Business Loan in Mumbai

Click to Apply for Business Loan in Mumbai

Business Loan in Mumbai

Business loan come in two types:

  • Secured
  • Unsecured

Secured Business Loan

For a secured business loan, the borrower must pledge collateral or security against the loan amount. This collateral can range from raw materials to finished products, land, machinery, or even a cash advance. Offering cash as collateral provides more liquidity, allowing the borrower to avail of the loan at lower interest rates with flexible repayment options. Indexia Finance provides business loan, ensuring a convenient doorstep facility with the right bank.

Unsecured Business Loan

Unsecured business loan don’t require any collateral from the borrower. However, they come with a higher interest rate, and the loan amount is usually for a shorter tenure compared to a secured loan.

Diversification Based on Tenure

Business loan can be further categorized based on their tenure:

  • Short-term loans to meet temporary business needs, such as short-term working capital, with a repayment period of one year.
  • Intermediate loans are necessary for business startups, facilitating the purchase of inventory, equipment, and an increase in working capital.
  • Long-term loans are essential for well-established businesses looking to expand, increase fixed assets, or acquire other businesses. These loans typically have terms running for 3–5 years.

Critical Decision-Making

Drawing a clear line between critical needs and expenses that can be deferred until a better financial situation prevails is crucial. Hasty decisions without a thorough understanding of their impact on your business can prove detrimental. It’s essential to be clear about your actual needs and necessities, considering the pros and cons of borrowing the right loan.

Apply Online for Business Loan Mumbai

As one of the best business loan provider company, Indexia Finance offers a simple online application process. Apply now.

Enhance Your Business with Capital

Acquiring additional capital for business promotion, debt consolidation, or other financial needs underscores the significance of business loans.

Top Finance Company in India

Indexia Finance is a leading finance company and among the top 3 loan service providers in India, providing the best business loan provider.

Eligibility Criteria for Business Loan in Mumbai

The applicant must meet the below eligibility criteria.

  • Minimum age 21 years
  • Maximum age 65 years
  • Minimum income (annual) Rs. 4,00,000/-
  • Minimum loan amount Rs. 100,000/-
  • Maximum loan amount Rs. 2,00,00,000
  • Minimum years of business existence 3 Years
  • Minimum loan tenure 1 year
  • Maximum loan tenure 5 years

Required Documents for Business Loan in Mumbai

Common Documents:

  • Two photographs of each applicant & co-applicant
  • Pan Card Copy each applicant & co-applicant
  • Aadhaar Card of each applicant & co-applicant
  • Utility Bill of office and current residence (latest month) each applicant & co-applicant

Income Documents:

  • 3 years ITR, computation of income, P&L, Balance sheet, all annexure & schedule. List. (self & CA attested)
  • Sales & Purchase Summary – last 3 years (till date)
  • Dr. & Cr. List – last 3 years (till date)
  • The last 12 months’ bank statement of the company and all the EMI reflections if any loans going on
  • Sanction letter of all Loans & OD/CC (if any)

Additional Documents:

  • Pan card copy of Company
  • MOA & AOA copy / Partnership Deed
  • List of Directors/ Partners & Shareholders
  • Business Proof (Shop & Establishment Certificate, VAT, Sales Tax, GST, Service Tax, IEC)
  • GST Certificate of the Company