NeoGrowth Business Loan

Loan Up to ₹50 Lakhs | Customized EMI | No Collaterals

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

To grow the scale of your business, you need extra funds at your disposal. But, there could be times when you may not have enough of it. This is where a NeoGrowth business loan can come to your rescue.

NeoGrowth Business Loan is the perfect financial tool to scale up your business to greater heights. When you’re applying for a business loan, in addition to the loan amount, an important factor to consider is the rate of interest. This is because you also need to pay the rate of interest as EMI apart from the principal amount.

With NeoGrowth, however, you get to enjoy business loans at highly competitive interest rates and relaxed terms and conditions.

How to Apply for NeoGrowth Business Loans

Applying for a NeoGrowth Business Loan online on Bajaj Markets is extremely simple. Follow these steps and get your loan instantly!

Step 1

Visit the website of Bajaj Markets and select ‘Loans’ on the homepage.
Step 2

Click on ‘Business Loans’ and then on ‘Apply for Business Loan’.
Step 3

Fill the application by entering your personal and professional details.
Step 4

Among the many lenders, select ‘NeoGrowth’.
Step 5

Specify details of the loan such as the loan amount and repayment tenure.
Step 6

Upload scanned copies of all the necessary documents and submit the application.
Step 7

Your application will be processed and if found to be satisfactory, will be approved by the lender.
Step 8

Upon approval, you should get the funds in your bank within 5 working days.

NeoGrowth Business Loans Interest Rates and Charges

NeoGrowth provides business loans at some of the most competitive interest rates in the market. On top of that, they charge a nominal amount as processing fees too. The applicable interest rates and processing fees on a NeoGrowth business loan are as follows:

Interest rate	18% p.a. onwards
Processing fee	2-3% of the sanctioned loan amount
Bounce charges	₹500 + taxes (For cheque) and ₹50 + taxes (For NACH transactions)
Prepayment/Foreclosure charges	Subject to the terms stated in the repayment agreement

Factors That Determine Your Business Loan Interest Rate

The interest rate that’s applicable for you on a business loan can vary depending on a multitude of factors. Here’s a quick overview of a few of the key ones.

Credit Score

All financial institutions use credit score as a metric to determine the creditworthiness of the loan applicant. Therefore, having a high credit score can have a great positive impact since it basically ensures the lender of your creditworthiness.

Business Experience

The longer you’ve been in business, the greater your experience. When applying for a business loan, you can leverage this experience to get attractive interest rates.

Business Revenue

Another major factor that can determine your business loan interest rate is the monthly revenue that your business generates. The higher the revenue, the less risky you’re deemed to be by the lender. This allows them to offer low interest rates since you’re deemed to be low risk.

Collateral

Most business loans are unsecured in nature. However, some lenders do still allow you to pledge an asset as collateral to secure a loan. In such cases, since you’ve pledged a collateral, you’re more likely to get favourable interest rates in return compared to an unsecured loan.

High Loan Amount

You can borrow as much as ₹75 Lakhs as a business loan from NeoGrowth in a matter of a few hours and after following a few simple steps.

Easy top-up Loans

If you find yourself in a position of needing more money that you have already borrowed from NeoGrowth, you can easily get a top-up from them. All you will need to do is submit a minimal set of documents and you will be good to go. Note that the maximum top-up amount will depend on your eligibility.

Flexible Repayment Tenures

You can keep your equated monthly instalments (EMI) outflow worries at bay as you can repay your NeoGrowth Business Loan over the course of as long as 36 months.

Zero Collateral

You need not pledge any collateral to avail a NeoGrowth business loan.

No ITR Requirement

For NeoGrowth business loans up to ₹15 Lakhs, there’s absolutely no need to submit your business’ income tax returns. This not only makes it easier to get loans, but also reduces the amount of paperwork involved.

Multiple Repayment Methods

You can choose to repay your loan on a daily, weekly, or fortnightly basis through a Point of Sale (POS) machine.

Vendor Loans

If you’re a vendor who supplies to large corporations with turnovers of more than ₹250 Crores, NeoGrowth offers vendor loans to the tune of ₹75 Lakhs based on the receipts from the corporations.

NeoGrowth Business Loan Eligibility Criteria

Following are the criteria that you need to fulfil to apply for a Business Loan with us:

You must be at least 18 years of age and an Indian citizen.
You must have a credit score of more than 680.
You must have at least 2 years of business experience.

If you are an online seller. Your monthly sales turnover through online channels must be more than ₹2 Lakhs.

How to Improve Your NeoGrowth Business Loan Eligibility

Worried about not being able to meet the NeoGrowth loan eligibility criteria? Here are a few ways through which you can significantly improve your chances of landing a loan.

Improve Your CIBIL Score

Your credit score is by far one of the most important metrics that NeoGrowth takes into consideration. The higher your score, the greater your chances of being eligible. So, work towards improving your credit score to become eligible for NeoGrowth loans.

Plan Your Finances Well

Having your finances in order can go a long way in improving your loan eligibility. For instance, if you have multiple loans hanging over your head, consider pre closing them before applying for a NeoGrowth business loan. This can significantly increase your chances of landing a loan.

Negotiate with Your Lender

If you possess an existing relationship with NeoGrowth, you can leverage it to gain access to a business loan. Generally, lending institutions tend to value businesses with whom they share a prior relationship.

