InCred Business Loan stands as a trusted ally, offering a unique and easily accessible pathway for entrepreneurs and businesses to realise their ambitions.
To help businesses overcome financial troubles, this page offers various information on InCred loans for your future venture. They offer collateral-free term loans that help MSMEs & small and medium-sized enterprises (SMEs) to grow their businesses. It offers a flexible repayment option of up to 36 months and a competitive interest rate.
InCred Business Loan Details
Applying for an InCred business loan can be confusing, however with the right information at your side getting a business loan can become easier.
The table below guides you through the important factors that are needed while looking for a InCred business loan-
| Loan Amount | ₹1 lakh to ₹10 Crore |
| Loan Tenure | 12 to 36 months |
| Interest Rate | 14.5% p.a. onwards |
| Processing Fee | 2 to 5% |
Note: The interest rates and charges mentioned are dynamic and can change.
InCred Business Loan Interest Rates
Interest rates can make a significant difference to EMI of a loan. Therefore, it is important to check your credit score & improve your chances sof getting a loan at low interest rates by improving your creditworthiness.
With the table below you can know the specifics of InCred’s interest rate, and make well-informed decisions that align with your business’s financial needs.
| Interest Rate | 14.5% p.a. onwards |
InCred Business Loan Fees & Charges
Every loan comes with other fees & charges while taking a loan, these could affect how your loan is processed and the charges overall. The table gives a highlight of all the other charges levied by InCred Business loan:
| Processing Fees | 2% – 5% |
| Pre-closure Charges | Borrowers may repay the entire outstanding balance, including any charges, by giving the lender at least 15 days’ written notice. |
InCred Business Loan Eligibility Criteria
Evaluating your eligibility for an InCred Business Loan is an important step in obtaining financial support. Learn the eligibility requirements of InCred business loans in detail and have a smooth loan process.
The table below shows the basic eligibility criteria required for an InCred business loan:
| Citizenship | Indian |
| Age of the borrower | 21 – 55 years old |
| Credit score | 600 above |
| Other | Proof of ownership of the company |
Not sure of your credit score? Check now for free!
Calculate EMI For InCred Business Loan
Calculating your Equated Monthly Instalment (EMI) while taking an InCred loan is more than just a step in your loan application process; it’s a vital financial tool. EMI represents the regular payment you’ll make towards repaying your InCred Business Loan.
To make your EMI calculation simpler use Business Loan EMI calculators to help you with financial clarity for your loan. Plan your business finances more effectively and ensure your EMI aligns with your budget.
Your Amortization Schedule (Yearly/Monthly)
Documents Required for InCred Business Loan
Securing a business loan comes with careful documentation. They act as your blueprint of your loan application and help you get loans faster. Documents are a clear pass to access business loans!
Let’s delve into the key documents required to start your business’s financial journey.
| Identity proof | Aadhaar card, PAN card |
| Age proof | Birth certificate, Voter ID |
| Address proof | Rental agreement, Utility bills |
| Salary proof | Salary slips for the last 3 months, bank account statements for 6 months, Form 16. |
| Company | Certificate of incorporation, PAN card of company |
Note: The documents are dynamic and subject to change based on bank policies
Other Documents-
Audited financial statements of previous years and unaudited financial statements of the current year.
Income tax returns
Proof of ownership of the assets
Key contracts of the company/business.
Compare InCred Business Loans Over Other NBFCs
In the world of business financing, making the right choice can significantly impact your enterprise.
Compare InCred Business Loans to other Non-Banking Financial Companies (NBFCs). By making informed comparisons, you can identify the best financial partner for your business. It’s your roadmap to ensuring you receive the support your enterprise deserves.
| Top Business Loan NBFCs | Interest Rate (p.a.) |
|---|---|
| InCred | 12% onwards |
| Bajaj Finserv | 9.75% onwards |
| Flexiloans | 12% onwards |
| HDB Financial Services Ltd. | Up to 36% |
| Indifi | 18% onwards |
| Mcapital | 24% onwards |
| NeoGrowth Finance | 18% onwards |
| Tata Capital | 12% onwards |
Note: The interest rates mentioned above are subject to change at the lenders’ discretion.
Features & Benefits of InCred Business Loan
Enjoy the advantages of InCred Business Loan, designed to empower businesses. From efficiency to customised solutions, it’s your gateway to business growth. Here are some features and benefits-
Steps to Apply for InCred Business Loans with Buddy Loans
Getting the financial support your business needs should be hassle-free. The steps below break down the process of applying for InCred Business Loans with Buddy Loans in a way that’s easy to follow:
Step 1 – Visit buddyloan.com or Download & install Buddy Loan app.
Step 2 – Fill out the application form, including the loan amount, the tenure in months, and contact details.
Step 3 – Fill out the following personal details as required:
- Email Address
- Net Income
- PAN Card Details
- Full Name (As Per Pan Card)
- Current Address with PIN Code
- Mobile Number
Step 4 – Submit the details & wait for the loan confirmation.
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