Urban Money

NeoGrowth Business Loan

NeoGrowth
4.5

In the likely event, you are into business; there were many times you thought to take your business to the next level, where money happens to be an issue. However, when it comes to profiteering, there keeps a requirement of investing. Well, be that as it may, a business needs to grow and for that money is a something that is needed, and one needs not to back off for sake of it. You need to know a various fact about applying NEO GROWTH for a business loan from the bank. Well, now that you are much into this read, the time has come to unfold a few facts about business loans. Well, there is no doubt that business happens to be the very first profession, hence a profession of such glamour and freedom; it must be respected and must never be looked down upon. Hence the concept of business loans must become never clouded. Business loans are provided to the business owner or the one who proposes a business for a startup. However, business loans are not just confined to newcomers or beginners; if one wants to take the business to a new level, various business loan schemes are provided to the owners. In addition, you will need to know that business analysts analyze the stance of a present business or the proposed one and provide a loan considering the business itself as collateral. At the time considering taking loan from a ban for business purpose. There is a dire need for knowing a few facts about the NEO GROWTH business loan interest rate.

  • NeoGrowth
  • Business Loan
Loan Amount:₹1L - ₹75L
Interest Rate:24%
Processing Fee: 2% - 4%
Tenure:2 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
NeoGrowth

24%

2% - 4%

₹1L - ₹75L

Tenure(0 - 2 Years)

Details

Features and Benefits of NeoGrowth Business Loan 

  • Customer-focused: NeoGrowth prioritises its customers. They make financing easy and hassle-free for all SMEs.
  • Repayment at your Comfort: With flexible repayment options, you can repay your loan at your own pace and comfort. They also provide direct deductions from sales, so that manual repayment is eliminated.
  • No Collateral: Unlike traditional financing houses where the collateral is a mandate, NeoGrowth has come up with no collateral schemes making the loan process easy and fun.
  • Top-Up Facilities: If you are an existing customer at NeoGrowth and you make sure that your repayments are on time. The company offers top-up on loans with a minimal documentation process.
  • High Loan Amount: NeoGrowth offers loans ranging from INR 1 Lakh to INR 1.5 Crores, depending upon the type of loan you choose.

Eligibility Criteria for NeoGrowth Business Loan 

  • Minimum of 2-3 years of business operations
  • Banking and financial statements
  • A credit score of more than 650
  • Should be of 18 years or above and must be an Indian Citizen
  • In case you are an online seller, the monthly revenue should be more than INR 2 Lakhs

NeoGrowth Business Loan Fees and Charges 

Processing fees 2-3% of loan amount sanctioned
Bounce Charges For Cheque: INR 500 + Tax For NACH: INR 50 +Tax
Prepayment Charges Depends on the terms and conditions of the agreement

NeoGrowth Business Loan Interest Rates 

The NeoGrowth Business Loan Instant Rates range from 19%-24%.

NeoGrowth Business Loans Offered

NeoGrowth offers business loans under two broad categories, namely, Retail Finance and Supply Chain Finance.

Retail Finance

The business loans offered under Retail Finance are particularly for SMEs, specifically online and offline retailers and proprietorship firms.

NeoCash

Neo Cash is an unsecured short term loan that can be availed by online as well as offline retailers. It is primarily for SMEs having online sales or point of sales machines. 
Loan Amount INR 1 Lakh- 75 Lakhs
Tenure of Loan 18 months- 36 months
Business Operations Minimum 2 Years
Average monthly sale required INR 1 Lakh
Collateral Not Required
Repayment Flexible- Daily, weekly or fortnightly

NeoCash Express

NeoCash Express is an instant loan for retailers with standard application and loan features. It is a fixed term. 

Loan Amount INR 9 Lakhs- 20 Lakhs
Tenure of Loan Upto 24 months
Business Operations Minimum 2 Years

NeoCash Plus

NeoCash Plus is a type of secured loan primarily offered to online and offline retailers who want to receive maximum value against their property.

  • The loan amount sanctioned is more than the value of the property.
  • The loan can be availed against residential, industrial warehouse, commercial or vacant land.
  • Neo Cash Plus also offers balance transfers and top-up options with other financial institutions.
  • The eligibility factor depends upon your banking and financial transactions.
Loan Amount INR 15 Lakh- 1.5 Crore
Tenure of Loan 60 months
Business Operations Minimum 3 Years
Collateral Residential, commercial, vacant land,warehouse

NeoCash Insta

The offerings under NeoCash Insta are exclusively reserved for Proprietorships only and include

  • Instant approval
  • Swift disbursal
  • Fixed-term loan
  • Low daily repayment
Loan Amount INR 1 Lakh - 8 Lakhs
Tenure of Loan 500 days
Business Operations Minimum 2 Years

NeoCash Emerger Plus

NeoCash Emerger Plus is made for retailers who want to secure a loan against their properties.

