Welfortune Logo
🧮 Calculate EMI
✖

Monthly EMI: 0

Principal Amount: 0

Interest Payable: 0

Total Amount payable: ₹ 0

Get Closer to Your Goals
with a Instant Business Loan

Explore flexible Business Loan options tailored to meet your needs.

Man holding coin


Business Loan

1
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.

2
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.

3
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

Eligibility Criteria & Eligible Entities

  • Business Type: Loans available for sole proprietorships, partnerships, LLCs, corporations, etc.
  • Credit Score: A good score is required; lenders assess your credit history.
  • Business Age: Minimum operational history of 1 year (may vary).
  • Annual Revenue: Must meet minimum revenue threshold.
  • Collateral: Secured loans require valuable assets.
  • Cash Flow: Should be strong and consistent.
  • Age Criteria: Min. 21 years at application, Max. 65 at loan maturity.
  • Eligible Entities: Individuals, MSMEs, Sole Proprietors, Partnerships, Pvt & Ltd Companies, LLPs, etc.
  • Business Vintage: Minimum 1 year or above.
  • Business Experience: At least 1 year in same location.
  • Annual Turnover: Defined by the Bank/NBFC.
  • Credit Score: 700+ preferred.
  • Nationality: Indian Citizens only.
  • Ownership: Must own residence/office/shop/godown.

Documentation for Business Loans

  • ITR for past 2–3 years
  • Bank statement for last 12 months
  • Photocopy of PAN Card
  • Residential Address Proof: Voter ID, Passport, Aadhaar, Telephone/Electricity Bill
  • Business Address Proof: Telephone or Electricity Bill
  • Last year's financials and upcoming year's projections
  • Company profile on official letterhead
  • Photographs of promoters and property owners (2 each)
  • Existing loan sanction letter and repayment schedule
  • GST registration certificate + last 2 years’ GST returns
  • DVAT/Sales Tax registration copy
  • Udyam Aadhaar registration certificate
  • Rent agreement of residence/factory (if rented)
  • 3-year business continuity proof (e.g., old ITR or registration)
  • For Pvt Ltd Companies: Company PAN, COI, MOA, AOA, Director list, shareholding pattern
  • For Partnerships: PAN & Partnership Deed

How to use Business Loan EMI Calculator

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:

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:

Particulars Charges
Loan Processing Fees 1.5% to 5% of Loan Amount
Loan Cancellation Usually 0 to 5% of Loan Amount
Stamp Duty Charges 60/- to 600/-
Legal Fees Nil
Penal Charges Nil
EMI / Cheque Bounce 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

4/5

All employees and staffs in Welfortune 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

Reviewer 1 PRANALI FATAK
4/5

I was a housewife and wanted to start my own kitchen for food delivery. Welfortune 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.

Reviewer 2 DHARA GORI
4/5

I never thought getting a business loan will be this easy. Great thanks to Welfortune 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

Reviewer 3 SATISH UPARE
4/5

I have figured applying for business startup loans through Welfortune is one of the smartest ways. If you are interested to save your time, efforts and money then you must try taking loan through Welfortune. 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 Welfortune - this is a one-stop solution.

Reviewer 4 SANJAY GANDHI

Business Loan FAQs

A business loan is a type of financing provided to businesses for various purposes, such as starting a new business, expanding operations, purchasing equipment, or managing cash flow. The amount one can borrow depends on several factors, including the lender's policies, the borrower's creditworthiness, the purpose of the loan, and the financial health of the business. Typically, business loans can range from a few thousands to several Lakhs. Lenders assess the borrower's ability to repay the loan based on factors such as credit score, business revenue, and profitability.

Business loans are available to various entities, including sole proprietorships, partnerships, LLCs, corporations, non-profit organizations, and startups. Eligibility is typically based on factors like the business's creditworthiness, revenue, profitability, and the borrower's Business credit history. Each lender may have specific criteria, so it's advisable to check with them for exact requirements.

To get a business loan, you typically need to provide a business plan, demonstrate a good personal and business credit score, submit financial statements and tax returns for your business, and possibly offer collateral. Additional requirements may include legal documents, bank statements, and personal identification. Requirements can vary, so it's best to check with the lender for the specific documentation needed for your loan application.

Udyam Registration, or MSME Registration, is a special card granted to small and medium-sized businesses by the government of India. This card has a unique number and a certificate stating that the company is a micro, small, or medium enterprise. This Udyam registration helps MSMEs secure loans with lower interest rates, reduced collateral requirements, and faster processing times, making it easier for small businesses to grow and thrive. By registering under Udyam, businesses can also gain access to government subsidies, tax benefits, and other financial support tailored to their needs. This initiative is part of the government's broader effort to promote entrepreneurship and support the growth of MSMEs in India.

Minimum Cibil score required for acquiring a business loan is generally 650+ but it also depends on various lenders.

How can I qualify my business for an instant business loan? To qualify for an instant business loan, you typically need a good credit score, stable revenue, and a low debt-to-income ratio. Lenders may also require your business to have been operational for a certain period. Meeting these criteria increases your chances of qualifying for an instant business loan, which can provide quick access to funds for your business needs.

Business loan is an unsecured loan in which one doesnt need any collateral to secure a loan from any lender.

The Government of India has initiated several loan schemes to support various sectors and promote entrepreneurship and economic development. Some key loan schemes include:

  1. Pradhan Mantri Mudra Yojana (PMMY)
  2. Stand-Up India Scheme
  3. Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGTMSE)
  4. Startup India Scheme
  5. Prime Minister's Employment Generation Programme (PMEGP)
  6. Credit Linked Capital Subsidy Scheme (CLCSS)
  7. National Rural Livelihoods Mission (NRLM)

These schemes are aimed at providing financial support and promoting entrepreneurship across various sectors of the economy.

Qualifying for a business loan typically involves having a good personal and business credit score, a minimum level of business revenue, and a certain amount of time in business. Lenders may also require financial statements, a business plan. Meeting these criteria can improve your chances of qualifying for a business loan, but requirements can vary among lenders.

Yes, it is possible to get a business loan with bad credit, but it can be more challenging. Some alternative lenders specialize in providing loans to businesses with less-than-perfect credit, but they may charge higher interest rates. Offering collateral or having a co-signer with good credit can also increase your chances of approval. Additionally, working on improving your credit score before applying can help you qualify for better loan terms.

You can use a business loan for various purposes, such as expanding your business, purchasing equipment or inventory, hiring staff, launching marketing campaigns, renovating or expanding your premises, managing cash flow, consolidating debt, or investing in new technology. Business loans provide flexibility to address your specific business needs and can help you achieve your growth and expansion goals.

Yes, you can usually pay off a business loan early, but it's important to check your loan agreement for any prepayment penalties or fees that may apply. Some lenders charge a fee if you pay off the loan before the agreed-upon term, while others allow early repayment without penalties. If you're considering paying off your business loan early, contact your lender to understand any potential fees and to discuss your options.