Shriram Business Loan: Your Complete Financing Solution
Business Loan
A business loan is a financial solution designed to support businesses of all types for needs such as business expansion, equipment purchase, inventory management, and working capital needs. Financial institutions such as banks and Non-Banking Financial Companies (NBFCs) provide business loans at competitive interest rates with flexible repayments terms to help entrepreneurs. Business loans enable business owners to retain complete ownership while receiving the capital for business growth. The highlights of Shriram Business Loan include quick approval, flexible repayment terms, and minimal documentation requirements. With Shriram Business Loan, you receive the financial support you need to achieve your business goals.
Quick Facts – Shriram Business Loan
| Loan Highlights | Key Benefits |
|---|---|
| Loan Amount | Starting from ₹1 Lakh |
| Tenure | 12 to 84 months for Secured Loans 12 to 48 months for Unsecured Loans |
| Interest Rates | Starting from 10%* p.a. |
| Who Can Apply | Sole proprietors, partnerships, private limited companies, LLPs |
| Loan Types | Working Capital Loan, Trade Finance, Supply Chain Finance, Startup Business Loan, MSME Loan, GST Business Loan, Shop Loan, Loan Without Financials, Business Loan for Women |
Types of Business Loan
At Shriram Finance, we understand that different people have different business requirements. Our business loan is tailored to meet the diverse needs of people. Here are the various business loan types we provide:
Provides funds to cover immediate operational expenses, such as inventory purchases, payroll, and other short-term costs, ensuring smooth business operations
Supports trading activities with features like letters of credit, invoice factoring, and export credit insurance to secure payments and manage risks
Offers flexible payment options and cost-effective financing solutions to ensure seamless supply chain operations
Assists new ventures by providing capital for initial expenses, marketing, and product development
Helps medium and small-scale entrepreneurs cover business expenditures, operational costs, and support expansion and growth
Provides financing based on a business’s GST returns, aligning loan amounts with the business's financial situation
Helps businesses with financing related to inventory, equipment, and other essential operational aspects
Useful primarily for borrowers with minimal documentation requirements, simplifying the loan application process
Supports female entrepreneurs by providing financial assistance for starting or expanding business ventures
Features & Benefits of Shriram Business Loan
Shriram Business Loan offers a wide range of features and benefits tailored to meet your unique financial needs.
Competitive Interest Rate
Get Shriram Business Loan at competitive interest rates starting at 10%*p.a., making it easier for your business to access funds.
Collateral-Free Loans -Revamp
We offer the option of a collateral-free business loan, making it easier for businesses to secure the financial support they require without pledging assets.
Tenure up to 84 Months
Shriram Business Loan provides flexibility in choosing your loan tenure, with options of up to 84 months for secured loans and 48 months for unsecured loans, allowing you to manage your repayments conveniently.
Loan Amount Starting from ₹1 Lakh
We offer loan amounts starting from ₹1 Lakh, ensuring that businesses, no matter their scale, have the funds necessary to move forward.
Quick Approvals
Shriram Business Loan ensures speedy approval processes, enabling you to access the funds you need precisely when you need them.
Online EMI Calculator
The Shriram Business Loan EMI Calculator helps businesses plan finances by providing an accurate estimate of monthly repayments, aiding effective budgeting and cash flow management. It allows comparison of loan options and quick decision-making, ensuring the best repayment strategy.
Eligibility of a Business Loan
Understanding the eligibility criteria for Shriram Business Loan is crucial for potential applicants. The business loan eligibility requirements are designed to be inclusive, catering to a wide range of businesses. To qualify for a Shriram Business Loan, you are expected to meet some eligibility criteria:
Eligibility Criteria
Business Entities- Sole proprietors, partnerships, private limited companies, or LLPs
Age- Between 21-65* years
Experience- Self-employed individuals or business owners with a minimum of 3 years of business experience
For new businesses and those with low turnover, Shriram Finance offers customised solutions to address common eligibility concerns. This is to ensure that all viable businesses have access to the financing they need. Specific loan products are available for women entrepreneurs and startups, supporting diverse business ventures.
