with a zero defaulter record, the institution might charge a lower interest rate.

Assured Convenience

You can apply for a business loan with InCred starting from ₹10,000 to ₹3 Lakhs

No Collateral Required

InCred Business Loans do not require any collateral/security, which makes availing business loans more accessible.

Easy Documentation

Bajaj Markets offers a paperless and seamless application procedure to its customers

Flexible Repayment Duration

You can repay your loan at your comfort. The minimum and maximum repayment tenures are 12 months and 48 months, respectively.

Eligibility Criteria for InCred Business Loan

Before you apply for an InCred Business Loan, make sure you fulfil the specified eligibility criteria -

Applicants must be a native of India.
The minimum and maximum age of the applicant must be 21 and 55, respectively.

Documents Required for InCred Business Loan

There are various documents that an applicant needs to submit, along with the application form for the InCred business loan. Bajaj Markets offers a paperless procedure to apply for InCred business loans. All you have to do is complete the KYC procedure and submit online bank statements under the documentation procedure for InCred business loans.

InCred offers business loans to different small-scale businesses to fund their business requirements for expansion and growth.

The application procedure for an InCred business loan is effortless and quick. All you have to do is visit the official website of InCred and fill in the application form.

The points of eligibility criteria are -

1. Applicants must be a native of India.

2. The minimum and maximum age of the applicant must be 21 and 55, respectively.

The loan process duration differs from applicant to applicant. Generally, it takes 1-7 days to complete a business loan procedure.

There are various repayment modes like cash, cheque, ECS, NACH, credit cards, debit cards, etc as per their comfort and convenience. To pay your InCred loan EMIs, follow the below-mentioned steps -

1. Login to your InCred business loan account

2. Tap on the loan repayment section

3. Enter your loan ID and select payment mode

4. Once the payment is completed, a notification about the InCred EMI payment will be sent to the registered contact number.

InCred offers an interest rate of 20% -36% p.a. on its loans to its customers.

InCred offers an online EMI calculator to its customers, where they instantly calculate loan interest and EMI amounts without any hassle.

Interest rates on loans are charged on a yearly basis.

The age of the applicant determines their experience in the business and exposure to the market which helps the InCred experts to evaluate the repayment capabilities and financial strength of the business.

A CIBIL score of 750 or above is generally recommended by the experts for the seamless and quick business loan approval in InCred.