If you are into business, you would know that you need to spend money to grow your business. And if you are well managing other expenses in that business, including capital can be a wise thing to do for its growth. However, getting that much capital can be a real challenge to deal with! So why not consider taking a Business loan? After all, it is known as the most common way to raise capital for a profitable business. Poonawalla Credit Pvt Ltd understands how even a small amount of money can help you reach your aspired business goals. So what are you waiting for? Apply for Poonawalla Credit Pvt Ltd business loan and get a suitable rate of interest that might help you to run your business without worrying about the capital.
Business Loan Banks | Interest Rate | Processing Fee | Rating | Loan Amount/Tenure | |
---|---|---|---|---|---|
Poonawalla Fincorp Limited Business Loan | 15% | Up to 2% | ₹1L - ₹30L Tenure(1 - 3 Years) | Details |
Features and Benefits of Poonawalla Fincorp Limited Business Loan
Poonawalla Fincorp Limited is among the greatest companies that offer unsecured business loans. No security or several documents are required to acquire the loan. Poonawalla Fincorp Limited business loan ensures a hassle-free experience and optimised every step of the process. A borrower can apply for a Poonawalla Fincorp Limited business loan in just a few minutes and have the entire sanction disbursed. A borrower won't need to worry about running out of money thanks to the Poonawalla Fincorp Limited Business Loan.
The features and benefits of the Poonawalla Fincorp Limited Business Loan are mentioned below:
- A business loan up to INR 50 lakhs may be approved.
- Another benefit is faster and more seamless disbursement. Poonawalla Fincorp provides rapid loans online, so you can always get the money you need for your business without fuss.
- It offers a low-interest rate to increase profits.
- It provides an unsecured business loan which eliminates the need to present collateral.
- The company requires most fundamental business loan paperwork to shorten processing times and speed up loan approval.
- It provides speedy approvals on business loans. You can apply for a loan online, which will be processed quickly, allowing you to receive an immediate business loan.
In five easy steps, one can apply for a Poonawalla Fincorp Limited business loan online, receive quick approval, and instantly have the money credited to their account.
Eligibility Criteria Poonawalla Fincorp Limited Business Loan
A borrower must glance through the Poonawalla Fincorp Limited business loan eligibility criteria to avoid inconsistencies in the loan application, guarantee a quick approval of the request, and provide the longest possible loan term. To qualify for an unsecured business loan, the applicant must meet the following Poonawalla Fincorp Limited business loan eligibility criteria.
- Applicant must be between the age of 22 and 65 at the time of loan maturity
- The business must be at least two years old
- The annual turnover of the business must be a minimum of INR 9 lakhs
Factors Affecting Poonawalla Fincorp Limited Business loan Eligibility
Various factors affect the Poonawalla Fincorp Limited business loan eligibility. A borrower must go through the following factors to increase their chances of getting approved for the loan.
Documents
The lenders ask for documentation of your identity, the background of your company, your salary, and your residence. Consequently, you must affix all necessary documentation to the back. Your request for a business loan may be denied if you are unable to provide the supporting documents for the proofs mentioned above. As a result, the documentation can also affect your ability to get a bank loan for your business.
Cash Flow
The money flow in business activities is a crucial element in determining eligibility. The eligibility restrictions will be eased if your company has a healthy cash flow. It would help if you successfully managed your cash flow so that there is still liquidity in the business.
Turnover
The annual turnover of the business determines the size of your business loan. If you are willing to take out a long-term, sizable company loan, you must have a high turnover rate. Your eligibility for the loan will be impacted by the turnover, which will decide the loan amount.
Business Age
If you are unable to provide evidence of the length of your company's history, there is a good chance that your loan application will be rejected. A prerequisite is the company's age. Some banks require a significant vintage period, which you may prove using your ITR.
Poonawalla Fincorp Limited Business Loan Interest Rates
A borrower must choose the Poonawalla Fincorp Limited business loan as the loan payments are affordable, and the interest rate ranges between 15% and 28%. Poonawalla Fincorp Limited's business loan interest rate depends upon your financial standing and creditworthiness. Businesses can dabble with capital cost as allowed by their financial standings. The company is proud of its unsecured business loan interest rates.
Factors Affecting Poonawalla Fincorp Limited Business Loan Interest Rates
Some factors influence an interest rate. These elements are also very important in determining various interest rates and EMIs. The factors affecting Poonawalla Fincorp Limited business loan interest rate are explained below.
CIBIL Score
The likelihood of getting a loan approved increases with a higher credit score and lower interest rate. It will be beneficial if the credit score lies between 650 and 900.
Business Vintage
When a company can demonstrate that it has been in operation for two years or more, Poonawalla Fincorp Limited will grant a loan to that company. A company operating for a while qualifies for a business loan with a lower interest rate.
Business Type
The kind of business you are in greatly affects the interest rate that is being given. You can be required to pay a higher business loan interest rate if your company is considered to be of greater or moderate risk.
