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.
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:
18% p.a. onwards
2-3% of the sanctioned loan amount
₹500 + taxes (For cheque) and ₹50 + taxes (For NACH transactions)
Subject to the terms stated in the repayment agreement
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.
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.
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.
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.
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.
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
Any other document required by NeoGrowth
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
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.
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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.
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.