Hassle Free Business Loan

Fuel your growth, expand your operations, and turn your entrepreneurial dreams into reality with fast approvals and flexible repayment options designed to empower your success!

Interest Rate

12.5%* Per Annum Onwards

EMI

Starts At ₹ 2,327/Lakh

Processing Fees

Upto 2% Of Loan

Loan Tenure

Upto 5 Years

Top Up

After 9 Months

Zero Collateral

Apply With Few Documents

Interest Rate

12.5%* Per Annual Onwards

EMI

Starts At ₹ 2,327/Lakh

Processing Fees

Upto 2% Of Loan

Loan Tenure

Upto 5 Years

Top Up

After 9 Months

Zero Collateral

Apply With Few Documents

Getting the right business loan is now simpler than ever. Veramigo understands how crucial it is to obtain a loan to achieve business milestones or expansion of business. With our services, we ensure the loan process is seamless and transparent so that you can focus on growing your business. Apply online for Business Loan today from Veramigo.

What is a Business Loan?

Business loan is a credit facility offered to self-employed individuals, or business entity (company, partnership firms and proprietorships) for financing their working capital requirements, operational expenditure requirements and other business related activities.

Features and Benefits of Business Loan

Most of the banks and NBFCs offer both secured and unsecured business loan.
Business Loan interest rates are different across the lenders and are offered on the basis of credit profile of the applicant, nature of business loan offered and if it is secured or unsecured in nature.
Existing business loan borrowers of many banks and NBFCs can secure additional top-up loans over and above their existing business loans.
Many lenders also offer business overdraft facility to their existing business loan borrowers.
Many lenders offer concessional interest rates to small business loans for women.
Applicants can also apply for business loans through online mode with quick approval, less documentation process and swift loan disbursal.

Get Business Loan tailored to your needs

Borrowers can find customized business loan solutions for their unique business requirements with the help of leading lenders on our platform.

Learn more with Financial Health Card

Get a complete snapshot of your financial health to understand and improve key ratios to get the best business loans.

Talk directly to multiple bankers

Connect virtually with lenders from multiple leading banks & NBFCs and choose the right one for you.

Supporting you at every step of the way

We ensure that we guide you through the entire disbursement process before, during, and after the business loan application.

Business Loan Process Overview

Testimonials

What Our Customers Say

Hear directly from our customers about their experience with us.

“It’s a wonderful experience dealing with Veramigo. There staff is will experienced, having complete knowledge of loan procedures. Special thanks to leena Ma’am, she is well trained, experienced and worked very hard on my case. I strongly recommend New Delhi Financial to those who are looking for a loan.”

Manish Bassi Business Owner

“Team Veramigo,, Your team is perfect example setter for client service and centricity and also comply norms for FI’s.. Its my previlege to associate with such a team.”

Amit Gupta Business Owner

“Veramigo provides the great services with their experienced and staff. They help you with every doubts and suggest what preferred for you, really appreciated.”

Pay Monk Business Owner

Categories of Business Loans

There are two broad categories of loans offered by banks and financial institutions; secured loans and unsecured loans.

Secured Loans

Secured loans are protected by an asset. The item purchased, such as a home or a car, can be used as a collateral. The lender will hold the original Sales Deed or title documents until the loan is paid in full, in case of a Home Loan. Other items can also be used as a collateral such as stocks, bonds, etc. Secured Loans are the most common way to borrow large amounts of money.

Unsecured Loans

Unsecured Loans are not backed by any security and include loans like credit cars, student loans or personal loans. Lenders take more risk in this type of funding because there is no asset to recover, in case of a default. This is why interest rates are higher.

Types of Business Loans

Working Capital Loan

Working Capital Loans are used by entrepreneurs, startups and MSMEs to meet their daily business requirements and for various business expansion purposes, which boosts business cash flow, purchasing raw materials, addition in stock, paying salaries, hiring staff, etc.

Term Loan

Term loan is a loan that is required to be repaid in regular payments over a set period of time. There are three categories for term loan namely, short-term, intermediate-term and long-term loans. The repayment tenure of these types ranges between 12 months to 5 years. Term loans that are of a shorter duration which is of 12 months are called short-term loans and loans up to 5 years or more are long-term loans.

Letter of Credit

Letter of credit is a type of credit limit used majorly in trading businesses in which the bank or lender offers a funding guarantee to companies that deal in international trade.

Bill Discounting

Bill or Invoice Discounting is a funding facility in wherein a business can get funds against the unpaid invoices. The lender will discount these invoices and gives funds instantly to the business.

Overdraft Facility

Overdraft Facility is a type of funding offered by a bank to its account holder to withdraw cash from his/her account balance is zero. The interest rate is charged only on the utilized amount from the sanctioned limit and on a daily basis.

Machinery Loan

Machinery Loan is a funding option offered to the borrowers for them to purchase new equipment or machinery or to upgrade the existing one. It is usually used to ease the large investment in machinery, which a business needs to invest in for growth.

Loans under Government Schemes

The Government of India has come up with various loans schemes for entrepreneurs, MSMEs, women professionals and other companies engaged in trading, services and manufacturing sectors. Some prominent Govt. Loan schemes include Mudra Scheme under PMMY, PMEGP, CGTMSE, Startup India, etc.

Point-of-Sale (POS) Loans

POS Loans is a mechanism in which a business owner running an enterprise pays a lump sum amount in advance to suppliers through its daily or future credit or debit card transactions.

