Aditya Birla Finance Limited or ABFL is one of the biggest financial services in the country. It offers a number of products and business loans are one of its many offerings. These business loans can be availed for a short tenure as well as long tenure.
In case of short-term loans, the tenure can be extended up to 36 months and in case of long-term loans, the tenure can be extended to up to 12 years. The loans are offered at competitive interest rates which start at 14% p.a.
How to apply for a business loan through Aditya Birla Finance Limited?
- Visit the official website of Aditya Birla Finance Limited at www.abfldirect.com.
- On the home page, enter the loan amount you are looking for.
- On entering the amount, a drop down box will be generated where you will have to fill in the details of the business such as the age of the business.
- In the next field, drag the slider to select the loan repayment tenure and click on the ‘Apply’ button.
- You will be redirected to a new page wherein you can log in using your social media accounts such as Facebook, LinkedIn, or Google. You can also use your mobile number to generate an OTP to login.
- However, if you do not have an account with ABFL, you will be required to create an account under the ‘Sign Up’ option.
- You can just enter your mobile phone number and click on ‘Generate OTP’.
- Once the OTP is generated, enter the code in the field provided and click on ‘Submit’ to create your account.
- Once the account is created, you will be required to enter a few basic details.
- Once the form is filled up, submit the loan application.
- The loan application will be processed accordingly, and the details in regards to the status of the application will be communicated to you.
Features of Aditya Birla Finance Limited Business Loans
- Easy and hassle-free steps to apply for a loan online.
- No requirement of visiting a branch office of ABFL. ABFL will arrange for a pickup of the required documents from your official or residential address.
- Completely paperless and online process of application and sanction of loan amount.
- No requirement for collateral.
- Quick online approval process.
- Attractive rates of interest starting at 14% p.a.
- Flexible loan repayment tenure which can be extended from 12 months to 36 months (short-term) and up to 12 years (long-term).
Documents required to apply
- PAN card of the applicant.
- Aadhaar card of the applicant.
- Current account statement of the applicant for 1 year.
- Proof of business which should have been active for at least 1 year.
Types of loans
Aditya Birla Finance Limited offers business loans for small or medium enterprises under SME Finance. The lender offers 5 loan products under the SME Finance category. These products are as follows:
- Secured Business Loans
- Unsecured Business Loans
- Line of Credit
- Working Capital Demand Loan
- Supply Chain Financing Solutions – Invoice Discounting
1) Secured Business Loans
The Aditya Birla Finance Limited Secured Business Loans are for borrowers who are looking for affordable credit within a short period. The features of the Secured Business Loans are as follows:
- Minimum loan amount – Rs.1 crore
- Maximum loan amount – Rs.25 crore
- Average time for turnaround – 7 days from the date of receipt of all required documents
2) Unsecured Business Loans
The Aditya Birla Finance Limited Unsecured Business Loans are meant for borrowers who are looking for a loan to expand their business without the requirement of any collateral. The features of the Unsecured Business Loans can be summed up as follows:
- Maximum loan amount of up to Rs.1 crore
- Flexibility in loan repayment tenure – From 12 months to 48 months
- Fixed rate of interest throughout the loan repayment tenure
- No requirement of collateral or security
- Easy repayment method through ECS or NACH
3) Working Capital Demand Loans
The Aditya Birla Finance Limited Working Capital Demand Loans are for businesses which are looking for short-term funds for day-to-day operations. The features of the Working Capital Demand Loans can be summed up as follows:
- ABDL offers working capital loans for short-term business requirements.
- The loan is offered to businesses whose monthly revenues are lower than their operational costs.
- The loan amount can be used for operational purpose.
4) Line of Credit
The line of credit is a process through which a lender offers credit to a borrower for day-to-day business activities. The main feature of the line of credit is that the borrower will be required to pay interest only on the loan amount that is actually drawn or used.
5) Supply Chain Financing Solutions
Invoice Discounting: The Invoice Discounting offered by Aditya Birla Finance Limited allows a business to encash their receivables. The features of invoice discounting are as follows:
- Convert the receivables into cash immediately.
- Simple process and quick Turnaround Time (TAT).
- Helps build a relationship between the vendors and the partner channels.
- Helps increase the sales by increasing the purchasing power of the partner channels.
Frequently Asked Questions (FAQs)
- How can I know the status of my Aditya Birla Finance Limited Business Loans?
You can know the status of your Aditya Birla Finance Limited Business Loan through one of these following methods:
- You can give a missed call on the following number – 1800 2008 308
- You can send an SMS – Write ‘LOANSTATUS’ and send it to 567679
- I have some queries. How can I get in touch with Aditya Birla Finance Limited?
You can get in touch with Aditya Birla Finance Limited through one of these following methods:
- You can write an email to the following email ID – firstname.lastname@example.org
- You can call ABFL on the following toll free number – 1800 270 7000
The phone lines are open between 9 AM to 9 PM.
- Can I access the information of my loan account online?
Yes, you can access the information of your loan account online. You can use your login credentials to access your loan account.
- Who can apply for the Aditya Birla Finance Limited Business Loans?
The Aditya Birla Finance Limited Business Loans can be availed by a proprietorship, a public company, a partnership firm, and/or a private limited company.
- How long does Aditya Birla Finance Limited take to process a loan?
ABFL usually takes around 7 to 10 working days to process a loan after the submission of all the necessary documents.
- Do I have to pay a processing fee on the loan? If yes, how much is charged?
Yes, Aditya Birla Finance Limited will charge a processing fee of up to 2% of the loan amount. However, this amount will vary from borrower to borrower.
- How can I make the repayment for my Aditya Birla Finance Limited Business Loan?
You can use RTGS, NACH, or cheques favouring Aditya Birla Finance Limited to make repayments for your business loan.