Business Loan - Overview
Business loans are loans borrowed by a proprietor or organization for the purpose of establishing a business set-up. Business Loans can also be borrowed for expanding an existing business. Various features of business loans are enlisted below:
One can borrow Business Loans for a loan amount upto Rs.2 Crores. There are a numerous factors that lead to the to your eligibility to borrow business loan some of which can be your age, turn-over of your organization, bank account statement, P&L statements, and income tax returns.
Rate of Interest:
The rate of interest charged on the business loans starts from 15.50% per annum onwards. Having a good credit score gives you a better power to bargain the interest rates at which the bank is lending you to loan.
The maximum loan tenure for which one can borrow business loan is 48 months. Longer your loan tenure the higher will be the interest rates and therefore higher will be your EMI. So to avoid paying amount towards
The bank would charge a processing fee of upto 2% as a processing fee towards to the processing of your business loan. if you are a regular customer of the bank with a good credit history you can bargain upon this fee and avail an exemption by requesting your lender.
Fore-closure charges are the charges that are levied when the applicant or borrowers chooses to close the loan account before the end of the loan tenure. There are certain banks that allow a fore-closure without levying any penalty whereas others charge a penalty from 0% to 7% as a fore closure charge when the borrower decides to make a fore-closure or pre-payment.
Apply for Business Loans at Letzbank and get benefited from following features:
1. You can search business loans that being offered from leading partner banks in the country.
2. You can short-list the best deal for yourself by comparing various business loan products.
3. You can apply for business loan online by simply filling an online application form and submitting your documents online.
4. Exclusively tools at Letzbank website allow you to take a financially sound decision.
• Eligibility Calculator Tool:
You can calculate your eligibility by making use of eligibility calculator tool. The tool is simple to use and all you will be required to do is to enter your details and submit an online application form to know your eligibility to apply for business loan.
• EMI Calculator Tool:
Make use of EMI calculator without entering your details and know your EMI, Rate of interest and loan tenure.
You can also see various stages of the loan throughout the loan tenure when you make use of EMI calculator Tool
• Document Locker: Once you apply any loan with us you can secure your KYC or any other critical document by e-saving it on our document locker.
5. We assist you with the approval upto a smooth disbursal of your loan without charging any service fee for online applications.