Business Loan Eligibility Criteria
To be eligible for the business loan, you must meet the following conditions:
- • You must be a self-employed individual
- • Self-employed professionals include doctors, chartered accountants, etc., and self-employed non-professionals include traders, manufacturers
- • You must be between 24-65 years of age.
- • Business units such as partnerships, limited liability partnerships, and private limited companies can apply for a business loan
- • You must have a minimum business experience of 2 years in the current business and at least 5 years of business experience on the whole.
- • The minimum annual income (ITR) must be ₹1.5 lakh per annum
Business Loan Fees & Interest Rates
Omkaar Finmax Finance provides access to well-curated business loans that attract a nominal rate of interest. Thus, you enjoy affordable EMIs throughout the loan tenor. Follow the listed table to view the interest rate and charges applicable on a business loan:
| Interest Rates |
Starting from 18% p.a. |
| Processing Fee |
2-3% of Loan amount |
| Loan Tenor |
Up to 60 months |
| Pre-closure Charges |
4% of principal outstanding amount + GST* |
| Eligibility Criteria |
₹90,000 turnover for 3 months |
*GST @18% will be applicable
| Interest Rates |
Starting from 18% p.a. |
| Loan Amount |
₹25,000 to ₹75 lakh |
| Installments |
Flexible Monthly |
Business Loan EMI Calculate:-
The Minimum Annual Percentage Rate is 18% and the Maximum Annual Percentage Rate is 28% with a flexible repayment period of 5 years. Exception - We do not allow full repayment before 30 days or less.
To calculate the details for a salaried customer availing the Business loan of 5 Lakh at an interest rate of 18 % ROI for 5 years, your EMI will range around 12,697.
Also, the lenders will charge a processing amount ranging around 2 % of total loan amount. In this case, the processing fee will be ….
Then, the total interest payable is ₹2, 61,803 and total amount payable is 5 Lakh.
