Tamilnad mercantile bank
Business Loan Interest Rates

Top Business Loan Schemes and Offers

You can either visit the official website of the bank to directly apply for a Business Loan or visit the BankBazaar website to compare different loans and then apply for one which you feel is suitable.

You can either visit the official website of the bank to directly apply for a Business Loan or visit the BankBazaar website to compare different loans and then apply for one which you feel is suitable.

Business Loan Eligibility Criteria

The following factors are considered by lenders while going through your loan application. If you meet these criteria, consider yourself eligible for a Business Loan.

Business Loan EMI Calculator

Use BankBazaar Business Loan EMI calculator to calculate your EMI beforehand to plan and manage your finances in a better way. Business Loan calculator lets you check your loan eligibility and helps you compare loans offered by different banks.

All you need to do is enter the loan details, including your preferred loan amount, interest rate, tenure, and processing fee. Hit "Calculate" to check your EMI. The lowest applicable EMI per lakh for a tenure of 7 years at minimum applicable interest rate is Rs.1,599.

The result is followed by an amortisation table, which will give you a detailed break-up of your repayment schedule.

Documents Required to apply Business Loan

If you are an NRI looking to borrow a Business Loan, these are the documents that you will need to submit to the lender:

• Copy of your Passport
• Visa Copy
• Your official Email ID or the Email ID of the HR
• Bank Statements
• Salary Certificate or salary slips
• NRO/NRE bank statements of the last 6 Months
• Proof of Identity, Residence, Income, and Assets
• Recent passport-size Photographs of yourself and the guarantors

Other Fees & Charge

• Processing fee
• Goods and Services Tax or GST
• Verification charges
• Charges levied for issuing duplicate statement
• Penalty for defaults
• Penalty for pre-payment and part payment of loan

In addition to these, the lenders might also levy charges for documentation, stamping, credit administration, collection, and so on. The levy and the rates of these fees and charges differ from lender to lender. However, you can check the fees and charges which are levied by the top lenders in India before you apply for a Business Loan.

Do not forget to check the eligibility criteria for the different types of Business Loans before you apply for one.

Business Loan Top Up

A Business Loan customer can avail an additional loan amount through the top-up facility over his/her existing loan. The loan amount will be subject to the terms and conditions set by the financial lender, while the interest rate may be the same as the existing loan or could be up to 1% more than the interest rate of the current loan. The tenure of the top-up Business Loan will be subject to that of the existing personal.

Key features and benefits

• Existing Business Loan customers are eligible for the loan top-up provided that they have paid their EMIs regularly and have no pending payments.
• Quick or instant disbursal of the top-up loan amount.
• Minimum documentation required.
• Zero processing fee offered by a number of lenders.
• No collateral required.

The approval of a Business Loan application depends on many factors. When you apply for a loan, you should make sure that you are fulfilling all the factors to ensure the approval of your loan application. The eligibility criteria for Business Loans may vary from lender to lender. However, there are some common criteria which include the age of the applicant, his or her income, credit score, the status of employment, and so on. Before you apply for a loan, make sure that all the eligibility criteria are being fulfilled. This will help you avoid the rejection of your loan application. Although there are other options that you can resort to in case your loan application gets rejected, it is recommended to double-check before applying to avoid the chances of rejection of loan application.

If you have recently paid off your Business Loan (either repaid or foreclosed), you might have the idea that your obligation towards the loan is over. However, that is not the case. There are certain things that you should do after paying off your Business Loan.