NeoGrowth Business Loan
NeoGrowth Business Loans are designed to empower retailers, manufacturers, distributors, and service providers with instant financial support tailored to their specific needs. Offering loan amounts ranging from ₹1 lakh to ₹75 lakhs, NeoGrowth ensures a hassle-free process with minimal documentation and quick disbursals.
Retailers of goods and services can benefit from collateral-free business loans, with daily repayments starting as low as ₹188 per lakh. For larger businesses, the collateral-based options provide flexible repayment plans and the opportunity to secure loans against 100% of property value, ensuring businesses can access the capital they need to thrive.
The NeoGrowth suite of loans includes specialized products such as Supply Chain Plus for traders and manufacturers, Purchase Finance for existing customers, and the Accelerator program for GST-registered entities.
Additionally, offerings like Vendor Finance cater to manufacturers and service providers supplying large corporates, while various NeoCash products meet the unique needs of retailers. With loan tenures extending up to 144 months, NeoGrowth Business Loans provide a comprehensive financial solution that fosters growth and sustainability for businesses across diverse sectors.
Table of Contents
Types of Business Loan offered By NeoGrowth
Here are the different types of business loans offered by NeoGrowth:
| Type of Business Loan | Who Can Borrow | Benefits | Loan Range | Business Operations | Loan Tenure |
|---|---|---|---|---|---|
| NeoCash | Retailers | Flexible repayment; collateral-free | ₹30 lakhs to ₹75 lakhs | Minimum 3 years | 24 to 36 months |
| NeoCash Express | Retailers | Flexible repayment; digital application; collateral-free | ₹21 lakhs to ₹30 lakhs | Minimum 2 years | Up to 720 days |
| NeoCash Insta | Retailers | Daily repayment; digital application; collateral-free | ₹1 lakh to ₹20 lakhs | Minimum 2 years | 500 to 720 days |
| NeoCash Plus | Retailers | Up to 100% loan against property; consolidate unsecured debt; secured loan options | ₹10 lakhs to ₹75 lakhs | Minimum 3 years | 72 to 144 months |
| Vendor Finance | Manufacturers and service providers (suppliers to large corporates) | Easy sanctioning based on relationships with large corporates | ₹30 lakhs to ₹75 lakhs | Minimum 3 years | 18 to 36 months |
| Accelerator | GST-registered manufacturers, distributors, traders, dealers, service providers | Collateral-free term loans with a hassle-free process | ₹15 lakhs to ₹30 lakhs | Minimum 3 years | 24 to 30 months |
| Purchase Finance | Existing NeoGrowth Supply Chain customers | Pay interest only on utilized funds; digital invoice upload; zero processing fees; credit limit | ₹5 lakhs to ₹10 lakhs | N/A | 510 days (first 360 days for utilization) |
| Supply Chain Plus | Traders, manufacturers, and service providers | Up to 100% loan against property; consolidate unsecured debt; secured loan options | ₹10 lakhs to ₹75 lakhs | Minimum 3 years | 72 to 144 months |
NeoGrowth Business Loan Interest Rate, Fees & Charges
- Interest Rates: 15% – 40% p.a.
- Loan Amount: Up to ₹75 lakh
- Tenure: Up to 7 years
- Processing Charges: Up to 5%
NeoGrowth Business Loan Interest Rate
| Loan Type | Interest Rate (p.a.) |
|---|---|
| NeoCash Insta | 30% – 40% |
| NeoCash Express | 28% – 40% |
| NeoCash Retail | 18% – 40% |
| Accelerator | 23% – 27% |
| Vendor Finance | 18% – 30% |
| PLUS Loans | 15% – 25% |
| Purchase Finance | 29% – 30% |
Fees Overview
| Loan Type | Charges |
|---|---|
| NeoCash Retail | Up to 5% of loan amount |
| Vendor Finance | Up to 5% of loan amount |
| NeoCash and Vendor Finance Plus Loans | 2% of loan amount |
| Accelerator | Up to 3% of loan amount |
Source: neogrowth website
Features & Benefits of Business Loan
- Quick approval and disbursal, allowing businesses to access funds almost immediately.
- Loan amounts ranging from ₹1 lakh to ₹75 lakhs, catering to various business sizes and needs.
- Collateral-free options available, reducing the risk for borrowers.
