Business Loan for Proprietorship

Mangalam Industrial Finance Limited offers unsecured Business Loans for Proprietorship at competitive interest rates to assist sole proprietors in expanding their businesses. Furthermore, our Proprietorship Business Loans are collateral-free and include numerous features and benefits, such as variable repayment terms, little documentation, and speedy disbursement. Apply today!

Reasons to Apply for a Proprietorship Loan

  • To cover anticipated and unplanned expenses
  • Consolidating debts
  • Purchase inventory and pay for emergencies.
  • Financial Documents
  • Invest in marketing for your company
  • Upgrade the corporate infrastructure
  • Install new plants and machinery
  • Pay for operating costs

Sole Proprietorship Business Loan Interest Rates and Charges

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

Eligibility Criteria for Proprietor Business Loan

Conditions of eligibility are designed to help various businesses 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.

Required Documents

  • Address Proof (PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport)
  • Address proof for the place of business (Rent agreement/Electricity and water bills, etc)
  • Financial documents (Six months Bank Statement)

Please note additional documents may be needed depending on your application.

Features and Benefits of Business Loan for Proprietorship

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Minimal Documentation
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Competitive Interest Rate
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Quick and Easy Disbursal
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Flexible Online Procedure

Minimal Documentation:

We help you get the required loan with the minimal documentation listed below.

Competitive Interest Rate:

We provide an Unsecured Business Loan with a competitive annual interest rate starting at just 15%.

Quick and Easy Disbursal:

We offer an easy documentation process that allows you to receive your funds without any challenges.

Flexible Online procedure:

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.

Application Process of Loan for Proprietorship from Mangalam Industrial Finance Limited

  • Step 1: Click the 'Apply Now' button.
  • Step 2: Enter basic KYC information.
  • Step 3: Wait for application review and verification.
  • Step 4: Receive confirmation of approval.
  • Step 5: Approve the Business Loan offer and authorise disbursement.
Apply Online

Click on Apply Now and fill out your contact information.

Personal Details

Enter your date of birth, qualification, and residential address.

Verification

Submit and upload all the information for verification.

After your documents are verified, the loan amount will be disbursed instantly.

Frequently Asked Questions

Mangalam Industrial Finance Limited offers business loans for proprietorships with simple qualifying requirements and minimum documentation. Proprietorship Loans are available to business owners with at least two years of experience and an annual turnover of above ₹6 lakh.

Mangalam Industrial Finance Limited offers Loan approval faster. Depending on the verification process, you may receive the loan amount in your bank account within just a few days.

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