Business Plan
The lender will need a copy of your business plan to ascertain how you intend to expand and repay the loan. So, to improve your chances of getting a loan, you must have a solid vision and business plan. Your loan will also be authorised at a cheaper interest rate. If you don't make a compelling case for your firm, you can have to pay higher interest rates. Your monthly income is important in calculating the rate because it will demonstrate your ability to make payments.
Poonawalla Fincorp Limited Business Loan Fees and Charges
There are various fees a lender charges to carry out the process of a loan. To meet the Poonawalla Fincorp Limited business loan requirements, the loan provider has the following fees and charges.
Interest Rates | 15% - 28% |
Amount | INR 1 lakh - 50 lakhs |
Processing Fees | Up to 3% plus applicable taxes |
EMI (Per Month) | Starting from INR 3,467 per Lakh |
Tenure | 12 - 36 months |
Prepayment/Foreclosure Charges | 5% of the outstanding loan amount plus applicable taxes |
Late Payment Charges | 3% per month |
Cheque Bounce Charges | INR 1000 plus applicable taxes per bounce |
Stamp Duty | Varies as per State |
Documents Required for Poonawalla Fincorp Limited Business Loan
A borrower must have the knowledge of the documents required for Poonawalla Fincorp Limited business loan, as it makes the whole process run smoothly. The following are the documents that each person applying for Poonawalla Fincorp Limited business loan must produce to be considered for an SME or a business loan.
- For KYC: Firm or company’s documents like address proof, GST Registration Certificate (if applicable), PAN Card, and other applicable registration certificates.
- For KYC: Aadhaar card, PAN card, utility bills, Index II, rent agreement, etc., of the partner, director, or proprietor
- Documents of income
- Receipts of GST returns
- Profit/loss statement and balance sheet of the last two years.
- Last two years of Income Tax Returns (ITRs)
- Bank account statement for the past six months
How Does the EMI Calculation Work for Poonawalla Fincorp Limited Business Loans?
Equated Monthly Instalment (EMI) is a predetermined monthly payment paid by a borrower to a creditor on a predetermined date each month. A borrower must calculate EMI before applying for Poonawalla Fincorp Limited business loan as the result assists in making financial decisions. Calculate the EMI of Poonawalla Fincorp Limited business loan using the following three ways.
Online EMI Calculator
Poonawalla Fincorp provides a free EMI calculator for business loans in India to simplify loan planning. You can use it to compute the Business Loan EMI, determine the overall interest expense, and view the amortisation schedule to understand payments better.
Manual
If a borrower refuses to use the online calculator for EMI calculation, they can use the following formula to do the required calculations. However, this is a time process and is prone to errors.
EMI = P x R x (1+R)N/ (1+R) N - 1Here, ‘P’ represents the loan amount, ‘R’ represents the interest rate, and ‘N’ represents the tenure.
Microsoft Excel
A borrower can get the desired result by inputting the ‘PMT’ formula in an excel file. Again, this method has room for errors and can be confusing. Once the formula is in place, the borrower will need to enter the data in the below-mentioned variables.
- "Rate": This is the interest rate calculated on a monthly basis (interest rate / 12).
- "NPER" denotes the loan tenure in months.
- PV: This stands for primary value or loan amount.
Make sure to input these details with the parameters "FV" and "Type" set to 0 and 1, respectively.
How Does Poonawalla Fincorp Limited Compare With Other Lenders?
Several companies offer business loans. An applicant must go through each company and select the one that caters to their needs the most. A comparison has been drawn in the below table based on the Poonawalla Fincorp Limited business loan interest rate and other lenders.
Bank or NBFC Offering Business Loan | Interest Rate (P.A.) |
Poonawalla Fincorp Limited | 15% - 28% |
HDFC Bank | 10.00% - 22.50% |
Axis Bank | 14.65% - 18.90% |
IDFC First Bank | 14.50% onwards |
Kotak Mahindra Bank | 16% - 19.99% |
Fullerton Finance | 17% - 21% |
Bajaj Finserv | 15% - 24% |
RBL Bank | 17.50% - 25% |
ICICI Bank | 17% onwards |
Tata Capital Finance | 19% onwards |
NeoGrowth Finance | 19% - 24% |
Hero FinCorp | Up to 26% |
Note: The interest rates provided in the table above are dated 18.11.22.
Poonawalla Fincorp Limited Business Loan Customer Care Number
A business loan is a weighted decision but an absolutely important one. Various queries need to be addressed when applying for a Poonawalla Fincorp Limited business loan. The company provides its clients with the best customer service that aids them in resolving their problems. An applicant or a client can contact the customer service mentioned below:
Registered and Corporate OfficeAddress: 201 and 202, 2nd Floor, AP81, Koregaon Park Annex, Mundhwa, Pune, 411036
Phone Number: +91 20 67808090
E-mail ID: info@poonawallafincorp.com
Toll-Free Number: 1800-266-3201 (9.00 AM - 7.00 PM) (Monday to Saturday)
The number can not be contacted on public holidays and Sundays
E-mail ID: customercare@poonawallafincorp.com
Need Loan Assistance?
