Business Loan
A business loan is an unsecured credit you can avail to meet your growing business's urgent requirements. Business loans allow you to usher in funds for your enterprise to expand your existing business, boost production, take your operations online, buy new machinery, and more. The quick infusion of cash through business finance enables you to make necessary purchases and payments on time ensuring smooth business functioning. At Asha Purti we understand that each business has unique financial needs. We take great pride and effort in ensuring that business owners and entrepreneurs meet their business goals by offering them the best possible financial solutions. We work hard in ensuring customer convenience so that you can focus on growing your business while leaving the financial aspects to us. To this end, we have designed an end to end digital process so that you can apply for a business loan from the convenience of your home, anytime and anywhere. An unsecured Business Loan can assist in meeting these financial requirements for your business which can include revamping the current business, setting up new machinery, purchasing inventory, increasing working capital or even keeping above the competitors.
KNOW MORE ABOUT OUR OFFERINGS
FEATURES & BENEFITS
Loan Amount
₹1,00,000 - ₹4,00,00,000
LOAN TENURE
18 months to
72 months
INTEREST RATES - FEB 2021
Personal Loan Interest Rate 15%* to 30%*
Processing FeeBetween 0% - 3% of the loan amount
ADVANTAGES
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Purchase of equipment
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Business expansion
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Construction of the business premises
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Renovation of the business premises
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Cash for working capitals
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Finance work-related foreign trips, seminars, and conferences
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Other business requirements
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No collateral required
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Attractive interest rates
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Flexible loan repayment tenure from 36 months to 60 months
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Simple application process
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Quick disbursement
OVERVIEW |ELIGIBILITY & DOCUMENTATION |RATES & CHARGES |CALCULATORS |PAYMENTS| FAQ
Eligibility for a Business Loan
To be eligible for a business loan, you must be a resident citizen of India and of at least 21 years of age. Further, you must be gainfully employed with a minimum monthly income of ₹20,000 (₹25,000 for residents of Mumbai and Delhi).
If you are self-employed, the annual profit after tax would be considered instead. You should also have the required documentation. Please note that loan sanction is subject to verification of all information provided as well as documents
Profession
Any business which is GST registered and conducting business for more than 2 years. Our business loan is available for any business with a minimum turnover of 5 lacs a year
Eligible Age
21 years to 70 years
Minimum Income for Loan Eligibility
For Business: 50,000 per month in Mumbai/ Delhi, 40,000 per month in rest of India
For self-employed: a minimum yearly profit after tax determined based on profession/industry
Work Experience Required
Minimum 2 years in the same trade
Experience in Current Company
Minimum 2 years of IT filing of the same business
Minimum CIBIL Score
650*
Maximum EMI as a percent of Income
75.00%
Documents for a Business Loan
These are the documents you will need to submit:
The documents required to establish your credentials like Voter ID, Aadhaar Card.
Proof of identity and proof of residence.
Income documents, documents relevant to your salary, profession.
Photo Identity proof
A copy of your Voter ID / Passport / Driving License / Aadhaar Card
Income Proof
A copy of your Bank statements for the last six months
Salary Slips
A copy of your Salary Slips for the last three months / ITR for last 1 years
Address proof
A copy of your Ration Card / Electricity Bill / Passport / Letter from the company if residence provided by the company
Employment Certificate
A certificate stating one year of continuous employment
Business Loan Loan interest rates
At Asha Purti, we bring you the best personal loan rates based on your individual and financial profile as well as your requirement. Apart from interest charges, we also charge processing fees and foreclosure charges are applicable in case of prepayment or foreclosure of the loan. Provided below is a brief snapshot of the current personal loan interest rates and the factors that influence its finalization.
Processing Fee
Penal Interest/Additional Interest
2% on Overdue amount per month + GST
Bounce Charges
Mandate Rejection Service Charge
₹ 300 + GST
Charges will be applicable on your EMI Due date in case the account does not have an Active mandate after the exhaustion of the given post-dated cheques. This charge would be applied every month until there is an Active Mandate linked to the account
CCOD Annual Maintenance Charges
0.25% on Dropline Amount + GST or ₹ 750, whichever is higher per year will be deducted from the limit and shall be payable at the end of the 13th month.
Outstation Collection Charges
₹ 100 + GST per repayment tenure
Statement of Accounts
Soft Copy – Nil.
Branch Walk-in – ₹ 250 + GST
Loan Cancellation Charges
2% of the loan amount or ₹ 4500, whichever is higher + GST
Instrument Swap Charges
₹ 400 + GST
Duplicate Repayment Schedule
Soft Copy – Nil
Branch Walk-In – ₹ 350 + GST
Duplicate NOC
₹ 400 + GST
Post-Dated Cheque Charges
₹ 450 + GST
Part Payment Charges
Part Prepayment is allowed twice per year and the minimum gap between two-part prepayments to be three months.
A maximum of 25% of the principal outstanding is allowed by way of part prepayment during a single year.
A part prepayment charges of 1% + applicable taxes shall be applicable on the amount over and above 25% of principal outstanding
No part payment is allowed during the 6 month Lock-in period
Foreclosure Charges
No foreclosure allowed for the first 6 months (Lock-in period).
If foreclosed within 6 months post completing part pre-payment:
3% of the principal outstanding at the time of foreclosure + GST + Part pre-payment amount
Foreclosure Charges for Top-Up
2.50% on the principal outstanding at the time of foreclosure + GST
Foreclosure charges shall be levied only if the new rate is lower than the existing rate.
Any prepayment /foreclosure made during the Lock-in Period will attract prepayment/foreclosure charges of 4.5% + applicable taxes on the principal outstanding
Foreclosure Charges in CCOD Cases
4.5% on the Dropped down limit amount + GST
Any prepayment /foreclosure made during the Lock-in Period will attract an additional 2% over and above the prepayment/foreclosure charges mentioned in (a) above + applicable taxes on the Dropped down limit
Foreclosure Charges on Term Loan Facility
4.5% on the principal outstanding at the time of foreclosure + GST
In case the Borrower forecloses the Facility within 6 months after doing part prepayment, foreclosure charges of 4.5% + Applicable taxes will be levied on the principal outstanding plus part prepayment amount.
Any prepayment/foreclosure made during the Lock-in period will attract an additional 2% over and above the prepayment/foreclosure charges mentioned in (a) above + applicable taxes on the principal outstanding at the time of foreclosure
Foreclosure Letter Charges
Soft Copy – Nil
Branch Walk-In – ₹ 200 + GST
Upto 3.00% of the loan amount + GST
₹ 400 for every cheque/Payment Instrument Dishonour + GST
Disclaimer
The fees/charges indicated above are subject to revision at Asha Purti's discretion from time to time.
CALCULATORS AND OTHER INFORMATION
CHECK YOUR PERSONAL LOAN ELIGIBILITY
CALCULATE YOUR PERSONAL LOAN EMI
CREATE YOUR PERSONAL LOAN PLAN
Disclaimer :
The EMI calculator is an indicative tool and the results may vary based on actual interest rates and the period between disbursal date and the first EMI date. Calculation results are approximate and for information purposes only.
