Business loans is fairly generic term used for different types of finance options that a business can access. In the current context, Business Loan implies unsecured income-based loan for self-employed individuals or companies.

Unsecured business loans have no requirement for a security or collateral to be submitted and are offered purely on the
current financial strength and past credit record of the borrower. Given their unsecured nature, they are relatively easy to avail
with simple paper work and speedy processing. However, that also means that Business Loans are usually costlier than other
forms of secured business finance.

Documents Required

KYC- PAN Card AND Aadhar Card

Residential and Office Light Bill

1 Year Banking

3 Years ITR

GST Certificate

Business Contiunity Proof

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

WHAT IS A BUSINESS LOAN?

Business Loan is a kind of financing, anyone can avail to meet the urgent needs of growing business. It don’t require any guarantor or security or collateral

WHO CAN APPLY FOR A BUSINESS LOAN?

Any individual who has got a source of income from business can apply for a business loan.

WHAT IF A FEW EMI ARE NOT PAID ON TIME?

It is in the interest of the borrower to repay EMI as per schedule. Delay in payment of EMI or default would badly affect the credibility of the borrower. Moreover, getting a loan at a later stage would be difficult. FRF share the credit history of a borrower with credit bureau and in turn they share data of credit history of a borrower with other banks.

WHAT IF I WANT TO PREPAY MY BUSINESS LOAN?

FRF allow its customers to prepay business loans after 6 months of disbursement. FRF charges a penalty of up to 5% as prepayment charges on the principal outstanding.

HOW MUCH TIME DOES IT TAKE TO GET A BUSINESS LOAN?

Generally, it takes 3 to 5 working days to sanction a business loan after completion of all formalities in terms of compliance in documentation.

WHAT IS THE RATE OF INTEREST THAT WILL BE CHARGED ON MY BUSINESS LOAN?

Rate of will be announced by FRF from time to time which varies with market conditions.

IS THERE ANY MORATORIUM PERIOD FOR REPAYING BUSINESS LOAN?

No, moratorium is not applicable for business loan. Generally first EMI starts within 45 days of the disbursement of loan.

HOW DO I REPAY A BUSINESS LOAN?

Business loans are generally repaid by way of equated monthly instalments (EMI)

IS THERE ANY FEE FOR AVAILING A BUSINESS LOAN?

Yes, a processing fee is applicable only one time, at the time of loan disbursement. There are other fees and charges as applied on variant events. These charges are listed in Loan Agreement.

WHAT IS THE MAXIMUM TENOR FOR A BUSINESS LOAN?

The tenor of business loan ranges from 12 months to 60 months. However, it should be noted that tenor is the discretion of the FRF and also in most of the case, the tenor is restricted to 36 months.

WHAT IS THE MAXIMUM ONE CAN GET AS A BUSINESS LOAN?

Business loans are available in the range of Rs. 1 Lakh to Rs.30 Lakhs depending on the income eligibility of an applicant.

WHEN CAN ONE APPLY FOR A BUSINESS LOAN?

You can apply for a business loan in order to fulfil any of your business needs which requires financial assistance.

IS THERE ANY SECURITY OR COLLATERAL FOR A BUSINESS LOAN?

Business loans don’t require any collateral or security.