Micro, Small, and Medium-sized Enterprises (MSMEs) are the backbone of India's socioeconomic development, contributing significantly to the country's GDP growth. However, these MSMEs frequently face significant challenges in determining how to obtain a Business Loan to run their day-to-day operations efficiently. Fortunately, they can take advantage of MSME Loans in India, which are unsecured business loans provided to such firms to fund business expansion or other needs.
| Types of fee | Applicable Charges |
| Rate of interest | 15% to 28% p.a.* |
| Processing fees | Up to 3% plus applicable taxes |
| Repayment Instrument Dishonor Charges | ₹1,000 per bounce plus applicable taxes |
| Default Interest | 3% per month |
| Loan Amount | ₹1 Lakh to ₹50 Lakh |
| Lowest EMI per month | Starting from ₹2,783* per Lakh for 48 months |
| Loan Tenure | 6 - 48 months |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources & 4% If paid from other sources |
| Stamp Duty | At actuals (as per state) |
| Penal Interest | 3% monthly on the defaulted EMI amount |
Our MSME Loan conditions of eligibility are designed to help various startups achieve their specific financial demands. The prerequisites are specified as follows:
Age:- To be eligible for this loan, you need to be between 24 to 65 years of age while applying.
Business Tenure: -Your business must be operational for at least two years.
Annual Turnover:- Your business must generate a minimum of ₹6 Lakh annually.
We help you get the required loan with the minimal documentation listed below.
We provide an Unsecured Business Loan with a competitive annual interest rate starting at just 15%.
We offer an easy documentation process that allows you to receive your funds without any challenges.
We offer a fully digitalised online application procedure so that you can apply for a loan from the comfort of your home or workplace with just a few clicks.
Running a successful firm requires significant cash investment. All businesses incur a range of expenses to keep their operations running efficiently. As a result, having convenient access to finance at the right time can be useful. Mangalam Industrial Finance Limited acknowledges these needs and provides Business Loans as a funding source for all businesses. Applicants can get numerous cost-effective benefits from obtaining a Business Loan from us.
Business expenses and working capital necessitate adequate funding. Our Business Loan provides unrestricted access to funds up to ₹50 Lakh for funding business expenses. Our process is simplified to your busy lifestyle and schedule. We provide speedy loans online, offering a hassle-free experience whenever you need money for your business.
Collateral-free loans offer a huge benefit for your Business. It is an unsecured loan, which saves time and reduces risk while you have easy access to capital.
You get a competitive interest rate when you choose the Mangalam Industrial Finance Limited Business Loan. Among the various Business Loan perks, our low interest rate makes it a cost-effective alternative you can rely on.
You only need to provide minimal Business Loan papers. This easy documentation process gives you an advantage over other financiers which serves as an additional benefit.
Loan EMIs should not restrict working capital or negatively impact business profits. But you won't have to worry about this with our Business Loan, which allows you a flexible repayment period of up to 48 months. This allows you to optimise your repayments based on your company's cash flow.
Another advantage of our Business Loans is the quick online application process. Access finance digitally, from the comfort of your own home or company. Apply online and get quick approval, with funds transferred to your account faster.
Smart ways to use a Mangalam Industrial Finance Limited business loan You can utilise the Mangalam Industrial Finance Limited Business Loan to fund business expansion or meet your company's immediate needs. Some of the best ways to employ this Business Loan are as follows:
Boost working capital
Management of operational costs
Upgrade, maintain, repair, or buy new equipment, software, and other assets
Improve the company infrastructure.
Hire qualified people and expand into other markets
Implement new marketing or sales strategies
Restock the inventory
Diversify your product/service portfolio
Promote your business online
Ideally, any moment is appropriate to obtain a Business Loan for a business. However, business owners typically seek a Business Loan when they require fast funds for various reasons, including company growth, development, short-term cash flow and so on. However, if you have a strong credit score, you can apply for a business loan as it may offer you better interest rates and quick approval.
Depending on the financier, you may be eligible for various benefits. With the Mangalam Industrial Finance Limited Business Loan, you get the benefits of flexible repayment plans, collateral-free loans, and an easy online application process.
Mangalam Industrial Finance Limited Business Loan provides a high-value sanction of up to ₹50 lakh. Other benefits include online application and loan administration, reasonable interest rates, and quick disbursement.
The flexible loan tenure allows you to choose a payback term of up to 48 months. Its versatility allows you to identify acceptable EMIs and adjust loan repayments to your company's finances.
*Terms & Conditions Apply
A company's ability to grow is vital, especially in today's competitive climate, where it is nearly impossible to survive without increasing sales and profit. There are several techniques to increase sales and profit, but each requires a large amount of capital. This is where Business Loans can help.
Unsecured Business Loans are provided in India from banks and Non-Banking Financial Corporations (NBFCs) to meet the instant capital requirements of a developing business.
