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How To Apply For Business Loan

How can you take a Business Loan?

Running your own business can be a time consuming and stressful endeavour. That is why we have simplified our process to ensure your ease and comfort. Follow the simple steps to apply for a loan for business:

  • Visit our website
  • Select your business loan amount and tenure
  • Submit your application
  • Get the funds in your account

ONLINE

Apply for the Business Loan online, and get the right kind of business loan approved for you

PHONE

Got a question? Call us on our customer care number at 1860 267 6060 from 9am to 8pm Monday to Saturday. You can request a call back too.

VIRTUAL ASSISTANT

Don’t have time for someone to address your doubts. We give you real-time answers to all your queries with our 24/7 virtual assistant.

BRANCH

Visit our branch and talk to our lending expert.

Easy Payment

We offer the flexibility to create Business Loans with repayment solution that meet your specific needs. Our business loans are flexible and can be custom-built for your benefit.

No Security

There is no obligation whatsoever and no need to attach collateral when you apply for a business loan with us.

Quick Access to Finance

Get the money for your finance needs within just a few days.  The process is easy and quick to meet your urgent business requirements.

PLANNING TO TAKE A LOAN?

With Tata Capital's Business Loans, your quest for funds to set-up or expand your business ends here. We understand your need for quick and easy loans to make the best of the opportunities available. Our flexible Business loans can help scale your business to new heights while keeping in mind your unique business requirements. Watch this video to know more about our Business Loan offerings.

FAQ

Yes, you can apply for a business loan online in the following steps –

  • Fill out the online Business loan application form. Along with the business loan application, submit the documents your lender requires

  • Your lender will verify your documents and check your credit-worthiness after which your loan will be approved

  • Following loan approval, your lender will disburse to your bank account the principal loan amount

Depending upon your lender, you can apply for a business loan in the following different ways –

  • Online – You can choose the quick and hassle-free route of online business loan application via your lender’s website.

  • Phone – You can also give your lender a call on their customer care number and have a talk with their relationship managers.

  • Email – You can even send your lender an email on their customer support mail address.

  • Virtual Assistant – You can use your lender’s 24x7 online virtual assistant feature to apply for your business loan.

  • Offline – You can even visit a nearby branch of your lender and talk to their lending experts in person about your business loan.

No, you need not physically visit a branch of your lender for availing a business loan.

 Business loan interest is calculated on the basis of an amortization schedule, wherein the amount of interest you pay keeps on decreasing. The interest amount will be higher during the initial months of loan repayment and will gradually decrease during the latter half of the tenure.

Consider the following example – For a principal loan amount of Rs. 10,00,000 with an interest rate of 20% for a period of 2 years, calculate the monthly EMI by using the formula A = [r x P x (1+r)n]/(1+r)n-1], where E is the EMI, P is the principal loan amount, r is the rate of interest, and n is the tenure in months or use a quick and accurate online tool such as the business loan EMI calculator. For the given example, the monthly EMI = Rs. 50,896.

 

Months

Starting Balance

Interest Paid

Principal Paid

Ending Balance

May 2020

10,00,000

16,667

34,229

9,65,771

June 2020

9,65,771

16,096

34,800

9,30,971

July 2020

9,30,971

15,516

35,380

8,95,592

August 2020

8,95,592

14,927

35,969

8,59,622

September 2020

8,59,622

14,327

36,569

8,23,054

October 2020

8,23,054

13,718

37,178

7,85,875

Business loans are a useful credit facility extended to business owners on which interest is payable. So, in exchange for the business loan amount, lenders charge interest. There are three key components that make up a business loan. They are –

  • Principal loan amount – It is the amount of business loan that is borrowed from a lending institution.

  • Rate of interest – Expressed as a percentage, the rate of interest is the rate at which interest is charged on your business loan.

  • Loan tenure – Expressed in both months and years, the loan tenure is the time period for which the business loan has been taken and must be paid off. It is calculated from the date of first disbursement up to the date of the last disbursement.

The maximum and minimum amount of business loan that you can take is Rs. 75 lakhs and Rs. 5 lakhs respectively.    

No. Since processing fee is meant to cover the charges incurred by your lender in processing your business loan application, it is non-refundable, even if you cancel your loan application.    

Yes, part-prepayment of your business loan is allowed. However, such part-prepayment will accompany a certain fee. You can use a business loan prepayment calculator to calculate your part-prepayment eligibility.    

Yes, foreclosure of business loans will accompany foreclosure charges, levied as 4.5% on the future principal outstanding on existing loan + GST. You can use a business loan foreclosure calculator before planning to foreclose your business loan, in order to make an informed decision.

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