Connect with Business Loan Advisor Now!
Check Eligibility
Poonawalla Fincorp Limited's Other Products
Business Loan By Other Banks
- Axis Bank Business Loan
- Bank of Baroda Business Loan
- HDFC Bank Business Loan
- ICICI Bank Business Loan
- Bajaj Finserv Business Loan
- IndiaBulls Business Loan
- Canara Bank Business Loan
- YES Bank Business Loan
- CITI Bank Business Loan
- Union Bank of India Business Loan
- DHFL Business Loan
- IndusInd Bank Business Loan
- Federal Bank Business Loan
- State Bank of India Business Loan
- IDFC FIRST Bank Business Loan
- Punjab National Bank Business Loan
- Hero FinCorp Business Loan
- IDBI Bank Business Loan
- Digikredit-SME Corner Business Loan
- Kotak Bank Business Loan
- HDFC Sales Business Loan
- Capital First Ltd. Business Loan
- Clix Capital Business Loan
- Aditya Birla Finance Limited Business Loan
- L&T Finance Business Loan
- HSBC Business Loan
- Shriram Urban Co Operative Bank Limited Business Loan
- Loantap Credit Products Private Limited Business Loan
- Fullerton India Business Loan
- Muthoot Finance Ltd Business Loan
- NeoGrowth Business Loan
- Bank of India Business Loan
- IIFL Finance Business Loan
- Piramal Housing Finance Business Loan
- Edelweiss Financial Services Business Loan
- INDIFI Business Loan
- INTELLEGROW Business Loan
- DCB Bank Business Loan
- Capri Global Business Loan
- Ujjivan Small Finance Bank Business Loan
- UGRO Capital Business Loan
- RBL Bank Business Loan
- FT Cash Business Loan
- Tata Capital Financial Services LTD Business Loan
- Tata Capital Housing Finance Limited Business Loan
- Deutsche Bank Business Loan
- Lending Kart-Nbfc Business Loan
Financial Calculators
FAQs
From refinancing to reducing your interest, we have the answers right here.
What does Poonawalla Fincorp do?
Poonawalla Fincorp Limited is an NBFC that specialises in consumer and MSME loans. It provides a diverse product package to meet the expanding finance demands of businesses and retail financing.
Who is the CEO of Poonawalla Fincorp?
Adar Poonawalla is the CEO of Poonawalla Fincorp.
Is Poonawalla Fincorp genuine?
Yes, Poonawalla Fincorp is genuine.
Who is the founder of Poonawalla finance?
Mr Mayank Poddar and Mr Sanjay Chamria are the founders of Poonawalla Fincorp Limited.
What is the interest rate of a business loan in Poonawalla Fincorp Limited?
The interest rate of Poonawalla Fincorp Limited is 15% – 28% per annum. For more information, read the above guide.
What are the benefits Poonawalla Fincorp Limited Provides on a business loan?
Poonawalla Fincorp Limited has various benefits to it. The interest rate is low, and the loan is disbursed quickly. Other benefits can be found in the guide above.
Does Poonawalla Fincorp Limited have a fixed rate of interest on a business loan?
No, Poonawalla Fincorp Limited does not have a fixed rate of interest on a business loan.
Does Poonawalla Fincorp Limited checks the CIBIL score for a business loan?
Yes. Poonawalla Fincorp Limited checks the CIBIL score for a business loan.
What is the maximum and minimum business loan amount I can get from Poonawalla Fincorp Limited?
The maximum and minimum business loan amount that can be borrowed from Poonawalla Fincorp Limited are INR 50 lakhs and INR 1 lakh, respectively.
What are the KYC documents I will have to submit to apply for a business loan from Poonawalla Fincorp Limited?
An applicant must submit the basic documents when applying for a business loan from Poonawalla Fincorp Limited. Get a better understanding of the documents required with our guide.
What is the processing fee on the Poonawalla Fincorp Limited business loan?
Poonawalla Fincorp Limited business loan has a processing fee of up to 3% of the borrowed amount.
Get your latest Credit Score, FREE
Business Loan Guide
Get in-depth knowledge about all things related to loans and your finances
Dairy Farm Loan in 2023 : Online Procedure
Dairy farm business loans are available to anybody who wants to start, run, or improve their own farms. A small dairy unit with two to four mulch cattle can be established, as can a medium or large dairy unit, to coll
Home Loan Brokers: Find the Best Mortgage for Your Dream Home
Every borrower wants to unlock a great deal on their home loan, whether trying to buy their first house, their next piece of real estate or refinance their existing home loan. Access to the right tools and obtaining s
Corporate Identification Number (CIN)
CIN or Corporate Identification Number is a unique identification numeric sequence assigned to registered companies in India by a registrar of companies popularly known as ROCs. The Corporate Identification Number is