SMFG Business Loan
SMFG Business Loan
Apply NowWhether you just started a business or have one you are planning to expand, all businesses need funds to scale and meet their goals. A business loan can help you finance your needs. SMFG India Credit provides a wide array of unsecured business loan solutions of up to INR 75 lakhs to support you. Our flexible solutions help you take care not just of your capital requirements but also of short-term and working capital needs. This includes buying or replenishing inventory, purchasing equipment, office expansion, business marketing, and even paying for additional staff.
We strive to provide the business loans tailored to the needs of customers across different sectors including retail, e-commerce, and travel. We offer expert financial advice and customer support throughout your business loan tenure, helping you make informed decisions and manage your finances effectively.
Let us uncover the features and benefits of our easy business loan solutions, the eligibility criteria and the documents required, and how you can apply for a business loan online.
Apply online for a business loan today, and begin to manage your account on our simple but highly powerful dashboard. With our seamless online tracking process, you can manage and change your custom preferences in seconds. Other benefits include:
Understanding the eligibility criteria is the first step in the online business loan application process Some of the eligibility criteria at SMFG India Credit include
| Eligible Entities | Must be self-employed with their own business or propnetor/partner/director of an existing business. |
| Nationality | Must be a resident Indian. |
| Age Criteria | The age should be between 22-65 years (not more than 65 at the time of loan matunty). |
| Turnover | Minimum annual turnover should be INR 10 lakhs per annum and profit after taxes should be INR 2 lakhs per annum. |
| Business Experience | Must have a business that has been existing for at least 3 years, with stable income and profits for the past 2 years. |
| Credit Score | CIBIL score should be 750 or higher. |
*Please note that this is only the basic eligibility criteria for instant business loans. The final eligibility will depend on several factors including SMFG India Credit's policy at the time of loan application.
AL SMFG India Credit, documentation for online business loan applications involves basic KYC documents (PAN, Address proof), bank statements and business documents. Here is a list for your quick reference:
| Mandatory Documents |
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| Valid Identity Proof |
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| Valid Address Proof |
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| Income Proof |
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| Proof of Business Existence |
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For a more complete list, please visit the Business Loan Documents page or speak with our customer care representative.
| Business Loan Interest Rate | Minimal and competitive (depending upon several factors such as net income, business stability, location, collateral, existing monthly obligations, etc) |
| Loan Amount | Up to INR 75 lakhs |
| Loan Tenure | Up to 48 months |
| Processing Fee | Up to 2.75% of loan amount + GST |
| Late Payment Charges (Applicable for Payment Default) | 3% plus GST charged monthly (36% per annum) on the overdue amount calculated on day-to-day basis |
| Cheque/ECS/Dishonoured Charges - Per Dishonour of the Cheque Per Presentation | INR 500 |
| Loan Cancellation Charges (Loan Cancelled Before First EMI) | INR 1000 |
| Customer Type | Proprietor/LLP/Pvt Ltd. / Partnership / Public Ltd. |
Let us see the general process you can expect to follow when applying for business loans:
1. Determine the Business Loan Amount and Purpose
Determine the loan amount that you need and the specific purpose. This includes estimating expenses such as inventory, equipment, and operating expenses. Knowing this will help you select the appropriate business loan type (working capital, term loan, etc.) and ensure that you do not borrow more or less than the necessary amount
2. Research Different Lenders
Research different lenders to compare the various quick business loan options, interest rates, and terms. Look for reputation, positive reviews, and decide upon the lender that offers loan terms that are best suited to your specific business needs.
3. Check Eligibility and Gather Documents
Make sure you pay attention to the business loan eligibility criteria of your chosen lender and ensure that you meet the basic requirements before applying Prepare all the essential documents and ensure they are free of errors to speed up the application process.
4. Submit the Application and Wait for Approval
Complete the easy business loan application process online or offline by providing all the requested information and submitting the documents. Your application will then go through various stages of evaluation. Once everything is verified, you will be offered a custom loan amount and rate of interest. The loan amount will be disbursed once you verify and accept the business loan offer, after which you can start making payments as per the agreed-upon schedule.
