Business Loan

BUSINESS LOAN

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Thinking about a Business Loan?

Mantra advisory understands the business requirements and offers the best solutions for the enterprise. We offer a variety of business loans to help your business get moving and reach its goals. On account of the healthy track record, we are able to evoke the trust in our borrowers. We value relationships and the communities we serve.

Create the business of your dreams with the confidence:

Businesses require an adequate amount of capital to fund startup expenses or pay for expansions. Are you planning to start your new manufacturing/Merchandising/service-related business or want to expand an existing unit? Let Mantra advisory help you to understand the betterment for your existing/new dream business.

Purchasing of Fixed Assets

Capital Requirement

Technology Up-Gradation

Capacity Expansion / Modernization

Research and Development

Short-Term Requirement

Factors to consider for business loan:

1. Loan term
– Longer terms mean higher borrowing costs, but that may be an expense you want to incur to ensure you don’t run into cash flow problems.

2. Loan size
-This will determine how big an investment you must make and whether it makes sense to diversify your lending relationship with a second bank.

3. Flexibility
As a business person, you know even the best plans can go awry due to unforeseen developments. It’s important to have a frank discussion with your banker about what would happen if you found yourself unable to make scheduled loan repayments. Would your bank let you temporarily suspend principal repayments, for example? It’s important to find out ahead of time, not during a crisis.

4. Collateral
–  If you default on your loan, the bank can go to court to obtain the right to sell the collateral. This is always a last resort, because everyone loses in the process.

Repayment

Business Loan can be availed for a fixed term (12-48 months). Any time after 6 months you can repay the loan, however the foreclosure charges vary from lender to lender. Repayment would be on a fixed amount of EMI on monthly reducing rate of interest.

Fees and Charges

Processing Fee varies from bank to bank in the range of 1% to 2.5% of the loan amount. Foreclosure charges are applicable in almost all the banks for individuals and firm or company.

Documents Check-list

The document required for processing of business loans are:

  • PAN Card  For Company / Firm / individual.
  • Proof of your identity: Copy of Aadhaar Card / Passport /
  • Voters ID card / Pan Card / Driving License.
  • Proof of your address: Copy of Aadhaar Card / Passport / Voter ID-Card / Driving License.
  • Bank Statement (latest 6 months)
  • Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified / Audited.
  • Proof of continuation (ITR/Trade license / Establishment / Sales Tax certificate)
  • Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
  • As per your category or line of business our consultant will give you list of documents.

Loan Service Providers with Mantra Advisory

Some of the prominent and big providers of Business Loan in Mumbai, we are associated with, are HDFC Bank, Fullerton India, Bajaj Finserv, ICICI, CITI bank, Standard Chartered, Magma, Sriram Finance, Kotak Mahindra etc.

We know the value of money for you

We help you to borrow some

FAQ

Whether your business is at an initial stage or in the growth phase, additional finance can help you keep up the momentum. You can avail a business loan from us for your short or long term financial needs, to avoid any type of working capital shortfall.

Yes, it is possible. This is subject to the eligibility criteria at the time of your request,  You may submit a request letter to us, and if requested, fresh documents for the enhanced amount application.

Line of Credit is a unique credit facility given to our loan applicants, wherein you are approved for certain limit of credit/ loan, for a said duration. The monthly instalment for Line of Credit will consist only of the interest amount and will not have a principal component on a monthly basis. The principal amount of loan is to be repaid at the end of the tenure of the facility. You can deposit the funds when in access and withdraw fund when required in business, and you will be charged interest only on the amount utilized by you. The limit may drop along the tenor (dropline) or remain constant throughout the tenor, giving you maximum availability of funds throughout the tenor.

We offer Business Loans to both professionals and non-professionals, who are self-employed. Among self-employed professionals, we have exclusive loans for doctors. These loans are approved quickly and are available at competitive interest rates. The customer segments covered under Business Loans are listed below:

  • Sole Proprietorship
  • Partnership Firm
  • Private Limited Companies
  • Closely held Public Limited Companies
  • Societies
  • Trusts
  • Hospitals, Nursing Homes, Diagnostic Centers, Pathological Labs.

You can repay through Post Dated Cheques, Electronic Clearance Service (ECS) or Direct Debit.

Yes, you can get a Business Loan without any collateral or security.
 

Yes, you can make the pre-payment of loan after 6 months from the date of loan disbursal and it can be done once in a year only. The minimum amount of making the pre-payment should be INR 50 thousand.

Yes, you have an option of pre-closure at any stage without any penal charges.