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  • Personal Loan for Businessman

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  • Individuals can avail a personal loan to fund their business at interest rates ranging from 10.75% to 24% p.a. The tenures can range from 12 months (1 year) up to 72 months (6 years). The minimum loan amount can be Rs. 50,000 and the max can be as high as 40 lakhs.

    Bank/Lender Interest Rate Loan Amount Tenure
    Yes Bank 10.75% p.a. onwards Rs.1 lakh – Rs.40 lakh 1 – 5 years
    Bajaj Finserv 18% onwards Up to Rs.25 lakh 1 – 5 years
    Kotak Mahindra Bank 11.25% - 19.99% p.a. Rs.50,000 to Rs.15 lakh 1 – 5 years
    ICICI Bank 11.25% p.a. to 17.99% p.a. Up to Rs.20 lakh 1 – 5 years
    Axis Bank 15.75% - 24% p.a. Rs.50,000 – Rs.15 lakh 1 – 5 years
    Standard Chartered Bank 10.89% p.a. Rs.1 lakh – Rs.30 lakh 1 – 5 years
    CitiBank 10.99% - 17.99% p.a. Up to Rs.30 lakh 1 – 5 years
    Tata Capital 11.25% p.a. onwards Rs.75,000 – Rs.25 lakh 1 – 6 years

    Yes Bank Personal Loan for Businessmen

    Yes Bank offers personal loans between Rs.1 lakh and Rs.40 lakh without any collateral. Listed below are some of the highlights of the personal loan scheme offered by Yes Bank.

    Highlights

    • Flexible repayment options.
    • Loan approval in 60 seconds.
    • Loan disbursement in a few hours following approval.
    • Transfer of existing loan from any other financial lender.
    • Doorstep banking services for collection of required documents.
    Bank Processing fees Penal Interest
    Yes Bank As per the terms and conditions set by Yes Bank As per the terms and conditions set by Yes Bank

    Bajaj Finserv Personal Loan for Businessmen

    Bajaj Finserv offers collateral-free personal loans up to Rs.25 lakh with a maximum repayment tenure of 60 months.

    Highlights

    • Disbursal within 24 hours from approval of documents.
    • Flexible tenure options.
    • Minimum documentation when applying for a personal loan.
    • Pre-payment options for faster closure of the loan.
    • Hassle-free online application for personal loans.
    Bank Processing fees Penal Interest
    Bajaj Finserv 3.99% of the loan amount 2% per month + applicable taxes

    Kotak Mahindra Bank Personal Loan for Businessmen

    Businessmen who wish for extra funding can opt for a personal loan from Kotak Mahindra Bank up to Rs.15 lakh.

    Highlights

    • Instant personal loan via the online application facility of Kotak Mahindra Bank.
    • Minimal paperwork for the verification process of the personal loan.
    • Speedy approval process for those residing in metropolitan cities.
    • Customers aged between 21 years and 58 years are eligible to apply for a personal loan offered by Kotak Mahindra Bank.
    • To be eligible for the scheme, customers should have a minimum monthly take home salary of Rs.20,000.
    Bank Processing Fee Pre-closure Charges
    Kotak Mahindra Bank 2.5% of loan amount + GST 5% of outstanding balance + GST

    ICICI Bank Personal Loan for Businessmen

    ICICI Bank offers personal loans up to Rs.20 lakh for businessmen at a maximum tenure of 60 months.

    Highlights

    • Applicants should be a minimum of 23 years old and a maximum of 58 years old.
    • ICICI Bank benefits customers with the 3-second loan disbursement facility.
    • Fixed interest rates through the tenure of the personal loan.
    • Minimum documentation required during the application process.
    • Option to top-up the personal loan after a year from the loan disbursement.
    Bank Processing Fee Pre-closure Charges
    ICICI Bank 2.25% of loan amount + GST 5% of outstanding balance + GST

    Axis Bank Personal Loan for Businessmen

    Axis Bank offers instant personal loans from Rs.50,000 to Rs.15 lakh for customers who wish to fund a small business or a business idea.

