Business Loan
Quick, digital & hassle-free
Purpose: Your data is collected exclusively to check your loan eligibility and securely connect you with your chosen lending partner. We process this information strictly in accordance with RBI guidelines to facilitate your application. We do not sell your data, and it is used exclusively to facilitate your loan application.
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A business loan is a form of financing that offers money to companies to finance expenses such as working capital, equipment acquisition, business growth, or cash flow management. Lenders like banks, NBFCs, and financial institutions provide these loans with certain repayment conditions and interest rates. Companies can opt for secured loans (collateral-based) or unsecured loans (no collateral) depending on their requirements and financial position.
Acquire a business loan at such low interest rates and without any collateral or security.
Follow the given below steps to apply for business loan from My Mudra:
Here are the fees you incur when you take a business loan from My Mudra
| Particulars | Charges |
|---|---|
| 1Loan Processing Fees | Loan processing charges are between 0.5% to 4% of the loan for an online business loan. |
| 2Pre-Payment Charges | For Floating Rate: NIL. For Fixed Rate: Usually around 2% – 5% on the principal amount for an instant business loan online. |
| 3Stamp Duty Charges | Stamp duty charges are applicable as per actuals when you apply business loan online. |
| 4Legal Fees & Charges | Legal fees are applicable as per actuals when securing a quick business loan. |
Calculate your monthly payments with our Business Loan EMI Calculator. Simply input the loan amount, interest rate, and tenure to know how much you'll have to pay every month for your business loan. It enables you to plan ahead of time before applying for a business loan online or availing an instant business loan with fast approval from My Mudra.
On a certain date, a borrower makes an instalment payment to a lender. The EMI is fixed during the period of the loan. This is one of the most widely used business loan repayment forms to ensure regular and easy payments.
Foreclosure involves repaying the entire outstanding amount of the business loan prior to the deadline. An instant business loan has a lock-in period during which you may opt for foreclosing the outstanding amount. If you have some additional income, foreclosure helps you save interest payments.
To meet your financial objectives and budget, we offer low interest rates.
We make sure you can easily and peacefully repay your loan with our flexible repayment alternatives.
Using My Mudra, you can count on a simple and rapid approval process that gives you access to funds exactly when you need them.
At every stage of the loan procedure, our focused customer support team is here to help.
Directly assisting you in all major cities with instant business loan tailored for your growth.
Join 50,000+ happy customers served across India
Purpose: Your data is collected exclusively to check your loan eligibility and securely connect you with your chosen lending partner. We process this information strictly in accordance with RBI guidelines to facilitate your application. We do not sell your data, and it is used exclusively to facilitate your loan application.
Obtain a business loan in few hours.
You can repay your loan over period of 18-48 months.
My Mudra will assign a financial advisor to a customer which makes the overall process more efficient.
Keep your savings intact by not using them for repayment. Enjoy tax benefits.
Step 1: Enroll with your mobile number to begin your business loan apply process.
Step 2: Enter your business loan details online.
Step 3: Share your business details to apply for a quick business loan.
Step 4: Receive a verification message for your business loan online approval.
Step 5: Our financial advisor will call you to assist you with the next step.
Step 6: Get your instant business loan credited quickly.
Part-prepayment enables you to pay off a part of your business loan in the form of multiple EMIs. This decreases the interest burden and outstanding principal. If you get more funds, you can utilize them for part-prepayment to pay off your business loan amount sooner.
In a bullet repayment, the borrower makes only the interest monthly and pays off the whole business loan amount at the term's end. This is suitable for businesses anticipating large future cash inflows.
Revenue Requirement
The company needs to have a minimum revenue of ₹40 lakhs to be eligible for an instant business loan.
Experience Criteria
Applicants should have at least three years of experience in the current industry and a total of five years of business experience to apply for a business loan online instant approval.
Profitability
The firm should have been profitable over the past two years in order to get an online business loan.
Minimum Total Requirement (MTR)
The business's Minimum Total Revenue (MTR) should be at least ₹1.5 lakhs to qualify for a fast business loan online.
Documents Required for Business Loan