| BANKS/NBFCs | INTEREST RATES | LOAN TENURE | PROCESSING FEES | |
| Standard Chartered Bank | 15%-18% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| Deutsche Bank | 16%-18% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| HDFC Bank | 15%-18% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| ICICI Bank | 15%-18% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| Kotak Mahindra Bank | 15%-18% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| Axis Bank | 15%-18% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| RBL | 15%-18% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| IDFC First bank | 15%-18% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| Yes Bank | 16%-18% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| Aditya Birla Finance Limited | 16%-19% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| Tata Capital | 16%-19% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| Hero Fincorp Ltd | 16%-19% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| Bajaj Finance ltd | 16%-19% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| NeoGrowth | 16%-19% (p.a) | 1-4 Years | Upto 2% | Apply Now |
| U Gro | 16%-19% (p.a) | 1-4 Years | Upto 2% | Apply Now |
Business Loan in Pune: Hey, Punekars! Pune is more than just a city; it’s a vibe that becomes a part of who you are. From the adorable little tea stalls serving amazing chai to the relaxed atmosphere of the Osho Ashram, Pune celebrates diversity and greets everyone with a heartfelt ‘Kas kay?’ that warms your soul.
Pune, with its rich history, has seen the rise and fall of empires, from the Marathas to the British. With classical music floating in the air and the tempting aroma of authentic Maharashtrian cuisine, Pune welcomes you with open arms.
Pune’s economy is marked by a diverse range of industries, including but not limited to information technology, manufacturing, education, and various services. The city’s advantageous geographical position, coupled with its highly skilled labor force and favorable business environment, has solidified its position as a prominent contributor to India’s overall economic prosperity.
The Economy of Pune
Pune, also known as the “Oxford of the East,” is a happening place with top-notch educational institutions. It has become a hotspot for industries, technology, and services. Pune is a major IT hub in India, with a bunch of software companies, IT parks, and research centers. The IT sector here is booming and attracting big players and startups from around the world.
The manufacturing sector is also thriving, creating jobs and driving industrial growth. Pune’s real estate and infrastructure have seen significant growth too. With the expansion of the Pune Metro, better road networks, and new residential and commercial projects, Pune is becoming more modern and urban.
It’s also a great place for startups, with a supportive ecosystem of incubators, accelerators, and co-working spaces. Startups from various industries are flocking to Pune, making it a vibrant hub for entrepreneurship and innovation.
Types of Business Loan in Pune
There are various types of Business Loans offered in Pune, some of which include:
| Business Loan Type | Uses |
| Unsecured Business Loans | These are term loans used to finance long-term or short-term business needs and can be used for Business Expansion/Business Operations. |
| Working Capital Loans | They are used to finance short-term business needs and can be used for cash flow management, Business Operations, and to fulfil short-term liabilities. |
| Secured Business Loans | They are usually taken against the security of collateral and used for financing long or short-term business needs. They usually have lower interest rates than an unsecured business loan due to collateral security. |
| Loans against Property | Business Loans against Property are taken against the security of commercial, industrial, or residential property and may have a higher loan amount sanctioned based on the market value of the property and the LTV ratio. |
| Equipment Loans | Equipment Loans are usually taken to upgrade machinery or to buy new equipment. |
| Bill Discounting/Invoice Discounting | Bill Discounting is usually used to finance the working capital needs of a business. |
Business Loan EMI Calculator
Purpose of Business Loan in Pune
Pune’s buzzing economy often encourages businesses to expand, open new branches, or invest in more resources. Business loans can help with this by providing the money needed for infrastructure, equipment, or technology upgrades. In Pune, where the IT and technology sector is booming, businesses often seek loans to invest in the latest technologies, software, and infrastructure.
To stay ahead of the competition, innovation is key, and business loans can help support these initiatives. Pune is also known for its thriving startup scene, and many entrepreneurs look for business loans to fund their ventures, covering costs like setup, product development, marketing, and other expenses that come with launching a new business.
To stay visible and competitive in Pune’s market, businesses often need to invest in marketing and advertising campaigns. Business loans can provide the funds necessary for promoting products or services, expanding customer reach, and building brand awareness.
Eligibility Criteria for a Business Loan in Pune
To avail of a Business Loan in Pune, the borrower must fulfil the following eligibility criteria:
| Particulars | Requirement |
| Citizenship | The business owner must hold an Indian citizenship. |
| Age | The borrower must be at least 21 years old, and the maximum age must not be more than 65 years old at the time of loan maturity. |
| Business Vintage | The business must be at least 2 years old. |
| Credit Score | The promoter and the business must have a good credit score of over 650. The credit score of co-applicants is also checked wherever applicable. The credit score has a crucial role to play in determining the creditworthiness of the borrower. It determines the limit of the lender’s credit exposure based on the repayment history of the business. |
Documents required for a Business Loan in Pune
The documents required for a Business Loan in Pune may vary based on the type of business loan. However, the following documents are usually sought by banks and NBFCs for a small business loan in Pune:
| KYC Documents of the owner and the business:The foundation of your journey. For both you and your business, we require: | 1. Personal Identification: PAN Card, Aadhaar Card, Voter’s ID Card, Driving License, etc.2. Address Proof: Passport, Utility Bills, Lease Agreement, Trade License, etc.3. Business Legitimacy: GST Registration, UDYAM Registration, Business PAN Card, Licenses issued by Municipalities, Registration certificates from relevant authorities, etc.. |
| Financials:Your economic blueprint, essential for a tailored loan strategy, includes: | 1. Narratives: ITR filings for the last 2 years, complete with Income Computation.2. Business Health Check: Audited Balance Sheets and Profit & Loss Statements for the last 3 years, certified by a CA. Bank Statements from the last 2 years, revealing your financial journey.3. License issued by Municipalities, GST Registration Certificate, Registration certificates by appropriate authorities, etc |
| Proof of Ownership or Collateral Documents(In case of secured loans) | 1. Proof of ownership or collateral documents, including property deeds, sale agreements, possession letters, and asset valuation (if applicable). |
Interest rates and Charges on a Business Loan in Pune
The interest rates on a Business Loan in Pune can vary from lender to lender. However, here is an overview of the interest rates and charges on various types of business loan in Pune:
| Business Loan Type | Interest Rate |
| Unsecured Loans | Starting from 16% p.a. |
| Working Capital Loans | Starting from 9% p.a. |
| Secured Business Loans | Starting from 8.85% p.a. |
| Loans against Property | Starting from 8.85% p.a. |
| Equipment Loans | Starting from 9% p.a. |
| Bill Discounting/Invoice Discounting | As per the financial institution |
Additionally, banks and other financial institutions also charge processing fees which can vary based on the loan type and usually range from 1% to 2% of the loan amount.
