Shriram Business Loan: Your Complete Financing Solution
Business Loan: How to Apply
Applying for Shriram Business Loan online is a seamless, quick and efficient process that not only helps you save time but also get access to funds with minimal documentation. To begin your journey with us, all you have to do is register using your mobile number, provide the necessary details, upload the required documents and then get your loan approved with the help of our loan executives. At interest rates starting at just 10%* p.a. and flexible repayment options, Shriram Business Loan helps you take a step towards fulfilling your business aspirations.
Read more about our online and offline application process to begin your journey with us, and scale your business operations.
Steps to Apply for a Business Loan Online
- Step 01Start by registering your mobile number on the Business Loan section of our website or the Shriram One app.
- Step 02Next, specify your loan details like the desired loan amount, and the repayment tenure you are comfortable with.
- Step 03Once you have entered the loan details, you will have to enter your business details.
- Step 04Now, wait for a call from one of our loan executives for the process to be taken ahead.
- Step 05Once approved, Shriram Finance will start the disbursal process.
It is important to remember that the final approval and disbursal of your loan depends on your eligibility criteria and Shriram Finance’s policies. You can reach out to us for any queries you may have before getting started.
Steps to Apply for a Business Loan Offline
If you are more comfortable with an in-person approach to your loan application, you can visit your nearest Shriram Finance branch to apply offline. Here’s how the process usually works:
- Step 1: Go to the nearest Shriram Finance branch to initiate your loan application.
- Step 2: Complete and submit the application form.
- Step 3: Provide the required details of your business, like financial history and operational data.
- Step 4: Ensure that you submit all the documents, like business registration, identity proof, address verification, etc.
- Step 5: Finally, Shriram finance will review your application and documents, and after successful verification and approval, start the loan disbursal process.
Online or Offline Business Loan: Which is Better?
When choosing between an online or offline business loan, what matters the most is your convenience. However, here are a few factors that can help you compare the two ways of applying for a business loan and make an informed decision:
| Online Application | Features | Offline Application |
|---|---|---|
| Streamlined, minimal paperwork | Application Process | Requires branch visits, might involve more documentation |
| Usually quicker than the offline channel | Approval Speed | May take longer |
| Involves remote support | Personal Assistance | More tailored, involves direct interaction with loan officers |
| Summarised online information | Explanation Detail | Detailed, through in-person discussions |
| Digital and streamlined process | Document Review | Physical submission, involved meticulous review |
Things to Consider While Applying for an Online Business Loan
Before you apply for an online business loan with Shriram Finance, ensure you pay special attention to these points:
- Eligibility Criteria:
Ensure that you and your business meet all the necessary eligibility criteria, including factors like revenue, business stability, and operational history.
- Loan Amount and Tenure Selection:
Choose the loan amount and repayment tenure that you can comfortably repay.
- Documentation Preparation:
Keep all your documents updated and handy to avoid delays and expedite the loan approval process.
- Interest Rate and Fees:
Ensure that you are aware of the interest rate and all the applicable charges associated with Shriram Business Loan, to take the guesswork out of your calculations and manage your payments effectively.
- Eligibility Criteria:
Business Loan: How to Apply FAQs
Where can I apply for a business loan–online or offline?
With Shriram Finance, you can apply for a business loan online as well as offline, depending on your comfort and convenience.
When should a business owner apply for a business loan?
Apply for a business loan online when you need funds to cover your business expansion, purchase of equipment, acquiring working capital, etc.
What happens after applying for a business loan?
After you apply for a business loan with Shriram Finance, your documents will be reviewed meticulously and once approved, the disbursal process will begin.
How much time does it take to process a business loan?
If you meet all the eligibility criteria and submit updated documents, Shriram Finance will quickly review your application and begin the disbursal process post approval.
How can I check my business loan status in Shriram Finance?
You can visit the official website of Shriram Finance or use the Shriram One app to check your loan account. Alternatively, you can also call customer care to get updates about your loan.
Is it safe to apply for a business loan with Shriram Finance?
Yes, it is safe to apply for a loan with Shriram Finance as we follow extensive security measures to safeguard your information.
What information do I need to provide when applying for Shriram Business Loan?
When applying for a business loan at Shriram Finance, you will need to provide your personal and business information, and submit essential documents like business registration, financial statements, identity and address proof, etc.
Is it possible to prepay the business loan and how long do I have to wait for that?
Yes, you can prepay Shriram Business Loan at a foreclosure charge of up to 4%* on the outstanding principal amount. Reach out to us or read your loan agreement carefully to understand how long you will have to wait to prepay your loan, as the terms could be different for different types of business loans.
Is there any application fee for a business loan?
At Shriram Finance, you only have to pay a processing fee of up to 5%* to apply for a business loan.
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
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