Some financial institutions in India offer business loans with zero processing fees as an incentive for borrowers to apply for loans. This means that the borrower does not have to pay any upfront fees, such as application fees, appraisal fees, or administration fees when applying for the loan.

However, it's important to note that a zero processing fee loan may come with higher interest rates or other fees, so it's important to carefully review the terms and conditions of the loan to ensure that it is the best fit for your business. Additionally, some financial institutions may only offer zero processing fees for certain types of business loans, such as short-term loans or working capital loans.

WHAT ARE THE ELIGIBILITY CRITERIA?

• Business Tenure: Minimum 1 year or above
• Minimum Annual Turnover: Rs. 12 lacks or above for existing enterprises
• Credit Score: 750 or above
• Applicants with No past loan defaults

WHO CAN APPLY FOR A BUSINESS LOAN?

• Individuals, Business Owners, Entrepreneurs, Self-employed professionals, Startups, and Micro, Small, and Medium Enterprises (MSMEs)
• Private and Public Limited Companies, Sole Proprietorship, Partnership Firms, Limited Liability Partnerships, and Large Enterprises engaged only in Manufacturing, Trading or Services sectors
• NGOs, Co-operative Societies, Trusts, and professionals, such as CAs, Doctors, Architects, Company Secretaries, Designers, etc.

WHAT DOCUMENTS ARE REQUIRED TO AVAIL BUSINESS LOAN?

When applying for a business loan, you will need to submit the following documents:

• Duly filled application form along with passport-sized photographs
• KYC Documents of the applicant, including PAN card, Passport, Aadhar Card, Driving License, Voter ID card, Utility Bills (Water/Electricity Bills)
• Last 1 years’ bank statement
• Copy of Non-Collateral Overdraft, if any
• Copy of Business Incorporation
• Any other document required by the lender