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Getting Started

Frequently Asked Questions

Running a business means paying for business related expenses. Funds are a pre-requisite for expenses such as start-up expenses, business expansion, working capital, etc. When adequate funds are not available, businesses can avail funds from external lenders such as Banks and NBFCs for such expenses, and the funds that are availed are known as business loans. Thus, business loans are debts that a company must repay in accordance with the terms and conditions in the loan agreement.

To apply for a business loan, go to the Business Loan page and select from an array of options offered by Ruloans Partner Banks and NBFCs to apply.

Depending on the lender you select, you can get a business loan for salaried persons; this however depends on the eligibility criteria applicable.

Most Banks and NBFCs offer minimum Rs. 50,000 as a business loan.

Banks and NBFCs offer funds as business loans after keeping assets as collateral or security. The assets are first valued, and the terms and conditions of the business loan are then decided for your loan agreement.

Listed below are a few benefits of a business loan
  • Flexible Uses
  • Convenient and Easy
  • Reasonable Rates of Interest
  • Profit Sharing not Required
  • Collateral Free
  • Working Capital Support
  • Multiple Loan Options
  • Tax Benefits

A number of Banks and NBFCs offer start-up loans at attractive rates of interest and flexible terms and conditions.

There are a number of Banks and NBFCs, other than the government who offer start-up business loans. Some of the government loans you can avail are as follows
  • Bank Credit Facilitation Scheme
  • Pradhan Mantri Mudra Yojana (PMMY)
  • Credit Guarantee Scheme (CGS)
  • Standup India
  • Sustainable Finance Scheme
  • Mudra Loan Scheme
  • The Credit Guarantee Scheme (CGS)
  • Stand Up India Scheme
  • Coir Udyami Yojana
  • National Bank for Agriculture and Rural Development (NABARD)
  • Credit Link Capital Subsidy Scheme
  • National Small Industries Corporation Subsidy

Once your lender completes verification, your business loan will be sanctioned, and you will be informed about approval along with the rate of interest and terms and conditions. Once you sign the loan agreement, your business loan amount will be disbursed into your bank account. However, you may also check the status of your loan approval online.

Most business loans offered by banks and NBFCs are unsecured business loans, hence business loans can be availed without collateral.
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Eligibility Criteria & Calculator

Frequently Asked Questions

Banks and NBFCs offer business loans after categorizing the applicant's profession. Self Employed Professionals are categorized as follows
  • Self Employed Professionals (SEP)
    • Nature of Employment
      • Doctor
      • CA
      • CS
      • Architect
      • Engineer, etc.
  • Self Employed Non Professionals (SENP)
    • Nature of Employment
      • Trader
      • Commission Agent
      • Contractor, etc.

Eligibility criteria to avail Business Loan are as follows

  • Turnover: Minimum Rs. 60,00,000
  • Experience
    • 5 years overall business experience
    • 3 years current business
  • Business must be profitable for last 2 years
  • Age: Minimum 25 years to a Maximum of 65 years
  • 2 years paid Business Income Tax Returns
  • Strong Credit History

Companies applying for business loans are categorized as follows

  • Partnerships / Proprietorship
  • Limited Liability Partnerships
  • Private Limited Companies
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EMI Calculator

Frequently Asked Questions

The Ruloans Business Loan EMI calculator computes your EMIs fast, quick, and easy. The following form fields are indicated on the calculator
  • Loan Against Property Amount
  • Interest Rate
  • Loan Tenure (In Months)

The slider method does require you to key in the preferred numbers. Moving the slider to the required range from a given range gives you results at the same time. The results are displayed as follows

  • Loan EMI
  • Total Interest Payable
  • Total Payment (Principal + Interest)

Calculate your Business Loan EMI now

Your Loan EMI depends on three factors.

  • Loan Amount or Loan Value
  • Rate of Interest
  • Loan Tenure or Period of Loan

Use the following mathematical formula to calculate you EMI.

EMI = P x r x ( 1 + r ) n / [ ( 1 + r ) n - 1 ]

Where,

  • P = Loan Amount
  • R = Rate of Interest
  • N = Loan Tenure in Months
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Interest Rate & Processing Fees

Frequently Asked Questions

Interest Rates on Business Loans start at 16%.

Depending on your lender, you may choose between fixed interest rates or floating interest rates when you avail a business loan.
Documents Required

Frequently Asked Questions

To prove your eligibility for a Business Loan, you will have to furnish documents with regards each eligibility criteria. The followings documents are required for a Business Loan
  • Filled Application Form
  • 3 Passport Size Photograph
  • Photo Identity Proof
  • Proof of Age
  • Address Proof
  • Income Proof
  • Income Tax
  • Employment Proof
For more details also check additional documents required for Self-Employed, Non-Salaried, MSMEs, and SMEs
Balance Taransfer & Topup

Frequently Asked Questions

Most banks and NBFCs offer business loan balance transfer facilities to transfer your outstanding business loan from your existing lender to a new lender.
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