A Comparison between Different Bank Interest Rates (For unsecured business loan)

Bank/ NBFCs	Interest Rate	Tenure	Processing Fee
SBI Bank Business Loan	14% p.a. onwards	1-4 years	Up to 2% of loan amount
IndusInd Bank Business Loan	16% p.a. onwards	1-4 years	Up to 2% of loan amount
SMFG Business Loan	17% – 21% p.a. onwards	1-4 years	Up to 2% of loan amount
Bank of Baroda Business Loan	17% p.a. onwards	1-4 years	Up to 2% of loan amount
HDFC Business Loan	14% – 18% p.a.	1-4 years	Up to 2% of loan amount
ICICI Bank Business Loan	16% – 18% p.a.	1-4 years	Up to 2% of loan amount
Axis Bank Business Loan	15% – 18% p.a.	1-4 years	Up to 2% of loan amount
Standard Chartered Bank Business Loan	15% p.a. onwards	1-4 years	Up to 2% of loan amount
Deutsche Bank Business Loan	16% p.a. onwards	1-4 years	Up to 2% of loan amount
Kotak Mahindra Bank Business Loan	15% p.a. onwards	1-4 years	Up to 2% of loan amount
RBL Bank Business Loan	15% p.a. onwards	1-4 years	Up to 2% of loan amount
IDFC First Bank Business Loan	15% p.a. onwards	1-4 years	Up to 2% of loan amount
Aditya Birla Finance Ltd Business Loan	17%-18% p.a. onwards	1-4 years	Up to 2% of loan amount
Yes Bank Business Loan	16% p.a. onwards	1-4 years	Up to 2% of loan amount
Tata Capital Business Loan	16% p.a. onwards	1-4 years	Up to 2% of loan amount
Hero Fincorp Ltd Business Loan	16% p.a. onwards	1-4 years	Up to 2% of loan amount
Bajaj Finserv Business Loan	16% p.a. onwards	1-4 years	Up to 2% of loan amount
NeoGrowth Business Loan	16% p.a. onwards	1-4 years	Up to 2% of loan amount
U Gro Business Loan	16% p.a. onwards	1-4 years	Up to 2% of loan amount

Loan Calculator

Tips on How to Use the MSME Online Loan Calculator

The standard method is used by most online businesses to figure out EMIs. You will need to give the following values to any normal online loan calculator: the principal amount, the interest rate, and the duration of the loan.

EMI Calculator

Loan Amount

₹

Interest Rate

Loan Tenure

Loan EMI

Total Interest Payable

Total Payment
(Principal + Interest)

Eligibility Criteria for Business Loan in India

Age: 21 years at the time of loan application and 65 years at the time of loan maturity (it may vary across lenders).
Minimum Business Vintage: 3 years (There maybe some lenders who can consider up to 2 years of business vintage as well).
Minimum Business Turnover: Rs 90,000 to more than Rs 250 crore.
Credit Score: 750 or above.
Minimum Income: Rs 1 lakh p.a.
Eligible Entities: MSMEs, Proprietors, Limited Liability Partnership firms, Private Limited Companies, Public Limited Companies, Self-employed individuals or professionals, individual corporations, etc.

Documents Required for Business Loan

Applicants require the following documents for processing business loan applications:

KYC-

ID Proof in the form of Voter ID, Driving License, Aadhar Card, Passport
Age Proof in the form of Birth Certificate, PAN Card, Aadhar Card, Passport, etc.
PAN Card for partnership firms, individuals and companies
Address Proof may include, Telephone or electricity bill, Voter ID, Passport, Bank Statement, Driving License, registered lease deed or sale agreement
Ownership proof of residence or office.
Business continuity proof
Copy of company’s PAN card.
Business registration proof.
Partnership Deed Copy
Certified Copy of MOA, AOA and Board Resolution

Financial Documents

How to apply for a Business Loan?

Groups and entities can apply for a business loan directly through online websites of banks and NBFCs. The terms of business loans may vary from lender to lender such as, interest rates, loan amount, margin, guarantor requirements, fees and charges, and eligibility.

Therefore, applicants should visit online financial marketplaces like veramigo to compare the interest rates, loan amount and other features offered by various lenders and opt for the lender that best suits their requirements.

Business Loan Fees and Charges

Unsecured Business loan lenders usually charge for processing fees and insurance from their business loan borrowers.

Foreclosure charges for different business loan

Full prepayment: If you decide to foreclosure your term loan, Flexi term loan or Flexi hybrid loan in its entirety, you may be subject to foreclosure charges. These charges can amount to up to 4.72% of the outstanding loan amount or the total withdrawable amount, as per the repayment schedule, inclusive of applicable taxes. It is important to review the loan agreement and consult with your lender to understand the specific charges that apply in your case.
Part- Prepayment: You may choose to make a part-prepayment towards your loan foreclosing it entirely. For part-prepayment, a percentage of the principal amount prepaid is typically charged as foreclosure fees. Similar to full prepayment, this charge can go up to 4.72% of the principal amount prepaid, inclusive of applicable taxes. However, it is worth noting that these charges are not applicable for Flexi Term loans and Hybrid Flexi Loans.

It is to be noted that the fees and charges levied on business loans vary across lenders. Below are mentioned an overall range of a few charges levied by the lenders on business loans.