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Loan Application Form

Loan Application Form

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Reason to Choose SpeedFinance Business Loan

SpeedFinance is synonymous to fastest processing for Business Loan. A business loan application that reaches our platform is processed with very care and agility. Our data verification software and experienced Customer Care Executives come into action as soon as the application reaches our systems. We are always eager to serve you better than the best.


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Business Loans - Bad Credit, Good Credit, or No Credit!

SpeedFinance processes all applications with full consideration to customer requirement. SpeedFinance has the quick processing mechanism available for Business Loan process. If the customer lacks credit history, our lenders still evaluate the credibility of the customer by using other means of verification like transaction history in bank, UPI ID transactions etc. We will not leave you in the middle of nowhere due the lack of credit history and we will try our best to serve you.


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SpeedFinance - Business Loans


SpeedFinance provides digital processing for Business Loan Applications. We consider the importance of real conversations with actual persons while we process Business Loan applications in our tech platforms. With the help of our technology, we complete the first level of review. In the meantime, the application reaches our customer care executives. Our customer care executives are trained on understanding the Business Loan requirement and eligibility criteria of lending Banks and NBFCs. The customer care executives contact customers after the filled Business Loan application form reached our system. They review the application and contact the requester for further processing. Customers can come to our platform at any point of time to check the real time status of their applications. Customers can download SpeedFinance app from Play Store to check the application status. On our website we have Riya (our chatbot) to help customers with their queries. Riya is available 24X7. At SpeedFinance we make sure that you get best offers.

FREQUENTLY ASKED QUESTIONS


Business loan can be used to overcome a slowdown, ensure cash flow, fund working capital, hire employees, purchase equipment or expand your business. Business loan can be used to handle various business plans and needs. It can help you get quick funds. Business Loans are designed to meet financial needs with flexible repayment options and customisable loan options to keep you growing your business. Getting money to meet your immediate need is simple, secure, and easy with our unsecured Business Loans.
Why our Business Loans are the best for you:
  • No collateral or guarantor is asked our Business Loan
  • We regularly provide exclusive offers on business loans to our repeat customers
  • We offer unsecured business loans up to ₹ 75,00,000
  • Minimum documentation is asked
  • You get quick online approval once you share the minimum document required
  • Completed application form at Earnwealth.in or from our App KYC documents of the company including PAN Card, Registration of Incorporation, Partnership deed, Memorandum & Articles of Association.
  • KYC documents of the business owners
  • Balance sheet and Profit & Loss accounts for the last two years
  • Income Tax Returns for the last two years
  • Company bank statements for the last six months
  • GST returns for the last 6 months
  • Detailed plan on usage of Business Loan.
Business Loans is offered to both professionals and non-professionals, self-employed. Among self-employed professionals, there is exclusive loans for doctors. These loans have quick approval and are available at competitive interest rates. The customer segments covered under Business Loans are listed below:
  • Sole Proprietorships
  • Partnership Firms
  • Private Limited Companies
  • Closely held Public Limited Companies
  • Societies
  • Trusts
  • Hospitals, Nursing Homes, Diagnostic Centres, Pathological Labs.
Yes, Business loan is available without a collateral
Depending upon business requirement and requester 's profile minimum loan amount offered is as low as Rs. 10,000 and maximum loan amount can exceed Rs. 50 crore.
The applicant should be at least 21 years (at the time of application) and max 65 years (at the time of maturity)
The interest rate varies from lender to lender. A typical interest rate of a Business loan is 13% onwards.
Business loan tenure can vary from 12 months to 5 years.
Fees and charges differ from lender to lender. The financial institutes levy different fees structure.
There are various types of business loans offered by NBFCs and banks like secured and unsecured business loan, MSME loan, Mudra loan under PMMY, working capital loan, line of credit, equipment finance, bill discounting, and machinery purchase loan.
Primary factors for Loan Eligibility are as below:
  • Credit score of the entity and/or the partner/director/proprietor of the borrowing entity as reflected in Credit (CIBIL or Equifax) report or any other credit bureau. Good credit score is necessary but not the only criteria. If credit score is at border line, the bank may take a call to limit principal amount.
  • Financials of the borrower / borrowing entity in last 2-3 years are very important for calculating loan eligibility. Key parameters considered for calculation of loan eligibility are turnover, partner/director salary, depreciation, interest cost, net profit after tax etc.
  • Debt service coverage ratio (DSCR) depicts the ability to pay EMI for applied loan amount. Normally it is considered that DSCR should be in the range of 1.0 to 1.5.
Banks have their own rules when it comes to pre closure of Business Loan. Some banks offer lock-in of 6 months to a year while some banks allow pre closure after the 1st EMI has been paid. For pre closure some banks do not allow balance transfer (borrower should close loan with its own money). In addition, banks may allow pre closure at no cost or may levy a pre closure fee (2-5% of the amount being pre-closed). All these terms have to clearly checked with your landing organization.
Some banks allow part payment. However there are restrictions on the annual frequency of pre payments. These terms have to clarified with your landing organization at the loan application processing.
Repayment happen via EMI through borrower 's bank account. Borrower should give some PDCs (Post Dated Cheques) and sign an ECS mandate in favour of lending bank.
In case you do not pay personal loan EMIs and are unable to make future payments, the lender makes attempts to recover the due amount through settlements and recovery agents. If such attempts fail, your loan account will be marked as Default. This business loan will show up on your credit report as a default, which will adversely affect your credit score and make it difficult for you to get approval for loans and credit cards in the future.
Loan amount x Interest/12) x [(1+ interest rate/12)^loan tenure in number of months] / ([(1+ interest rate/12) ^ loan tenure in number of months]-1
Loan approval takes around 3-5 Working days if all the required documents are submitted on time and with accuracy.
  • Step 1: Complete all paper work in initial phase when planning on going for Business Loan
  • Step 2: Calculate the immediate cash requirement keeping future in mind
  • Step 3: Get expert 's assistance
  • Step 4: Check the fee, rate of interest and other charges for each bank
  • Step 5: Ask questions without hesitation