Have you been running your business for three years? Is your turnover more than 20 lakhs? If yes, then Shriram Finance business loan will finance all your small business requirements. With over 43 years of experience handling micro, small and medium enterprises to help your business grow and thrive, Shriram Finance business loans are meant to empower you and take your business to greater heights.
Unfortunately, even after many government plans and schemes, the MSME sector has not been able to thrive as much as it is supposed to. So, to bridge the gap between your needs and wants, Shriram Finance offers customised business loans at competitive rates of interest to suit your capability and capacity.
Types of business loans
Whether you need short-term business loans to run your business or buy, say, machinery loan, Shriram Finance, as per your needs, customises different types of business financing loans to help your business grow.
- Long-term and collateral-based business loans- Running a business is not easy. You often must be worried about finances and credit ratings. Thankfully Shriram Finance loans can be availed by you. However, no loan is granted without assurance. Hence, the company offers collateral-based business loans and mortgage business loans to fulfil your liquidity needs.
- Short-term business loans- As a business owner and entrepreneur, you would want loans that can be availed with minimal documentation and offer you unique features; be it machinery loan or short term finance loans, Shriram Finance business loans are for you.
Eligibility Criteria
In this fast-paced world, whether it is technology, machinery, or infrastructure arrangements, as an entrepreneur, you would be aware of how necessary it is to have the funding to manage your business and other requirements. So, if these above criteria define your business, you must fulfil the eligibility requirements to apply for Shriram Finance Business loan.
- The loan amount has to be used for business purposes only.
- The business should be running for three years.
- The minimum loan repayment period is 12 months.
- As a business owner, you must declare all your previous loan commitments to us.
- The borrower (Business owner) must provide residential proof while applying for a loan and make sure they have been stable at one location for at least a year.
- There is no fixed loan amount; it will be decided based on your annual income.
- The business turnover should be around Rs 20 lakh.
- While applying for a loan, you must have your certificates and documentation checked and ready.
- The business can be a partnership/ sole proprietorship or a private company.
- The applicant (Business owner) must be at least 23 years old while applying for the loan and should not be more than 65 years plus.
Documents Required
To avail the short-term business loan or long-term business loan, you need to make sure your documents are ready and available during the same time.
- Identify proof: Aadhar Card, PAN Card, driving licence, passport, or voter ID card.
- Valid Address proof: Aadhar card, electricity bill, or gas bill (same as your current address).
- Individual Passport size photo in case it's a sole proprietorship. If it's a partnership, all the members, and similarly in the private limited company, the ones who are availing the loan, have to get their passport size photo.
- Income proof documents: balance sheet and income statements.
- Bank statements and balance sheets for the last three years.
Features of Shriram Finance business loan
From easy working capital and funding availability to competitive interest rates, if you wonder why you should choose Shriram Finance over any other company, these are some of the benefits.
Fast and secure processing
The faster the approval, the faster you receive your funds. Ergo it allows you to carry out your business with better flexibility, liquidity, and risk-taking power. With 45 years of experience in funding MSMEs, Shriram Finance business loans offer fast and secure processing of loans to make sure your business needs don't come to a halt just because you couldn't provide funds for your business.
Flexible Tenure
Whether you are seeking funds for short-term business loans, to get your business on track, or finding different types of business loans, you need time to plan, evaluate and put it to action. Shriram Finance offers you a loan tenure starting from 12 months to 60 months based on your business needs and what would help to receive your business to the best of its capabilities.
Working capital arrangements
Business is filled with uncertainties, and you never know when, where, and how you would require cash. For instance, no one anticipated the COVID-19 pandemic and the precariousness it brought upon the businesses.
So, to run your business and face any uncertainty like this, we should always have easy working capital availability - whether it is in the form of assets, loans, or shares. Funds are something a business should always have handy. Offering you loans at 15% interest with a portfolio-wide spectrum, Shriram Finance business loans can meet your needs from Rs 1 Lakh to Rs 10 lakh.
Easy Repayment
With a 15% interest rate, you can easily be repaid the amount borrowed in EMIs over the months. The best and easiest way to do it would be to set up monthly EMIs, which will debit money from your account monthly, and this will take place till the end of the loan tenure. The best part of the loan is that from 15% interest rates, less than 2% processing fee to 3% closure charges, Shriram Business loans allow easy repayment options.
Key takeaways
Small, medium, and micro-businesses are entitled to apply for a loan with Shriram Finance; however, few things are to be noted: Your business takeover should be Rs 20 lakhs, the minimum age to apply for the loan is 23, maximum age 65 years.
There is a flexible tenure from a minimum of 12 months to a maximum of 60 months to avail necessary funds to get your interim funds on track for your business. The interest rates start at 15%, with less than 2% processing fee, 3% to 6% closure charges, and flexible monthly repayment.
