Compare and Apply Business Loan in Gurgaon
Business Loans in Gurgaon
As a center for finance, development, industry, and technology in North India, Gurgaon has thrived into a key location for numerous businesses in recent times. Gurgaon is home to numerous businesses, as top companies have their offices in the city. The millennial city significantly boosts the pace of industrial output in the nation.
Gurugram is distinguished by its planned infrastructure, development, and modern facilities. Collaborations between the private and public sectors in this city have resulted in significant expansion in the real estate and various industrial sectors of the state. Thus, it can accurately be stated that Gurugram ranks among the top locations in India to launch a business.
Table of Contents
What are the interest rates and charges for business loans?
The interest rates on Small Business Loans in Gurgaon can vary from lender to lender. However, here is an overview of the interest rates and charges on various types of business loans in Gurgaon:
| Business Loan Type | Interest Rate |
|---|---|
| Unsecured Loans | Starting from 16% p.a. |
| Working Capital Loans | Starting from 9% 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 |
Compare business loan interest rates across different banks and NBFCs
| Bank/ NBFCs | Interest Rate | Tenure | Processing Fee |
|---|---|---|---|
| SBI Bank Business Loan | 14% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| IndusInd Bank Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| SMFG Business Loan | 17% – 21% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Bank of Baroda Business Loan | 17% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| HDFC Business Loan | 14% – 18% p.a. | 1-4 years | Up to 2% of loan amount |
| ICICI Bank Business Loan | 16% – 18% p.a. | 1-4 years | Up to 2% of loan amount |
| Axis Bank Business Loan | 15% – 18% p.a. | 1-4 years | Up to 2% of loan amount |
| Standard Chartered Bank Business Loan | 15% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Deutsche Bank Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Kotak Mahindra Bank Business Loan | 15% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| RBL Bank Business Loan | 15% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| IDFC First Bank Business Loan | 15% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Aditya Birla Finance Ltd Business Loan | 17%-18% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Yes Bank Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Tata Capital Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Hero Fincorp Ltd Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Bajaj Finserv Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| NeoGrowth Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| U Gro Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
Business Loan EMI Calculator
Applicants can use the Business Loan EMI Calculator given below to calculate the EMIs and total interest cost payable the loan tenure depending on the interest rate, loan amount and loan tenure offered by the lender.
Eligibility Criteria
The eligibility criteria for business loan in Gurugram are as follows:
| Eligibility Criteria | Details |
|---|---|
| Age (May vary across lenders) |
|
| Minimum Business Vintage |
|
| Minimum Business Turnover |
|
| Credit Score |
|
| Minimum Income |
|
| Eligible Entities |
|
Also Read: Business Loan eligibility criteria in India
Documents Required for a Business Loan
The documents needed for a Business Loan in Gurgaon can differ depending on the kind of business loan. Nevertheless, banks and NBFCs typically require the following documents for a small business loan in Gurgaon:
| Document Category | Details |
|---|---|
| KYC Documents |
|
| Business-Related Documents |
|
| Financial Documents |
|
| Other Important Documents |
|
Types of Business Loan
There are various types of Business Loans offered in Gurgaon, 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. |
| 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. |
How to Apply for Business Loan in Gurgaon through OneNDF
When seeking a business loan at OneNDF, you won’t have to deal with excessive paperwork or endure a long, tedious process. Here’s how to go about it:
To apply for a business loan on OneNDF, please follow these streamlined steps:
Step 1: Go to the official site of OneNDF and either sign up or log in.
Step 2: Sign up for the funds with your mobile number and create a one-time password.
Step 3: Submit the necessary financial or identification paperwork.
Step 4: Fill out the business loan application form.
Step 5: With OneNDF, you will connect with various lenders eager to offer you excellent rates on their business loan options.
That’s all! Your application has been sent. A member of our team will reach out to you soon to assist you with the upcoming steps.
FAQs
What is the limit of business loans?
Business loans are generally provided as per the needs of the eligible business owners. The business loan amount can however range from INR 50,000 to INR 5 Crores and upto 100 crores for secured business loan against property.
What is the maximum tenure of a business loan?
The maximum tenure of a business loan is 5 years.
What is the maximum age to be eligible for a business loan?
The maximum age required in order to be eligible for a business loan is 65 years.
Are there any foreclosure charges imposed on business loans in Gurgaon?
The application of foreclosure charges varies from lender to lender. Some Lenders permit you to foreclose your loan early without any penalties while some might impose charges for early closure of your loan amount.
Can I use a Business Loan to buy a new office space in Gurgaon?
Yes, one can take up a business loan to expand or buy an office space in Gurgaon.
Can I make lump sum reduction to my business loan?
Indeed, you have the option to make a lump-sum payment towards the principal of your business loan, potentially reducing both the loan duration and total interest costs; however, it’s essential to check your loan agreement for any penalties related to prepayment.