    Highlights

    • Customers applying for a personal loan should be a minimum of 21-years-old and should have valid identification and address proof.
    • Quick loan disbursal directly to the bank account of the customer.
    • Minimum documentation required during the application process.
    • Customers can plan their finances by calculating the EMI on the website of the bank.
    • Quick online application process.
    Bank Processing Fee Pre-closure Charges
    Axis Bank 2% per month As per the terms and conditions set by Axis Bank

    Standard Chartered Bank Personal Loan for Businessmen

    Standard Chartered Bank offers personal loans from Rs.1 lakh to Rs.30 lakh with flexible tenure options and a host of other benefits:

    Highlights

    • Zero processing fee for certain personal loan schemes and 50% discount on the processing fee for online applications subject to the terms and conditions set by Standard Chartered Bank.
    • EMI waiver for the last installment for 36 months, 48 months and 60-month tenures subject to the terms and conditions set by Standard Chartered Bank.
    • Quick online application process.
    • Flexible tenure options based on the financial ability of the applicant.
    • EMI payments using the online banking facility or mobile app of the bank.
    Bank Processing fees Penal Interest
    Standard Chartered Bank Maximum of 3% of the loan amount 24% p.a.

    CitiBank Personal Loan for Businessmen

    CitiBank offers personal loans for businessmen up to Rs.30 lakh with flexible tenure options.

    Highlights

    • Following approval of the personal loan application, the money will be credited to the account of the applicant within 48 hours.
    • Customers will know whether they are eligible for the personal loan within 4 hours.
    • Pre-payment option available for customers.
    • Fixed interest rate through the tenure of the loan.
    • Fast-track documentation process for existing CitiBank customers.
    Bank Processing fees Foreclosure charges
    CitiBank 3% of the loan amount 4% of the outstanding balance

    TATA Capital Personal Loan for Businessmen

    Tata Capital offers personal loans for a number of reasons and customers can make use of the funds to start a small business or fund a business idea.

    Highlights

    • Overdraft facility available for customers.
    • Zero charges for part pre-payments.
    • No collateral required to avail a personal loan.
    • Hassle-free onine application process.
    • Calculate EMI to plan one’s finances n advance.
    Bank Processing fees Penal Interest
    Tata Capital 2.5% of the loan amount + GST 3% of the due amount + GST

    Eligibility criteria to apply for a personal loan for businessmen

    • Should be a resident of India.
    • The minimum age is 21 years old and the maximum age to apply for a personal loan is 60 years old.
    • Should be a salaried or self-employed individual.

    Personal Loan Documents Required for Businessman

    • Identity proof – Passport, Aadhaar card, Voter ID card, etc.
    • Address proof – Aadhaar card, Utility bills, Voter ID card, etc.
    • Salary slips or proof of income.
    • Form 16
    • Income Tax Return certificates
    • Personal loan application form

    FAQs

    1. Is the personal loan for businessmen the same as a business loan?
    2. No, it is not the same as for a business loan, the applicant needs to have an established firm or company, whereas a regular personal loan could be availed to fund a business idea on a small scale.

    3. Can I close my loan in 2 months? Will it improve my CIBIL score?
    4. Usually, personal loan foreclosures can be done after payment of 12 EMIs. Foreclosure of loans will not necessarily boost your CIBIL score.

    5. Can a foreign national apply for a personal loan in India?
    6. The above-mentioned financial lenders do not offer personal loans for foreign nationals.

    7. Is it possible to cancel my loan application though it has been approved by the lender?
    8. Yes, you can cancel your application before the money is disbursed to your account.

    9. I wish to shift my personal loan to another bank offering a better interest rate. Is it possible?
    10. Yes, a number of financial lenders give customers the option of shifting their personal loan accounts to other financial institutions. However, it depends on the terms and conditions of the lender you have availed the personal loan.

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