- Flexible loan types, including NeoCash, NeoCash Express, and Supply Chain Plus, tailored for different sectors.
- Minimal documentation required, simplifying the application process.
- Flexible repayment plans with daily and monthly options, and loan tenures of up to 144 months, providing ample time for repayment.
Documentation Required for Business Loan
KYC Documents
- Passport-sized photograph (not older than 6 months)
- PAN card of both the business and the applicant.
- Identity Proof (Driving License/Passport/Voter’s ID Card/Aadhaar Card)
- Address Proof of the applicant (Driving License/Passport/Voter’s ID Card/Aadhaar Card)
- Address proof of the business
Bank Statements: Bank and GST statements (last 6 months)
Income Documents
- ITR along with Computation of Income (last 2 years)
- Profit loss statements (last 2 years)
- Audited balance sheet
Proof of Business Continuation
- Establishment Certificate
- Sales Tax Certificate
- ITR
- Trade License
Other Documents
- Certified copy of Partnership deed or Sole Proprietorship Declaration
- Certified copy of MoA & AoA, and Board Resolution
Eligibility Criteria Required to avail NeoGrowth Business Loan
The eligibility requirements to avail NeoGrowth Business Loans are:
- Business Type: Must be a retailer, manufacturer, distributor, or service provider.
- Business Operations: Minimum operational experience of 2 to 3 years, depending on the loan type.
- Annual Turnover: Generally requires a minimum annual turnover of ₹10 lakh or more.
- GST Registration: For certain loan types (e.g., Accelerator), businesses must be GST-registered.
- Age Requirement: The business owner should be at least 21 years old and not older than 65 years at the time of loan maturity.
- Credit History: A good credit score and financial history are preferred for approval.
Also Read: What is Secured Business Loan?
How to apply for a Business Loan in NeoGrowth?
You can apply for a NeoGrowth Business Loan, by either visiting their nearest branch or going to the website and applying for the loan online.
Online Application Process
- Online Application: Visit NeoGrowth Website and instantly apply by clicking the “Apply Now” button for an instant business loan online.
- Enter your required details in the Application form and click on the submit button. An NeoGrowth representative will contact you shortly.
NeoGrowth Business Loan EMI Calculator
What are the Factors Responsible for business Loan
NeoGrowth provides business loans at an interest rate starting from 15% per annum. Securing a business loan with favorable interest rates and a flexible repayment period is crucial for applicants.
Given the typically substantial loan amounts associated with business loans, various factors come into play in determining the interest rates for NeoGrowth Business Loans.
These are:
- The Credit Score of the business owner or the company.
- Category of the business
- Business Vintage
- Profit and Annual Turnover of the business
Frequently Asked Questions
Q. For how many months can I borrow a Business Loan?
NeoGrowth offers flexible repayment options, allowing loan tenures of up to 144 months, depending on the profile of the customer and the specific loan type.
Q. Is there any security that I need to provide to get a NeoGrowth Business Loan?
NeoGrowth primarily provides collateral-free business loans, so you don’t need to offer any security or collateral to qualify for most loans. However, some secured loan options are available against property.
Q. What is the NeoGrowth business loan interest rate?
NeoGrowth offers business loans with interest rates starting from 15% per annum. The exact rate depends on various factors such as your credit profile and business performance.
Q. What are the documents required for NeoGrowth Business Loan?
To apply for an NeoGrowth Business Loan, you’ll need:
- KYC Documents: Recent passport-sized photograph, PAN card, and valid identity and address proofs (Driving License/Passport/Voter’s ID/Aadhaar Card).
- Bank Statements: Last 6 months of bank and GST statements.
- Income Documents: Income Tax Returns (ITR), Profit & Loss Statements, Audited Balance Sheet.
- Proof of Business Continuation: Establishment Certificate, Sales Tax Certificate, Trade License.
- Other Documents: Certified copy of Partnership Deed or Sole Proprietorship Declaration, MoA & AoA, and Board Resolution.
Q. How much loan can I get for business from NeoGrowth?
With NeoGrowth, you can get business loans ranging from ₹1 lakh to ₹75 lakhs, depending on your business needs, creditworthiness, and the specific loan type you choose.
Q. Can I get a business loan of 50 lakhs?
Yes, you can get a business loan of up to Rs. 50 lakh from NeoGrowth, provided you meet the eligibility criteria and have a strong business case.
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