Documents Required for a Business Loan
The following documents are typically required for the application for Shriram Business Loan:
Required Documents
Identity Proof- PAN card
- Aadhaar card
- passport
Address Proof- Electricity bill
- water bill
- passport
Income/Business Proof- ITR
- financial statements
- bank statements
Business Registration Documents- Certificates and licences related to business registration
Each document serves a specific purpose in verifying your identity, address, income, and business operations. Ensuring that these documents are prepared and readily available can expedite the application process and improve the chances of loan approval.
Business Loan Interest Rates and Charges
Shriram Business Loan provides competitive business loan interest rates. When you apply for a business loan with Shriram Finance, you get absolute transparency with the associated fees and charges. Here’s a breakdown of the interest rates and charges for Shriram Business Loan:
| Type of Fees | Applicable Charges |
|---|---|
| Interest Rates | Starting from 10%*p.a. |
| Processing Fees | Up to 5% of the loan amount |
| Foreclosure Charges | Up to 4% on the principal outstanding |
Business Loan Calculator
You may use the Shriram Business Loan EMI Calculator to calculate your monthly instalment for your business loan repayment. This tool allows you to estimate your equated monthly instalments (EMIs) and the total amount payable based on your loan amount, interest rate, and tenure.
To use the calculator:
1.Enter the loan amount you wish to borrow.
2.Select the interest rate provided by Shriram Finance.
3.Choose your preferred loan tenure.
The calculator will then provide an estimate of your monthly EMIs, helping you plan your finances effectively. Using this tool can significantly aid in financial planning, ensuring that you understand your repayment obligations before committing to a loan.
Loan Summary
Interest Rate %
Loan
How to Apply for a Business Loan Online
Applying for Shriram Business Loan is a straightforward and convenient process. You may complete the entire application for an online business loan, without the need for physical paperwork or in-person visits.
- Step 01
Register: Start by registering with your mobile number.
- Step 02
Enter Loan Details: Provide the details of the loan you wish to apply for, including the amount and tenure.
- Step 03
Enter Business Details: Fill in the necessary information about your business.
- Step 04
Verification Call: You will receive a verification call from Shriram Finance to confirm your application details.
- Step 05
Loan Approval: Once verified, the loan application will be approved, and the loan amount will be disbursed promptly.
Shriram Finance ensures the security and privacy of your data through secure online platforms and adherence to industry standards.
Business Loan FAQs
What is the minimum and maximum loan limit offered for a business loan?
The loan limits can vary, but the minimum loan amount for Shriram Business Loan starts at ₹1 lakh, while the maximum can depend on the specific use-case and your eligibility.
How long does it take to disburse the business loan?
The loan disbursal process for Shriram Business Loan is usually quick, but it could also take a few weeks, depending up on your application, eligibility and business requirements.
Is part payment allowed on business loans?
Yes, part payments are generally allowed on business loans, and they can help reduce the overall interest burden on the loan. However, the terms and conditions may vary.
How does business loan repayment happen?
Business loan repayment is usually structured as Equated Monthly Instalments (EMIs), where you repay a fixed amount each month. You can also choose your repayment tenure based on your convenience.
What kind of business registration proof is accepted?
Accepted proof typically includes documents like business registration certificates, licences, partnership deeds, agreements or other legally recognised documents, depending on your business structure.
Are cheque bounce charges applicable on business loans?
Yes. Shriram Finance may charge a flat amount of ₹1,000 per instance of cheque or Automated Clearing House (ACH) or Electronic Clearing System (ECS) bounce.
Is it possible to close the business loan before my tenure ends?
Yes. Shriram Finance may charge a flat amount of ₹1,000 per instance of cheque or Automated Clearing House (ACH) or Electronic Clearing System (ECS) bounce.
Can I use a business loan for any purpose?
Business loans are typically intended for business-related expenses. While they are versatile, they should be primarily used for purposes such as working capital, expansion, inventory purchase, etc.
How to get a business loan up to ₹25 Lakhs?
To secure a business loan of up to ₹25 lakhs, it is mandatory to meet the eligibility criteria. Ensure your business documents are in order and maintain a good credit score. The loan amount offered may depend on your specific needs and financial profile.
Disclaimer
The information provided in this guide is for educational purposes only and should not be considered financial advice. Always consult with a financial advisor before making investment decisions related to fixed deposits or any other financial products.
Easy & Quick Disbursals on Business Loan
