Get high Business Loan Eligibility
Before applying for the loan, prepare a business plan, know your credit score, decide the loan amount, do some market research on available business loan options, and keep the documents ready
Common Documents Required
Proof of address & photo identity proof of the promoters, business proof, income proof, partnership deed for partnership firm, articles of association, memorandum of association, board resolution, PAN card, etc.
Criteria for Business Loan Approval
Applicants should be aged between 21 to 65 years, having business vintage of a minimum of 1-2 years. The minimum business turnover and a minimum annual turnover as per the ITR will be required. The business should be profit-making for at least the last 1 year.
Features and Benefits of our Business Loans
Term Loans
Working Capital Loans
Business Expansion Loans
Equipment Financing Loans
Invoice Financing & Bill Discounting
Machinery Loans
Business Type:
Most lenders provide loans to various types of businesses, including sole proprietorships, partnerships, limited liability companies (LLCs), corporations, and etc.
Credit Score:
A good credit score is often required to qualify for a business loan. Lenders use your credit history to assess your ability to repay the loan.
Business Age:
Some lenders require a minimum operational history for your business, usually ranging from a few months to a year or more.
Annual Revenue:
Lenders may have a minimum annual revenue requirement to ensure your business has a stable income.
Collateral:
Collateral can be real estate, equipment, inventory, or other valuable assets.
Eligible Entities:
Individuals, MSMEs, Sole Proprietorships, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders, manufacturers, and other non-farm income-generating business entities engaged only in the services, trading, and manufacturing sectors
Business Vintage : Min. 1 year or above
Business experience: Min. 1 year, business location to remain same
Annual Turnover: Shall be defined by the Bank/NBFC
Credit Score: 700 or above (Preferred by most private and public sector banks)
Nationality: Indian citizens
Additional Criteria: Applicants must own either a residence, office, shop, or Godown.
Eligibility Criteria & Eligible Entities of Business Loan
Cash Flow:
Lenders often evaluate your business's cash flow to determine your ability to repay the loan.
EMI Calculator for Business Loan
Using a business loan EMI (Equated Monthly Installment) calculator can help you estimate your monthly loan repayment amount.
Follow these steps to use a business loan EMI calculator effectively:
Enter loan amount, interest rate, tenure.
Click Calculate.
View EMI, total interest, repayment.
Adjust tenure if needed.
Consider extra costs.
Check budget compatibility.
Confirm with the lender before finalizing.
Fees and Charges for Business Loan
The fees and charges of business loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to business loans:
Loan Processing Fees: 4999/- to 5% of Loan Amount
Loan Cancellation: Usually 3000 to 5% of Loan Amount
Stamp Duty Charges: 150/- to 300/-
Legal Fees: As per actuals
Penal Charges: Usually 2% per month
EMI / Cheque Bonus: Approx 499/- to 599/-
Other fees and charges that lenders may levy on your business loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
Business Loan Reviews
All employees and staffs in Maximaloans are helpful. They are very co- operative and try to clearly understand customer’s needs. I felt very comfortable dealing with them through for my business loan from ICICI bank
Rishabh Jain
I was a housewife and wanted to start my own kitchen for food delivery. Maximaloans helped me to get a business loan from my preferred bank. The rate of interest is very much affordable and now I have started my kitchen, which is running very smoothly and is profitable.
Ananya Patel
I never thought getting a business loan will be this easy. Great thanks to Maximaloans for offering such good platform for all loan requirements. I got business loans at 16% ROI and money was disbursed within 8 days of applying for loan
Priya Sharma
I have figured applying for business startup loans through Maximaloans is one of the smartest ways. If you are interested to save your time, efforts and money then you must try taking loan through Maximaloans. Once you experience how good this platform will work for you, you will never think of other alternatives. All my loan related queries and concerns are now addressed by Maximaloans- this is a one-stop solution.
Siddharth Singh
I was a housewife and wanted to start my own kitchen for food delivery. Maximaloans helped me to get a business loan from my preferred bank. The rate of interest is very much affordable and now I have started my kitchen, which is running very smoothly and is profitable.
Ananya Patel
All employees and staffs in Maximaloans are helpful. They are very co- operative and try to clearly understand customer’s needs. I felt very comfortable dealing with them through for my business loan from ICICI bank
Rishabh Jain
I have figured applying for business startup loans through Maximaloans is one of the smartest ways. If you are interested to save your time, efforts and money then you must try taking loan through Maximaloans. Once you experience how good this platform will work for you, you will never think of other alternatives. All my loan related queries and concerns are now addressed by Maximaloans- this is a one-stop solution.
Siddharth Singh
I never thought getting a business loan will be this easy. Great thanks to Maximaloans for offering such good platform for all loan requirements. I got business loans at 16% ROI and money was disbursed within 8 days of applying for loan
Priya Sharma
Maximaloans Business Loan FAQs
A business loan from Maximaloans is a financial product designed to provide funds to businesses for various purposes such as expansion, equipment purchase, inventory management, or working capital needs.
Loan amounts offered by Maximaloans typically range from a few thousands to several Lakhs. The specific amount you can borrow depends on factors such as your business's financial health, creditworthiness, and the specific requirements of the loan.
Business loans from Maximaloans are available to a wide range of entities including sole proprietorships, partnerships, LLCs, corporations, non-profit organizations, and startups.
Eligibility criteria for a business loan from Maximaloans include factors such as your business's creditworthiness, revenue, profitability, and your personal credit history.
To apply for a business loan from Maximaloans, you typically need to provide documents such as a comprehensive business plan, financial statements, tax returns for the business, and personal identification. Additional documentation may be required based on the specific loan application.
While the minimum CIBIL Score requirement for a business loan from Maximaloans is generally 650+, this can vary based on individual lender policies and other factors.
Maximaloans offers instant business loans to applicants who meet certain eligibility criteria including having a good credit score, stable revenue, and a low debt-to-income ratio. The business may also need to have been operational for a certain period.
Business loans from Maximaloans are typically unsecured, meaning borrowers do not need to provide collateral to secure the loan.
Maximaloans offers various loan schemes tailored to support different sectors and promote entrepreneurship and economic development. Some key schemes include Pradhan Mantri Mudra Yojana (PMMY), Stand-Up India Scheme, Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGTMSE), and others.
Yes, borrowers can typically pay off a business loan from Maximaloans early. However, it's essential to review the loan agreement for any prepayment penalties or fees that may apply.