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Small Business Loan
Small Business Loan
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Just like large enterprises, small businesses such as local Kirana stores, electronic repair shops, bakeries, and clothing stores need funding from time to time. In most cases, such businesses require short-term finances to fulfill their urgent cash flow requirements, which can include paying wages to staff, making payments to vendors, or upgrading workplace infrastructure.
Tata Capital’s small business loans are tailor-made loans to help micro and small businesses in India meet their urgent monetary requirements. We provide affordable loans for small businesses in India with easy eligibility criteria and minimal documentation. You can apply for an online business loan at Tata Capital and get the funding from the comforts of your home or office.
Loan Amount
Rs. 1 Lakh to Rs. 90 Lakhs
Loan Tenure
12 months to 60 months
Interest rate starting @
A business loan EMI calculator is an online tool that helps you determine the amount you will need to pay monthly for repayment of your business loan. Tata Capital’s Business Loan EMI Calculator is incredibly quick and easy to use. You can simply enter the required values in the relevant boxes, and our EMI calculator business loan will instantly display your business loan EMI and the total interest amount payable on your business loan. By knowing your business loan EMI in advance, you can manage your expenses and plan your repayments accordingly.
The EMI calculation formula used by the calculator is:
EMI = [P x r x (1+r) ^n]/[(1+r) ^n-1]
Here,
P = Principal amount
r = Monthly interest rate
n = Loan tenure in months
Suppose you take a small business loan of Rs. 10 lakh at an interest rate of 12% for 3 years. For the purpose of business loan EMI calculation,
P = 10,00,000
r = 12/12 = 1
n = 12 x 3 = 36
Using these values in the formula given above, your monthly EMI will be around Rs. 33,214.
Loan amount
Loan duration
Loan duration
Rate of interest
Monthly EMI
Total Amount Payable
0*
Total Interest Payable
0*
Total Amount Payable
Total Interest Payable
We provide small business loans in India to anyone who can fulfill our business loan eligibility criteria. Below is a list of businesses or customers who can apply for a loan for a small business with us:
Self-employed individuals
Sole proprietor small enterprises consisting of manufacturers, retail and wholesale trade, and service customers
At Tata Capital, we provide loans for small businesses with easy eligibility criteria and minimum documentation. Below are the eligibility requirements you need to fulfill to avail of our small business loan:
Your age should be between 21 and 60 years (at the time of the last EMI).
You should have a business vintage of at least two years
Your business turnover should indicate an upward trend
Please note that our small business loan eligibility criteria may include some other parameters as well.
Here are key factors affecting your eligibility for business loans for small businesses:
Location: Your business location influences loan approval, as lenders assess regional economic conditions and market viability.
Business Vintage: Lenders prefer businesses operating for at least 2-3 years in the same line, demonstrating income stability and a proven business model.
Business Income and Turnover: Higher annual turnover qualifies you for larger loan amounts.
Credit History and Score: This has the largest impact on small loans for small business eligibility. A score above 750 significantly improves approval chances.
Business Banking Hygiene: Healthy transactions in your business bank account, maintained balances, and regular deposits reflect financial discipline and positively impact your small business lending eligibility.
Business Premise Ownership: If you own your residence or business property, it increases credibility and demonstrates asset stability to lenders.
At Tata Capital, interest rates for a small business loan are competitive, starting at 12% p.a. We determine the final interest rate for your specific loan after evaluating factors such as your income, business turnover, credit score, and other relevant details.
The additional fees and charges applied to the loan will be communicated to you during loan processing. These include:
1. Processing fees: This is a one-time fee charged to review and process your loan application. We charge 3% of the loan amount plus taxes.
2. Prepayment or foreclosure charges: If you repay the loan partially or in full before the end of the agreed tenure, you may be liable to pay a fee. It is generally 4.5% of the prepayment amount or the outstanding principal at the time of foreclosure.
3. Late payment charges: If your payments are delayed or missed, you are charged a penalty of 3% per month on the defaulted amount.
4. Documentation charges: A nominal fee of Rs. 1,999 is charged for preparing loan documents or completing administrative formalities.
Before exploring instant small business loans, it's essential to understand how lenders determine interest rates.
Several factors influence small business financing rates, such as:
1. Strengthen Your Credit Profile: A strong credit profile can make you eligible for lower small business financing rates. Review your credit report before applying and correct any errors that may negatively impact your score.
2. Compare Multiple Loan Offers: Interest rates can vary widely across lenders. Comparing offers from different lenders offering instant small business loans allows you to identify the most cost-effective option.
3. Negotiate with Lenders: If your business has stable revenue, a strong lending history, or successful repayment records, leverage these to negotiate better rates. Existing lending relationships can unlock preferential small business financing rates.
4. Choose a Shorter Loan Tenure: If your cash flow allows, opting for a shorter repayment period can help you secure more favorable interest rates for startup business loans.
Before proceeding with your loan application for a small business, here are some things you must do:
Assess your loan requirement carefully before you apply for a small business loan to avoid unnecessary debt.
Check the eligibility criteria set by some of the best small business loan lenders to improve approval chances.
Evaluate your repayment capacity to manage EMIs comfortably for instant small business loans.
Compare interest rates, processing fees, and hidden charges across lenders.
Ensure accurate documentation to avoid delays in your small business loan application process.
To apply for a small business loan, you must produce the following documents:
With Tata Capital, you can get a loan for a small business in India without any hassles. Here are a few reasons why you should choose to apply for our small business loan:
After receiving your application for a small business loan, we will start a verification process. Upon successful verification, the loan amount will be transferred to your bank account. Now, what next?.
How you choose to spend your startup loan will have a big impact on your business. It’s imperative to have a strategic plan to put your business funding to work. Here are a few ideas on how you can use a small business loan:
The answer depends on your definition of ‘poor’. Generally, the higher the credit score, the more chances you have of getting a small business loan. However, if your credit score is poor or low, the loan you get will carry a higher interest rate.
The terms and eligibility criteria for a small business loan are usually the following:
Small business loan interest rates vary greatly from lender to lender. The best method to choose an interest rate is to check all the conditions before confirming your choice with the lender.
There are multiple financial options available for small businesses. Some of them are:
Depending on the type of loan you require, you can choose the most relevant financial option.
To support women entrepreneurs, there are several ways for them to get a small business loan. One of them is getting an exclusive business loan for women that offers flexibility in loan amounts, discounts on rates, and quick disbursement.
The documents needed along with your loan application for a small business loan usually consist of the following:
Before applying for a business loan, individuals and businesses must ensure they meet the required criteria to qualify for one. These include the following list:
If you are unable to repay a business loan, your credit score will take a huge hit. In worst case scenarios, you will even find your assets being taken over by the lender. Thus, it’s a good idea to determine how much you need before applying for a loan.
If you are the sole proprietor of the business, then a small business loan can affect your credit score. Failing to pay your dues on time can have adverse effects on your score, so it’s best to research how much you need.
To be eligible for a small business loan, a person must be at least 21 years old with a business vintage of at least two years and an upward business turnover trend.
Yes, you can get a loan to start a new business. However, you must have a strong credit history, adequate repayment capability, and a solid business plan.
No, Tata Capital offers collateral-free small business loans of up to Rs. 90 lakh, allowing you to fund your startup without pledging any asset.
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