  • The eligibility criteria depend on Income Tax Returns (ITR) or liquid income.
  • Neo Cash Emerger Plus also offers balance transfers and top-up options with other financial institutions.
Loan Amount INR 15 Lakh - 50 Lakhs
Tenure of Loan 84 months
Business Operations Minimum 3 Years
Collateral Residential, commercial, vacant land, warehouse

Supply Chain Finance

Loan financing solutions under the category of Supply Chain Finance are designed for both SMEs and large corporations that are manufacturers, vendors, service providers and suppliers.  

Vendor Finance

The supplier-friendly finance provides loans to vendors, suppliers and manufacturers of large corporate firms whose annual turnover is more than INR 250 crores.  

Loan Amount INR 20 Lakh - 75 Lakhs
Tenure of Loan 24 months - 36 months
Business Operations Minimum 3 Years
Average monthly sale required INR 1 Lakh
Collateral Not Required

Vendor Finance Express

Vendor Finance Express provides quick and instant loans for vendors, suppliers, service providers and manufacturers to large corporations. Bank statements of the applicant are used as a medium for their eligibility criteria.

Loan Amount INR 10 Lakh - 20 Lakhs
Tenure of Loan 24 months - 30 months
Business Operations Minimum 3 Years
Collateral Not Required

Purchase Finance

Purchase Finance loans can be availed by traders, service providers and manufacturers who purchase raw materials from big corporates ( companies with a turnover of more than INR 250 Crores).

  • Hassle-free and swift loan sanction
  • Eligibility depends on purchases with large corporates
  • Pay Later option is provided
  • 50% of the principal amount is the term loan
  • The other 50% of the loan amount is a limit
Loan Amount INR 5 Lakh - 75 Lakhs
Tenure of Loan 18 months - 36 months
Business Operations Minimum 3 Years

Vendor Finance Plus

Vendor Finance Plus provides hassle-free loans for vendors, suppliers and manufacturers to large corporations.

  • The loan amount sanctioned is more than the value of the property.
  • Vendor Finance Plus also offers balance transfers and top-up options with other financial institutions.
  • The eligibility factor depends upon your banking and financial transactions.
Loan Amount INR 15 Lakh - 1.5 Crores
Tenure of Loan 60 Months
Business Operations Minimum 3 Years
Collateral Residential, commercial, vacant land,Industrial warehouse

Supply Chain Emerger Plus

Supply Chain Emerger Plus Loan can be availed by traders, manufacturers and suppliers who want to take a loan against their property.

  • Eligibility factor depends on the liquid income and income tax returns.
  • Supply Chain Emerger Plus also offers balance transfers and top-up options with other financial institutions.
Loan Amount INR 15 Lakh - 50 Lakh
Tenure of Loan 84 Months
Business Operations Minimum 3 Years
Collateral Residential, commercial, vacant land, industrial warehouse

Documents Required for NeoGrowth Business Loan

Address proof Passport
Aadhaar card Bank and financial statements
PAN card ITR statements
Voter ID Rental documents (if any office space is rented)

EMI Calculations For NeoGrowth Business Loans

NeoGrowth provides you with an EMI calculator that helps calculate the Estimated Monthly Instalment on your loan. By entering the loan amount, tenure and rate of interest in the given spaces on their website, you can calculate the EMI on your loan. 

The applied formula is:

EMI = P × r × (1 + r)n/((1 + r)n - 1) 

Note: This calculator provides indicative results on the basis of the amounts you enter. It is only a conceptual indication provided for comparative analysis. NeoGrowth won’t take up responsibility for any inaccuracy for the calculator.

Comparison with Other Lenders 

Lenders  Interest Rates 
NeoGrowth 18%- 24%
Capital Float 15%- 24%
ZipLoan 14% and above
Innoviti 16%-18%
HDFC Bank 1.90% – 21.35%
Flexi Loans 1% and above
Bajaj Finserv 17% and above

NeoGrowth Business Loan Customer Care

FAQs

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

How to apply for a business loan in NeoGrowth online?

Go to the Neogrowth website, and on the top right corner of the page, you will find an Apply button. Browse through their schemes and apply for a loan suitable for your business.

What are the documents required for NeoGrowth Business Loan?

Identity proofs like Aadhaar card, PAN card, Voter ID, along with address proofs, bank and financial statements, ITR statements and rental documents (for rented business space), are the documents required to avail for NeoGrowth business loan.

What are the benefits NeoGrowth Business Loan provides?

Minimal documentation, top-up loans, quick disbursals and flexible repayment options are some of the benefits of availing a NeoGrowth business loan. Additionally, the loans provided by the company are collateral-free.

What is the interest rate of a business loan in NeoGrowth?

NeoGrowth business loan interest rates range from 18% to 24%.

What is loan foreclosure?

When you pay off the loan amount at once without paying it in multiple EMIs, it is called loan foreclosure.

What is the maximum and minimum business loan amount I can get from NeoGrowth?

NeoGrowth offers loan amounts ranging from INR 1 Lakh to 1.5 Crores, depending on the type of loan you apply for.

Does NeoGrowth check for CIBIL Score for a business loan?

The CIBIL Score of the applicants is a primary eligibility criterion for lenders. NeoGrowth assesses your CIBIL Score before sanctioning your loan application. To be on the safer side, always maintain a CIBIL Score of 750 and above.

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