Urban Money

Aditya Birla Finance Limited Business Loan

Aditya Birla Finance Limited
4.5

ABFL is a popular financial service sources to opt for. It has plenty of business loan categories and products to offer customers, both short and long term. However, if you take a loan for short time, it can extend for 36 months, and for the long term one, the extension period can be for12 months. The loan for this category is given at interest rates that are to be charged at the choice of lender.

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Business Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Aditya Birla Finance Limited Business Loan Interest Rate

14.99% - 21%

Up to 2%

₹50K - ₹1Cr

Tenure(1 - 4 Years)

Details

Features and benefits offered by Aditya Birla Finance business loan

  • It offers free and easy process for online loan application 
  • There is no need to visit the brand under this bank process as it arranges for pickup of essential documents from the residential or official address given at the time of applying for the loan 
  • It is a complete paperless form of applying online for the loan and get easy sanctioning of the same 
  • There is no need for collateral for the loan 
  • It allows ease of online approval for the loan 
  • There is flexible loan extension possible under this category both under short and long term for 36 - 12 years respectively

Aditya Birla Finance Limited business loan - Overview

Tenure of loan  1 to 3 years 
Loan amount  Up to 5 lakhs 
Who are eligible to apply  MSME’s that are working under service, retail, manufacturing or the wholesale sector of trade 
Loan turnaround time  3 to 7 days 
Processing fee  Up to 2% of total loan amount  

Eligibility criteria and factors affecting Aditya Birla Finance Limited business loan

There are certain Aditya Birla Finance Limited business loan requirements for eligibility criteria:

  • Age limit – The age limit is from 23 years to 55 years to apply for this loan 
  • Category of applicants – Trusts, partnership firm, sole proprietorship, societies, private limited companies, closely held public listed companies  
  • Credit score – It should be minimum of 650 and more 
  • Company financials – It should show company profit and loss balance sheet for minimum of two years along with tax and audit reports 
  • Business profitability – Applicant should be in earning position for minimum of 3 years and more

Who is eligible to get the finance service under Aditya Birla?

The business loan under Aditya Birla Finance service can be availed by applicant of the following category:

1. Traders 4. Individual entities
2. Manufacturers 5. Companies
3. Non-individual entities 6. Self-employed entrepreneurs

What comes under other charges of Aditya Birla Finance Limited?

Prepayment charges  2% of amount prepaid 
Default panel interest rate  2% every month or 24% PA 
Swap charges  3% of loan outstanding 
Cheque returns or failure charges   750 
Accrued interest  As per actual delay status 

Aditya Birla Finance Business Loan Interest Rates

The interest rate of the loan varies from one source of lender to another. The interest rate would depend on various factors such as loan tenure, amount, eligibility of the person applied for loan. Other than this, it can vary depending on whether it is secured or unsecured loan and the type of business for which one would request for the loan. Before you apply for Aditya Birla Finance Limited business loan, it is important to get details of interest rates and others.

Interest rates  Starts from 14.00 %
Loan amount  Rupees 50, 000 to rupees 7, 50, 000
Period of loan  Up to 36 months of time 
What is the processing fee  2% of the loan amount 
Foreclosure fee  The charges are NIL, after 6 months of loan disbursement  

What factors affect Aditya Birla Finance business loan interest rates?

The Aditya Birla Finance Limited business loan interest rate is affected by various measures and these are as follows:

  • Credit history – With less credit history, the lender would have less knowledge of repayment, with less risks and having a better payment history is considered to be a good rate. 
  • Credit score - With higher rate, the lower is the rate of interest 
  • Loan size – Depending on the amount of loan you ask for; the interest rate would vary and tends to be on higher side
  • Type of employment and income – The applicant category of bonus-based payment, self-employment and hourly employment has high risk factor and there is a probability of how smoothly and routinely the person can repay the money
  • Loan type - There are varying types of loan types and interest rate varies depending on the type. It may be lower with an adjustable rate than a fixed rate but there is the risk of increased rate afterwards

Document required for Aditya Birla Finance Limited business loan

The list of documents required for Aditya Birla Finance Limited business loan are as listed below:

Identification details – Any of following

Aadhar card Passport
PAN card Driving license
Voter ID card

Address proof – Cope of any of the below listed

Aadhar card Driving license
Passport Ration card
Voter's ID card

Continuation proof 

One should show 5-year-old ITR or establishment details, sales tax certificate or trade license  

Bank statement details

Statement of last 6 months Latest details of ITR forms
Balance sheet with P and L statement of two years that is audited by CA

Others

  • Declaration Or any certified copy of the partnership deed of sole proprietorship 
  • Certified copy of Memorandum that has been certified by Director and Board resolution

How to calculate EMI for Aditya Birla Finance Limited business loan?

It is mainly by use of instant calculator for monthly instalment. It helps compare the interest rate with what others charge including different banks or the financial institutes. This is how you can find whether the rates of Aditya Birla group are low or high than others. It is important to have knowledge on interest rate for short term loans as and when required. Depending on this, you can understand what kind of monthly EMI needs to be paid. Accordingly, you can plan for the monthly budget required to repay the loan. Aditya Birla has a loan calculator and lets one pay the EMI in quick time with the knowledge of the ultimate rate. This is how it becomes easy to manage the monthly loan amount with ease. Before you submit Aditya Birla Finance Limited business loan online application, it is important to calculate the details.

When using the calculator, it mainly depends on some factors and details of loan on the basic such as 

  • Loan tenure 
  • Loan amount 
  • Interest rate

Aditya Birla Finance Limited Business Loan Customer Care Number

One can reach out to customer care at toll free number of 1-800-270-7000. The customer care is available most of the time from 10 AM to 6 PM expect for national holidays. Other than reaching out via phone number, you can email the team for any complaints or query at care.finance@adityabirlacapital.com. So, if you have mailed the team, you have to wait for some 3 working days to get the response or a call back response from the team and get the problem resolved. The customer support team would give its best to offer the best service to customers and solve the problem. For this, you can also reach out to the nearest branch other than telecommunication service or email them.

FAQs

From refinancing to reducing your interest, we have the answers right here.

What are the benefits Aditya Birla Finance Limited Provides on business loans?

Instant approval and get unsecured loan of up to rupees 50 lakhs and secured of up to rupees 25 crore with repayment tenure varying from 3 months to 12months and even more.

Who Can Take a Business Loan?

Category of applicants like public company, proprietorship, partnership firm and or private limited source can avail of the business loan.

What is the interest rate of a business loan in Aditya Birla Finance Limited?

The short-term rate is 16.60% whereas, long term rate is 17.35%.

What are the documents required in Aditya Birla Finance Limited for a business loan?

Identity card, address details, bank statement, continuation certificate and other documents

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