With the Mangalam Industrial Finance Limited Business Loan, you can easily access speedy business financing. We provide a simple business loan with a variable term. To get started, business owners must first complete the basic eligibility requirements and submit the necessary documentation. The minimum documentation simplifies the Business Loan process and provides finance without fuss.
Following are the basic eligibility criteria for the application of a Business Loan.
| Criteria | Requirement |
|---|---|
| Age | To be eligible for this loan, you need to be between 24 to 65 years of age while applying. |
| Business Tenure | Your business must be operational for at least two years. |
| Annual Turnover | Your business must generate a minimum of ₹6 Lakh annually. |
Please note: Above mentioned criteria are indicative and additional prerequisites may apply depending on the individual application.
| Document Category | Requirement |
|---|---|
| KYC Documents |
|
| Business Address Proof | Utility bills/ Rent Agreement |
| Financial Documents | Bank account statement of past 6 months |
Note:Business owners must fulfil the following prerequisites documentation to apply for a business loan.
To apply for a Mangalam Industrial Finance Limited Business Loan, you must be between 24 and 65 years old, have your business running for a minimum of 2 years, and have an annual turnover of ₹6 lakh or above. These basic Business Loan criteria make it an excellent credit option for business owners.
Yes, it is one of the most important Business Loan needs. To qualify, you must have a decent credit score. A loan application typically requires a Bureau score of at least 700. However, to secure the best credit terms, it is better to apply with a Bureau score of 750 or above.
Yes. The Mangalam Industrial Finance Limited Business Loan requires only a few simple documents, allowing you to get funding for your business quickly.
To meet Business Loan prerequisites, you must provide basic KYC, financial paperwork, and business documents. Please review the documents included on this page for reference.
Yes. Check the official website to know more. Note: The documents mentioned online are only guidelines, and you may need to provide additional documents during loan processing if necessary.
*Terms & Conditions Apply
All businesses require adequate funds to cover operating expenses or for the expansion of the business. Thus, business owners choose Business Loans to get the funding they need. Businesses can select a Business Loan from a variety of loan vendor options. Traditional bank loans are the most popular source of money; yet, obtaining one is not a simple task.
With our simple approach and reasonable interest rates on Unsecured Business Loans, regardless of business size. Our term loan interest rates are among the most competitive in the industry.
One of the most significant elements to consider when borrowing is the interest rates and costs associated with a business loan. Paying high-interest rates increases your debt. Thus we help you to prevent this situation by providing reasonable Business Loan interest rates and fees.
Our Business Loan allows you to keep loan repayments affordable according to your budget. Depending on your credit score, financial situation, experience, etc. You can get an interest rate as low as 15% p.a. allowing business owners to access more cash at a lower cost.
Mangalam Industrial Finance Limited Business Loan carries a one-time processing fee of up to 3%, plus applicable taxes. This is applicable to the payout amount and is levied as a service fee for loan processing.
Prepaying a Business Loan is an efficient way to avoid paying additional interest, lowering overall expenditures. You can prepay your Mangalam Industrial Finance Limited Business Loan whenever you choose, and there are no fees to pay for it. This is because we charge no prepayment fees on our Business Loan when paid with your funds. If the payment is made from another source, 4% prepayment or foreclosure charges will apply. This allows you to maximise your savings while focusing on your business.
Defaulting on loan EMIs involves a penalty, and penalty charges are listed below: Penal interest is assessed at 3% per month on the in-default EMI amount. If a cheque bounces, there will be a ₹1,000 fee, plus any taxes.
The rate of interest begins at 15% per annum. A one-time processing fee equal to 3% of the sanction amount plus relevant taxes.
RepaymentFlexible repayment terms range from 6 months to 48 months, with no prepayment penalties.
Example
A loan of ₹15 lakh with a 15% interest rate and a four-year tenure would result in
an EMI of ₹41,746 a month.
*This interest rate is subject to fluctuation based on our internal credit and risk
policy.
*T&C Apply
Here's the formula for calculating the interest:
E = [P x R x (1+R) N] / [(1+R) (N-1)]
Where,
| Business Loan Interest Rates | 15% p.a onwards |
| Loan Amount | ₹1 Lakh to ₹50 Lakhs |
| Loan Processing fees | Up to 3% plus applicable taxes |
| Lowest EMI per month | Starting from ₹2,783* per Lakh for 48 months |
| Loan Tenure | 6 - 48 months |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources & 4% If paid from other sources |
| Default Interest | 3% per month |
| Repayment Instrument Dishonor Charges | ₹1,000 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
When it comes to securing a business loan, various factors might influence the interest rate and fees. Check out some of the main factors that influence business loan interest rates:
Credit Score: One of the most essential variables influencing Business Loan interest rates is your credit score. A credit score of above 750 is regarded as outstanding and can help you secure a cheaper interest rate on your business loan. This results in a lower interest rate.
Business History & Vintage: The lenders will consider your company's history as well as the number of years in operation. If you have a proven track record of profitability and growth, you can easily obtain a low-interest business loan.
