If you are seeking a secured funding solution to improve your business performance, Bandhan Bank business loan could be your most suitable option. The bank offers financing to Micro, Small, and Medium Enterprises (MSMEs) that urgently require funds for business development.
Bandhan Bank also extends its services to newly established businesses for various needs, such as purchasing machinery or addressing working capital requirements, provided the applicant meets the loan eligibility criteria and submits the required documentation on time.
Bandhan Bank Business Loan Highlights
You can apply for working capital loans, business expansion loans, equipment loans, and more from Bandhan Bank at competitive interest rates. Here are the highlights:
| Loan Amount | ₹1,000 to ₹10 Crores (varies based on loan type) |
|---|---|
| Purpose | Micro Loans, Small Enterprise Loan, Term Loan, Working Capital Loan, Loan against Property & more. |
| Loan Tenure | 1 to 15 years |
Note: The loan amount, interest rate, and tenure vary depending on the loan type offered by Bandhan Bank.
Bandhan Bank Business Loan Interest Rates
The interest rates on Bandhan Bank business loans can vary based on factors such as the loan type, loan amount, tenure, creditworthiness of the borrower, and prevailing market conditions.
Here is the overview of Bandhan Bank Business Loan Interest Rates & other charges applicable:
| Interest rate | 13% to 21% p.a. (Varies based on the loan type) |
|---|---|
| Processing Fee | Up to 2.00% of the loan amount. |
Note: Please note that the interest rates and processing fees are subject to change as per the market risks and the economic conditions. Please visit HDFC Bank’s Website for current updates.
Bandhan Bank Business Loans Eligibility Criteria
Bandhan Bank business loan eligibility criteria vary depending on the specific loan type and your business profile. However, some general eligibility criteria:
- Business existence: Your business should be operational for a minimum period (typically 1-3 years) depending on the loan type.
- Financial stability: You should have a good track record of business income and minimal outstanding debts.
- CIBIL score: A decent CIBIL score (ideally above 700) demonstrates your creditworthiness.
- Age: The minimum age requirement is usually 21 years, and the maximum age at loan maturity varies (typically 60-65 years).
Not sure of your credit score? Check it now!
Documents Required for Bandhan Bank Business Loans
The documents required for Bandhan Bank business loans vary based on the specific loan type and your business profile. Here’s a general overview of the common documents you might need:
Know Your Customer (KYC) Documents:
- PAN Card and Aadhaar Card of the business owner(s)/partners/directors.
- Address proof of the business owner(s)/partners/directors (utility bills, voter ID, etc.).
- Proof of business existence (registration certificate, trade license, etc.).
Financial Documents:
- Bank statements for the past 12-24 months (depending on loan type).
- Income Tax Returns (ITRs) of the business owner(s)/partners/directors for the past 3 years.
- Audited financial statements (if applicable).
- Business plan and projections (for larger loans).
Types of Business Loans Offered By Bandhan Bank
Bandhan Bank offers a diverse range of business loans for every stage of business growth. Whether you’re a micro-entrepreneur seeking a small loan for equipment or a seasoned business owner needing working capital, the bank has you covered. Here are the types of Business Loans Offered By Bandhan Bank:
| Loan Type | Purpose | Loan Amount |
|---|---|---|
| Micro Loans | Shrishti Loan: For micro and small businesses (growth-related needs) | ₹15,000 to ₹1,50,000 lakh Interest Rate: 22.95% p.a. |
| Top-up Loans | Subriddhi Loan | Up to 50% of the existing loan amount Interest Rate: 22.95% p.a. |
| Suyog Loan | Up to 50% of the existing Sahayata loan amount Interest Rate: 22.45% p.a. | |
| Small Enterprise Loan | Meet both term loan and working capital loan | Above ₹3 lahks to ₹25 lakh Interest rate: 13% to 21% p.a. |
| Small Business & Agri Loans | Sahayata Loan: Income generation activities (assets, operations, working capital) | ₹50,001 to ₹5 lakhs |
| PM SVANidhi Loan: Working capital for street vendors identified by ULBs | Up to ₹10,000 (first cycle) | |
| Bazaar Loan: Working capital needs (salary payments, raw materials, etc.) | ₹26,000 to ₹1.5 lakhs | |
| Loans for Medium and Large Businesses | Term Loan: Finance new businesses or expansions | Depending on individual assessment |
| Working Capital Loan: Meet day-to-day operational expenses | Depending on individual assessment | |
| Loan against Property | Meet working capital and general business needs (renovation, investment, etc.) | Up to ₹10 crore |
| Commercial Vehicle & Construction Equipment Loan | Purchase commercial vehicles and construction equipment | ₹1 lakh to ₹5 crores |
| Agri Loan/ Kisan Credit Card | A convenient funding choice for investing in agriculture and related activities. | ₹25,001 to ₹1 crore |
| Two-Wheeler Loan for Existing Micro Loan Customers | Maximum amount of the on-road price of your dream two-wheeler | ₹30,000 – ₹1,20,000 |
Note: This table provides a general overview and specific terms and eligibility criteria may differ based on the loan type.
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Features & Benefits of Bandhan Bank Financing
Bandhan Bank offers a variety of features and benefits when it comes to financing options:
- Competitive interest rates: Bandhan Bank provides financing at competitive interest rates, making it cost-effective for borrowers.
- Flexible repayment options: Borrowers can choose from various repayment plans that suit their financial situation, offering flexibility in managing loan repayments.
- Quick loan processing: Bandhan Bank ensures quick processing of loan applications, enabling borrowers to access funds promptly for their financial needs.
- Minimal documentation: The bank typically requires minimal documentation, making the loan application process smoother and hassle-free for customers.
- Customized loan solutions: Bandhan Bank offers tailored financing solutions to meet the specific needs of different individuals and businesses, ensuring that borrowers get the right financial support.
- Dedicated customer service: The bank provides excellent customer service to assist borrowers at every step of the loan process, addressing queries and concerns promptly.
How to Apply for Bandhan Bank Business Loan
Here are the steps to apply for a Bandhan Bank Business Loan, both online and offline:
Online Application Process:
- Visit the official website of Bandhan Bank for business loans.
- Click on the ‘Apply Now’ option and fill in your personal details like name, phone number, city, organization name, email ID, etc.
- Submit the form online.
- A bank representative will contact you to assist with the documentation process.
- Upon successful verification of your details and documents, the loan amount will be disbursed.
Offline Application Process:
- Visit the nearest Bandhan Bank branch office.
- A bank official will guide you through the business loan application process.
Bandhan Bank Business Loan Customer Care Number
You can reach Bandhan Bank Business Loan Customer Care through several options:
Phone:
Toll-free number: 1800-258-8181
Regular number: 033-4409-9090, 033-6633-3333, 033-4090-3333
Mobile App:
If you have downloaded the mBandhan mobile app, you can submit a query through the app’s customer service section.
Email: customercare@bandhanbank.com
Steps to Apply for Business Loan on Buddy Loan
Buddy Loan is a leading loan service provider in India, offering personal loans and business loans from verified lenders. Applying for a business loan through Buddy Loan is easy and simple. Here are the steps you need to follow:
Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
Step 2: Open the business loan application page. Enter your mobile number and OTP.
Step 3: Specify the desired loan amount and email. Next, choose the Business Loan option.
Step 4: Choose if you have a Business Proof (Yes/ No)
- If ‘Yes’ (If you have a business proof), enter your business and personal details.
Or - If ‘No’ (If you do not have a business proof), choose the profession type and enter your personal details.
Step 5: Provide income details and Click the ‘Submit’ button.
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