Razorpay Business Loan
Razorpay offers two different types of business loans which are Line of Credit and Working Capital Loan which you can avail based on different requirements. We will have a look at these business loans offered by Razorpay.
Line of Credit
Under this type of loan, you can borrow money only when you need it. The interest, however, will be charged only on the amount used by you. The amount will be disbursed to your account immediately and repayment tenures are flexible.
Features of Line of Credit
- Avail a credit limit of up to Rs.25 lakh.
- No preclosure charges.
- Interest rates starting from 1.5% per month.
- As you pay as you use, your interest flow reduces.
Working Capital Loans
You can avail this type of loans if you need capital to expand your business. These loans are collateral free and can be availed at competitive interest rates.
Why should you avail Working Capital Loans from Razorpay
Given below are the reasons why you can consider availing Working Capital Loans from Razorpay:
- Avail loan based on your cash inflow.
- The loan amount is disbursed quicky post approval.
- Flexible repayment tenure.
Razorpay Working Capital Loans personal details
Loan amount | Rs.50,000 to Rs.10 lakh |
Interest rate | 1.25% per month |
Repayment Tenure | 3 months to 12 months |
Processing Fee | 1% to 5% |
How to apply for a business loan from Razorpay
You can visit the Razorpay official website and click on ‘Log in’ and then apply for a loan scheme of your choice. If you want to apply for a working capital loan, then you can directly click on the ‘Apply Now’ button and provide your details. A representative from Razorpay will get in touch with you and will help you with the application process.
FAQs on Razorpay Business Loan
- How do I repay working capital loan?
Razorpay allows you to pay your loans in daily, weekly, or monthly instalments at your convenience. You can pay them as a percentage of your settlements.
- How do I increase my CIBIL score?
You can increase your CIBIL score by ensuring you repay your loan on a timely basis. You must ensure you repay the loan amount in full.
- Does Razorpay have an EMI calculator facility?
Yes, Razorpay has an EMI calculator facility.
- Who is eligible for Line of Credit scheme?
Line of credit scheme can be availed by business with an annual turnover of Rs.20 lakh or more and have been in operation for 1 year and above.
- What documents will I have to submit to apply for Line of Credit scheme?
You will have to submit the necessary KYC documents and bank statement along with other documents as required by the company to apply for Line of Credit scheme.
- Can I withdraw cash anytime?
You can request cash anytime you need. The interest will be charged only on the cash used by you.
- Can I repay using the NACH process?
Yes, you can use the NACH process to repay your loan amount.
- Are there any pre-closure fees charged?
No, there is no pre-closure fee charged by the company.
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