Taking a business loan is not an easy thing to do. You have to see which lenders offer the best deals. Every lender has a different loan amount, rate of interest to offer. Then the question arises, whether you should choose a bank or an NBFC to get the loan.
Today, we have brought together two lenders offering the best business loan online to solve the issue. They are PNB Business loan and Ziploan business loan. We will explore them one by one to know all the details. After it, it would be easy for you to choose one lender for your needs to get the business loan.
PNB Business loan
PNB Business loan online became famous due to its competitive interest rate, simple documentation, and comprehensive coverage in India. The loan is suited for every kind of borrower, from SMEs to big companies.
- PNB offers loan amounts up to Rs 15 lakhs depending upon borrower eligibility.
- The rate of interest ranges starts at 12.60% PA
- The loan tenure is up to 5 years.
- The documentation charge is NIL up to Rs 2 lakhs. Above 2 lakh, it ranges between Rs 1000 and Rs 50,000.
- The prepayment is allowed after 6 EMIs at 2% of the outstanding loan amount.
- The charges for changes in terms and conditions is 0.02% of the loan amount.
The eligibility criteria for PNB Business loan online
- The applicant should be an Indian citizen.
- The applicant’s age should vary between 21 years and 58 years at the time of loan maturity.
- The applicant business minimum turnover should be at least Rs 25 per annum.
- The applicant should have a minimum of 2 years of work experience.
- PNB may or may not ask for collateral or security.
- The business should be profitable for the last year.
- The minimum CIBIL score should range between 600- 750.
Required documents for PNB Business loan
- KYC Documents ( Identity proof, Address proof, etc.)
- Bank statement for the last 1 year
- Copy of P&L And ITRs for the last 2 years ( Certified by the CA)
- Proof of residence of all directors
- Balance sheet
- Articles of association and memorandum
- VAT return copy
- Copy of MSME registration/SSI
- Rent agreement for the premise
- Tiles deeds/Lease deeds copy
How to apply for a PNB Business loan online via Afinoz?
Here are the steps to follow to apply for a PNB Business loan online via Afinoz.
- First, download the Afinoz app from the Google play store.
- Sign up, check the loan eligibility.
- Fill out the loan application form.
- Choose PNB from the lender’s list.
- Upload the required documents mentioned in the form.
- Submit the loan application form.
- Wait till the verification process is completed.
- Upon verification is done, the loan amount is disbursed.
PNB Business loan does not have any hidden charges. There is no need for collateral if you are looking for a medium loan amount. For existing PNB customers, there are exciting offers. Now, we will check out Ziploan.
Ziploan business loan
The Ziploan unsecured business loan is perhaps the most popular loan app on the Google play store, which says a lot about its vital services. The NBFC was set up in 2015, primarily aimed to provide a business loan to Small and medium enterprises. It is easily one of the best business loan online.
- Ziploan offers business loans up to Rs 5 lakhs, citing lenders’ eligibility.
- The loan repayment tenure is up to 2 years, having easy installments.
- The rate of interest ranges from 23% to 29% PA
- The processing fee is 3% of the loan amount.
Why you should choose Ziploan
- Ziploan usage it’s own credit system process called Zipscore.
- You do not need to submit the balance sheet of your company.
- There is no prepayment charge if you want to pay back the loan ahead of its tenure
- The interest rate is competitive.
- There are no hidden charges included in the loan.
- The whole process is entirely transparent.
- You could get a loan for multiple businesses up to Rs 5 lakhs.
- Ziploan requires minimal documentation to offer the loan.
- The loan disbursement is instant once the verification process is completed.
- There is no need for collateral.
Types of Ziploan business loan
- Working capital loan
- Collateral free equipment loan
The eligibility criteria for Ziploan
- The business premise should be in the applicant name
- The business should have a minimum turnover of Rs 10 lakhs.
- The minimum ITR should be at least Rs 2.5 lakhs.
Required documents for Ziploan
- KYC Documents
- Bank statement
- Business address proof
How to apply?
Download the Ziploan app from the Google play store to apply for its business loan.
There is no doubt; both lenders offer fantastic deals. Their interest rate, the loan tenure are quite good. However, it is your business needs, which should dictate the decision.