Industry: Varied industries have varied risk profiles, which are considered when interest rates are determined.
Market Conditions: Market conditions may additionally have an impact on interest rates, particularly if they are variable. Variable interest rates change in response to current market movements. Overall, several factors can influence business loan interest rates and fees. As a result, understanding these characteristics and working to enhance your credit score and business history is critical for obtaining the best loan conditions possible.
Fixed interest rates remain fixed throughout the loan tenure. The borrower has to pay the same EMI amount every month. Further, fixed interest rates are more trustworthy in the long run because you can be confident that the rate will not fluctuate during the loan term. It also makes it easier to calculate your monthly EMI. So, if you're looking for the best Business Loans at cheap interest rates, apply today with Mangalam Industrial Finance Limited.
Variable Interest Rate:Floating interest rates might alter depending on market conditions, therefore the loan EMI amount to be paid each month may vary. Because the rate varies according to current trends, this form of interest rate can have an impact on your loan repayment capabilities if your organisation is relatively new. However, floating interest rates can be low, lowering your EMI even further. To discover the best Business Loan offer with reasonable interest rates, apply Mangalam Industrial Finance Limited Business Loan today.
Prepayment of a Business Loan might save you a significant amount of money in loan interest payments. Still, before deciding to prepay your debt, you should consider a variety of factors. Check out these tips to successfully prepay a business loan:
Foreclosure is the prepayment of a loan amount before the end of the loan term.
However, foreclosure is not always a wise move, and business owners should be aware
of the benefits and drawbacks of such actions.
Check out the table below for your convenience:
| Benefits | Risks |
| Saves on interest | Exerts a strain on cash flow |
| Reduces current liabilities | Attracts a foreclosure charge |
Yes. Prepaying the Mangalam Industrial Finance Limited Business Loan incurs a small cost. You simply need to pay 5% of the outstanding principal, plus applicable taxes. But there are no foreclosure or prepayment fees if paid from your sources.
Loan foreclosure is when debtors prepay their full debt in a single payment before the end of the term. Foreclosing a loan as a business owner can be a wise decision if you have the necessary funds. It enables you to save on interest payments and become debt-free.
At Mangalam Industrial Finance Limited, the maximum duration for a Business Loan is four years. As a result, you have the freedom to repay your loan based on the cash flow of your firm.
Obtaining a competitive business loan interest rate in India is not
an easy effort, but it can be simplified if a person meets the
eligibility requirements for a business loan. The criteria are
listed below:
Yes. When you pay the processing fee, make prepayments, or pay the penalty for defaulting on EMIs, you will be charged additional taxes.
No. Mangalam Industrial Finance Limited charges 0% for foreclosure or prepayment if paid with own funds.
Financing institutions primarily evaluate some common characteristics, such as the borrower's age, credit score, business revenue, residence location, outstanding liabilities, and so on when calculating the Business Loan interest rate in India.
*Terms & Conditions Apply
As a business owner, you must loan funds at a reasonable interest rate. Use the
Business Loan EMI calculator to manage your repayments more efficiently.
An equated monthly instalment (EMI) is a fixed monthly payment made by a borrower to
a lender on a specific day each month. EMIs include both interest and principle, and
the loan is paid off in full over a set number of years, known as tenure.
Borrowers benefit from a fixed EMI amount because they know exactly how much money
they will have to pay each month for their loan, making financial planning
easier.
A Business EMI calculator allows you to keep track of monthly instalments in the
form of EMIs that you must pay to the financial institution.
Here are three ways to calculate Business Loan EMIs
Online calculator :
Open the free EMI calculator by Mangalam
Industrial Finance Limited and entre your details and get your monthly EMI
amount.
Calculate using the formula:
Use the following formula to manually
determine
the EMI amount for a Personal Loan:
E = [P x R x (1+R) N] / [(1+R) (N-1)]
Where,
Before making a selection, look into and compare Business Loan interest rates and repayment terms from several lenders. Additionally, you may use the Mangalam Industrial Finance Limited Business Loan EMI calculator to calculate the interest rate for your loan and make informed borrowing decisions.
Excel Sheet:
This procedure is very simple. In the Excel
program,
enter the 'PMT' formula. Once selected, insert loan data into the following
variables precisely:
To qualify for our Business Loan, you must have a minimum of two years of business experience and an annual revenue of ₹6 Lakh.
Obtaining a competitive business loan interest rate in India is not an easy effort, but it can be simplified if a person meets the eligibility requirements for a business loan. The criteria are listed below:
No. Mangalam Industrial Finance Limited charges 0% for foreclosure or prepayment if paid with own funds.
*Terms & Conditions Apply
Mangalam Industrial Finance Limited is a Non-banking Financial Institution providing hassle-free loans. with easy and quick loan facilities. We aid our customers with financial solutions primarily for the purchase of Electric Two-Wheelers.
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