Interest rates by various banks and NBFCs for Loan Against Property in Pune
| Banks / NBFCs | Interest Rates | Tenure | Processing Fees |
| HDFC Bank | Starting 8.80% | Maximum 15 years | 0.50% |
| ICICI Bank | Starting 9% | Maximum 15 years | 0.75% |
| Kotak Mahindra Bank | Starting 9% | Maximum 15 years | 0.75% |
| Axis Bank | Starting 9% | Maximum 15 years | 0.50% |
| IDFC Bank | Starting 9% | Maximum 20 years | 1% |
| Standard Chartered Bank | Starting 9% | Maximum 15 years | 0.50% |
| Deutsche Bank | Starting 9% | Maximum 15 years | 0.75% |
| Bajaj Finance | Starting 9.5% | Maximum 15 years | 1% |
| L&T Finance | Starting 9.5% | Maximum 15 years | 1% |
| India Bulls | Starting 10% | Maximum 15 years | 1% |
| RBL Bank | Starting 9% | Maximum 15 years | 1% |
| Hero Fincorp | Starting 10.50% | Maximum 15 years | 1% |
| HDB Finance | Starting 9.5% | Maximum 15 years | 1% |
| HSBC | Starting 9% | Maximum 15 years | 0.50% |
| Shinhan Bank | Starting 9% | Maximum 15 years | 0.50% |
| AU Small Finance Bank | Starting 9.25% | Maximum 15 years | 1% |
How to apply for Business loan in Pune through OneNDF
The process of applying for Business loan in Pune may differ based on the type of business loan availed.
Many banks at times provide business loans specifically catering to the business cash flow requirements of MSMEs, however, given the lack of knowledge about business loans offered and the opaqueness in the loan application process, small businesses are often unable to get any financial support and end up running from pillar to post to get a business loan.
To apply for a business loan on OneNDF, please follow these streamlined steps:
1. Sign-Up Process:
- Click on the “Sign-up” button to begin your journey with OneNDF or Click here
- Enter your mobile number to receive a One-Time Password (OTP) for verification.
2. Business Authentication:
- After signing up, provide your PAN number. This step is crucial for verifying your business identity.
3. Registration and Profile Completion:
- Complete the registration process to build your profile on the platform. A comprehensive profile increases the success rate from initial login to loan sanction.
4. Credit Score Check:
- We will conduct a soft-pull of your credit score. This process does not generate an inquiry, thus not affecting your credit score.
5. Financial Information:
- You can upload the Downloaded ITR for your business (detailed PDF) or you can authenticate the credentials for the ITR portal and we will fetch this information and give you a snapshot . This helps in assessing your business’s financial stability.
6. GST Returns:
- Authenticate the GST credentials. Loans are provided to MSME clients, including both self-employed professionals and non-professional business owners based on their GST returns. ((This information can serve as a quick snapshot to help you understand your business better. It allows you to identify your top suppliers and buyers and monitor your returns effortlessly with just a click, eliminating the need to rely on your accountant for this data.))
7. Banking:
- Provide banking details for the last 12 months. This helps in analysing your banking turnover and financial transactions.
Upon completing these steps, we will tailor loan offers from lenders that best fit your requirements. Additionally, a comprehensive profile of your business will be created. This profile not only helps you understand your current business health but also provides recommendations on improving key financial ratios to maintain a healthy bottom line.
FAQs
How to go about getting a business loan in Pune?
You can apply for a business loan in Pune through different banks, financial institutions, or even online lending platforms. Usually, all you’ve got to do is fill out an application form and hand in some important documents like business plans, financial statements, and KYC documents.
What’s the interest rate for business loan in Pune?
Interest rates can differ depending on things like who you’re borrowing from, how much you’re borrowing, how long you’ll be borrowing for, and how trustworthy the lender thinks you are. It’s a good idea to check out rates from different lenders to find the best deal.
Do you need collateral for a business loan in Pune?
Whether or not you need collateral for a business loan and what kind of collateral you need all depends on the type of loan and the lender’s rules. Some loans might require you to put up collateral, like property or assets, while others might not need any collateral at all.
Can I prepay a business loan in Pune? Are there any penalties for early repayment?
Some lenders let you pay off a business loan early, but the rules might be different for each loan. Some loans might make you pay a fee if you want to pay it off early, so it’s really important to know the rules before you decide what to do.
Can I get a business loan in Pune with a low credit score?
Having a good credit score means it’s more likely for a bank to say yes when you ask to borrow money. But sometimes, even if your credit score is not as good, the bank might still say yes. However, they might charge you more money in interest.
