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Which Are The Best Business Loan Companies In India?

There are numerous best business loan companies operating in the country. All these companies offer different loan products which they claim to be the best ones in the market. However, there is no as such a universal best loan product or loan provider in India. Every business owner has a different requirement to fulfill from the loan product and the best option for them would be one that fulfills all their needs and requirements. So, the top small business lender would be the ones who are able to meet your needs with their business loan schemes.

Having said that, you can still compare business loans and their lenders on the basis of their terms and conditions and few other factors. Read on to know the factors upon which you can compare MSME loans.

Loan Type

The first parameter to find the best business loan company is to look for the type of loan offered by them. Generally, the loans are categorized under two categories- secured and unsecured. Secured loans are collateral business loans while the unsecured ones are offered without collateral. If you are willing to hypothecate an asset to avail a loan, the lender who offers secured loans is the best one for you. Whereas if you are unwilling to offer collateral, then an unsecured loan lender is the ideal choice for you.

Eligibility Criteria

The loan eligibility of the lender differs from one lender to another. And you too would not be able to meet all the eligibility factors of the lender. So, you must first search on the internet and look for the lender who has a lenient eligibility criterion for a loan. The following is the most common criteria set by loan lenders:

  • Minimum Turnover of INR 10 Lacs in the last 12 months.
  • Last year ITR of more than INR 2.5 Lacs.
  • Either house or business premises should be owned.
  • The business place should be separate from the residence.
  • Business vintage (operations) for at least 2 years.

Documents Required

The document requirement is also different from one lender from the other. However, all you need to consider here is the minimal documentation requirement. Minimal documentation signifies less hassle for you in terms of collecting a number of documents and also arranging them. The following is the list of documents required for a loan for business:

  • PAN card
  • Last 12-months bank statement
  • Last 2-3 year ITR
  • Business place address proof
  • Residence address proof

CIBIL Score

Instead of searching for what is a good credit score for a small business loan, you must search for CIBIL requirement of the lender. The minimum credit score for a loan is said to be 650. Yet, some lenders only offer loans to borrowers with a minimum score of 750 or 800. So, you should first check your score and then the lender’s requirement. The best business loan companies for you here would be the ones who offer loans to borrowers with the CIBIL score that you have.

Online Application

The online loan application will help you to apply for a business loan at any time and from anywhere. This will save the time that you can otherwise spend in your business operations and growth. Additionally, the online application is also very easy to fill and require as less as just 5 minutes. You can also submit the documents for loan online- their soft copies in PDF format. This again saves a lot of time.

Terms & Conditions

As with other factors, the terms and conditions of the lender must be easy to meet and user-friendly. If the lender has strict terms, you may not be able to meet them and ultimately your loan application will get rejected. So, the best lender here for you would be the one who has very user-friendly terms and conditions and the one who looks forward to building an enduring relationship with the borrower.

As said earlier, there certainly are several business loan providers in India which offers you a number of options to choose from. And in order to choose the best lender, you can take into consideration the aforementioned points. A lender who meets all these points according to your requirements is the right lender for.

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