Running a business is a difficult task. One requires many assets as well as facilities to run an entity properly. One have to continuously think about its survival and growth. For startup or growth, financial need are mandatory. Money is required for expanding operations, to buy new assets or equipments or stock or to increase the working capital.
Aditya Birla Finance Business Loan is one of the best way to fulfil all the financial needs of the enterprise. It is one the most reputed banking institution of India. has a unique offering that it funds the entity without any security. It is a customized financial solution for small, medium and big size enterprises. It is a preferred choice of every businessman as it offers fixed interest rates throughout the loan tenure.
The Aditya Birla FInance business loan is available for the entities which needs funds to increase the production or to purchase new assets like machinery, land, buildings, computers, etc. The credit is available for the maximum amount of 1 crore INR. The maximum tenure is 4 years which is a very good period for an individual. The processing fee is of 1.5% of the credit amount is being charged by the institution. It provides a very attractive interest rates which is between 18.5% to 22 % per annum.
Features of Aditya Birla Finance Business Loans
- Unsecured loan: This bank provides unsecured loans which is an advantage for the individual. There is no need for any collateral security against the credit.
- Fixed Interest Rates: The interest rate will not change throughout the credit tenure. The applicant will pay the interest at the same and fixed rate during the whole time period of the credit.
- Minimum Loan Amount: The Minimum credit amount offered by the financial institution is 5 lakhs INR.
- Maximum loan amount: The maximum loan amount offered by this banking institution is upto 1 crore INR. This is a good amount for any small, medium as well as large size enterprise.
- Loan Tenure: The credit offered by the bank is between 12 months to 48 months( 4 years) which is compatible for every individual.
- Interest Rates: The interest rates charged on Aditya Birla finance Business Loans are very much liable for an individual. The rate of interest lies between 18.5% per annum to 22 % per annum.
- Processing fee: Processing fee charged by the institution is comparatively very low. It is just 1.5 % of the amount of credit.
- Repayment Options: There is a fixed repayment option. One can repay the credit amount through ECS (Electronic Clearing Service) or NACH ( National Automated Clearing House).
Eligibility for Aditya Birla Finance Business Loans
- Category: Any Salaried employee of government or private corporate, self employed entrepreneurs, traders, Individual entities, non individual entities, manufacturers, companies can apply for the credit in the bank.
- Age: Minimum age criteria for the salaried employee and self employed is 27 years. Maximum age criteria for the salaried employee is 60 years and for self employed maximum age is 65 years for the eligibility.
- Working experience: The minimum current working experience for the salaried employee should of 2 years and for the self employed the minimum current working experience should be of 3 years that the applicant should be working in the same entity for the given time period.
- Income: Minimum income of a salaried employee should be 2 lakh per annum.To be eligible for the credit, minimum income of a self employed should be 2.5 lakh per annum.
- Credit history: Clear repayment history in all the running or previously closed credits is mandatory for the eligibility of the credit.
EMI is simply the monthly amount that applicant have to pay to the bank in order to clear the credit. This institution provides fixed EMI rate. For the calculation of EMI, EMI calculator is the easiest and simplest way. The calculator provides relief from the complications of calculations and gives accurate result in very less time. With the help of EMI calculator the applicant can know the exact amount he have to pay to the bank. The applicant need to enter the principal amount. After that tenure of the credit is being entered with the rate of interest in the calculator. Then the calculator will compute the EMI amount and give the applicant an approximate idea for the credit installment.
Documents Required For Aditya Birla Finance Business Loans
- Proof of Identity: Passport copy / Voters ID card/ Driving License/ PAN card
- Address proof: Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement/ Passport copy/ Bank passbook or statement/ Driving License
- Age proof: PAN card/ Passport/ my other certificate from a statutory authority
- Proof of business existence
- Audited financial and Income Tax Returns Filed for last two years from date of application
- Bank statement for the last 6 months
- Application from with a recent passport size photograph