Business Loan for Self Employed Overview
Business loan for New Business
It’s a great way to secure your finance and increase working capital and ensure that the business does not get affected due to lack of funds.
Scale of Business
Our Business Loan is designed to serve any size of business. We have Business Loan for women, entrepreneurs and aspiring business owners.
Secured Business loan
The borrower pledges an asset against the debt. If the debt is not repaid, then the lender may claim the secured asset.
Unsecured business loan
Unsecured loans do not have collateral, though the lender will have a general claim on the borrower’s assets if repayment is not made.
Benefits & Features
As an existing customer of Nitstone Finserv, you will be eligible to get exclusive pre-approved offers for Business Loan from us.
Online Account Access
Once you’ve availed a business loan for self-employed from Nitstone Finserv, you can get all information about your Business Loan like payment schedule, interest certificate, repayment track and key information related to your loans through our digital customer portal.
No guarantors, No collateral
You don't need to provide any guarantors or give any collateral to get business loans to start a new business, even when you apply online. Our Business Loan terms and conditions are transparent, no hidden clauses.
Nitstone Finserv Offers up to Rs.25 Lakh Loan to Start A New Business
You can apply for a Business Loan online from Nitstone Finserv up to Rs.25 lakh and repay it at your ease by opting for tenures ranging from 24 months to 60 months. You can also use the Business Loan EMI calculator to know how much EMI you will have to pay for your Business Loan.
Eligibility & Documents
You’re eligible for a Business Loan from Nitstone Finserv if you’re either of the following:
- Limited or Private Limited Company
- Partnership or Proprietorship Firm
- Chartered Accountant / Self Employed Professional
Here’s a list of the Business Loan customer profiles that we consider:
- Self Employed Professionals (SEP) - Allopathic doctors, chartered accountants, company secretaries and architects who are practicing their profession. Proof of qualification to be documented.
- Self Employed Non Professionals (SENP) - Traders and manufacturers.
- Entities - Partnerships, Limited Liability Partnership, Private Limited and closely held Limited companies.
- Other constitution types depending on their profile on a case to case basis.
Documents required for Business Loan:
- Application form
- 1 Photograph of Co-Applicant
- Income Details: IT returns, Balance sheet & P/L account statement for the last 2 years with Annexure, Form 16 A
- Bank account statements for the last 3 months
- KYC documents of Co-applicant
- Business vintage for 5 years
Apart from business loan for self-employed, Nitstone Finserv also offers instant personal loan. Contact us to more about our finance solutions.
Ready to ApplyApply Now
How to Apply
Click on Apply to go to our online form. Fill in detail and submit the form.
Get an instant approval. Select your required loan amount and tenure.
Our representative will get in touch to collect your documents.
Amount will be credited to your account.
Fees & Charges
|Rate of Interest||16% – 21%|
|Processing fees||2% of the loan amount will be deducted at the time of disbursal of approved loan amount|
|EMI bounce charges||Rs.1000 will be charged in the subsequent month for every bounce|
|Penal interest||2.00% p.m. overdue charges will be levied basis 360 days per year|
|Borrower Type: Interest Type||Time Period (Months)||Foreclosure charges|
|NA||>1||4% plus applicable taxes on principal outstanding *|
* Foreclosure: charges will be applicable on the current principal outstanding.
* Foreclosure charges for line of credit and Flexi loans will be calculated on the Current principal outstanding.
Part prepayment charges
|Borrower Type: Interest Type||Time Period (Months)||Part payment charges|
|NA||>1||2% plus applicable taxes on part payment amount paid|
* Part payment made should be more than 1 EMI
* Nil part payment charges for flexi