Documents Required for NeoGrowth Business Loan

You will need the following documents while applying for a NeoGrowth business loan through Bajaj Markets. They are as follows:

Residence address proof
Business address proof
A valid passport
Your Voter ID card
Your Aadhaar Card
Your rent agreement in case the office space is a rental
PAN card
VAT Certificate
Any other document required by NeoGrowth

NeoGrowth Business Loan EMI Calculator

Before you avail a loan from NeoGrowth Finance, it is crucial to first determine the amount of EMI that you would have to pay. This will help you plan your finances in a much better manner. Here’s where the NeoGrowth business loan EMI calculator comes into the picture. It is a simple online tool that allows you to calculate the amount of monthly EMI that you would have to pay to service a loan. You can find such a calculator on the Bajaj Markets website.

When it comes to using the calculator, all that you need to do is enter a few details such as the amount of loan that you wish to avail, the tenure of the loan, and the rate of interest. Upon entering these values, the calculator should immediately display the amount of EMI that you would have to pay towards the loan each month.

All business loan EMI calculators use a simple mathematical formula to compute the monthly EMI obligation. Here’s a quick look at what the formula is.

EMI = P*r*(1+r)^n / ((1+r)^n-1)

P represents the loan amount

r represents the rate of interest per month

n represents the duration of the loan in months

Now that you’re aware of the mathematical formula, let’s take a look at an example. Assume that you wish to apply for a loan of ₹30 lakhs for a tenure of 96 months at a rate of interest of 18%. Substituting these values in the formula, you get a monthly EMI of -

EMI = ₹30 lakhs*0.015*(1+0.015)^120/((1+0.015)^120-1))= ₹59,170 per month

Mudra Loan: The Mudra loan scheme is a unique government scheme that aims to provide financing to micro, small, and medium-sized enterprises through the Pradhan Mantri Mudra Yojana (PMMY). Under the scheme, MSMEs can avail three different loans - Shishu, Kishore, and Tarun, ranging from ₹50,000 to ₹10,00,000 depending on the scale of their business.

Business Loan for Women: Such loans are especially designed to provide women entrepreneurs the necessary funding to help their businesses grow. To get more information about this particular kind of loan, visit the ‘Business loan for Women’ section.

Start-Up Business Loan: Aspiring business owners and entrepreneurs can avail start-up loans, which are designed to help them set up a business of their own from the ground up. At Bajaj Markets, you can get instant loans and get your business up and running in no time.

Business Term Loan: Term loans for businesses are primarily meant to help entrepreneurs fund big-ticket purchases such as purchase of equipment, expansion of business, or purchase of land. With business term loans, you can ensure that there are no roadblocks when it comes to running your business smoothly.

MSME Loan: Small entities usually find it difficult to get loans to manage their working capital situation or capital expenditure. MSME loans are crafted to help solve this problem. They’re easier to get and can be used to meet the varying needs of a micro, small, or medium-sized enterprise.

Working Capital Loan: Managing the day to day expenses of a business is not easy. You need a steady stream of cash to ensure that the operations go on smoothly without any hitches. The best way to ensure that would be to opt for working capital loans.

Get Business Loan Instantly at Bajaj Markets App

Personalised choices for Loans, Cards, Insurance, Investments & UPI Payments along with No Cost EMI offers to shop for a wide range of lifestyle products – discover more on the Bajaj Markets App.

NeoGrowth Business Loan Customer Care

For any queries that you may have regarding the various loan options offered by NeoGrowth, you can always get in touch with their customer care cell. You can call either of these two numbers - 1800 419 5565 or 98206 55655 anytime between 10:00 AM and 6:00 PM from Monday to Saturday.

Alternatively, you can also request for a callback by visiting the ‘Contact Us’ section of NeoGrowth website. On the other hand, if you prefer to write, you can also send an email to helpdesk@NeoGrowth.in clearly stating your query or grievance in detail for a quicker and timely redressal.

Yes, you can prepay/foreclose your NeoGrowth business loan anytime for zero additional charges.

The minimum amount you can avail from NeoGrowth as a business loan is ₹1 Lakh and the highest amount you can avail is ₹1.5 crores. Note that the maximum amount you will be able to get as a NeoGrowth business loan will depend on your eligibility and repayment capacity.

Once your application is approved and your documents have been verified, NeoGrowth will credit the business loan money into your account within 24-48 hours. It will do so through either NEFT or RTGS.

You can repay your NeoGrowth business loan in either 12 months or 60 months at the most.

NeoGrowth is present in multiple major cities and towns in India. This includes locations like Chennai, Ahmedabad, Mumbai, Delhi, Pune, Bangalore, Chandigarh, Hyderabad, Jaipur, and Kolkata, among others.

Generally, the loan amount is disbursed by making an electronic fund transfer (NEFT/RTGS) to the bank account of the loan applicant. However, in some cases, the loan amount may also be disbursed to the customer via cheque as well.

Depending on the nature of the query or grievance, NeoGrowth may take anywhere from 7 to 15 days from the date of registering your service request. However, for most queries and grievances, it generally takes around 2 days for resolution.

Latest News Updates

NeoGrowth, an MSME Lender, Increased its AUM to Over ₹1,800 Crores in FY23; Loans Disbursed Increased by 30%

NeoGrowth has grown significantly from ₹1,550 Crores in FY22 to ₹1,850 in 2022-23 in its AUM, i.e. assets under management. The loan disbursements by the company have increased by 30% in FY23, along with an increase of 7-8% in the net margin.

The company's total revenue for FY22 was ₹360 Crores, whereas it was ₹380 Crores for FY23. The CEO of NeoGrowth shared that during the first few months of 2023, the company was focusing on portfolio optimization that was negatively impacted by the Covid-19 pandemic. The second half of the FY brought in a 40% growth for the company.

- May 25, 2023