Apply for FlexiLoans Business Loan @ 12.00% Interest Rates
FlexiLoans Business Loan Details
The following are some important Protium Business Loan details:
| Loan amount | Rs. 50,000 to Rs. 1 Crore |
| Tenure | 12 to 42 months |
| Rate of interest | 12.00% to 28% p.a. |
| Processing fee | 2.5% to 4% of the loan amount |
| Age | 21 to 65 years |
| CIBIL score | 700 or above |
Features & Benefits of FlexiLoans
The following are the key features and benefits of a business flexi loan:
- Loan amount: The minimum loan amount offered is Rs. 50,000, and the maximum loan amount offered is Rs. 1 Crore.
- Purpose: FlexiLoans business loans are offered to help MSME owners fund their business expansion, working capital, equipment purchase, operational costs, short-term cash flow gaps, and other business-related needs.
- Repayment tenure: FlexiLoans business loans can be repaid in EMIs within 12 to 42 months. This flexibility allows businesses to select a repayment tenure that suits their cash flow and financial stability.
- Processing charges: The borrowed funds are charged a processing fee of 2.5% to 4% of the sanctioned loan amount.
- Online process: FlexiLoans business loans involve a 100% digital journey.
Flexi Loan Eligibility Criteria
To apply for a FlexiLoans business loan, businesses have to meet the following eligibility criteria:
- Age: Minimum 21 years and maximum up to 65 years.
- Minimum turnover requirement: Varies based on loan amount.
- Business vintage: At least 2 years.
- Minimum CIBIL score: 730 if the business vintage is less than 3 years and 700 if the business vintage is 3 years or more. New to Credit (NTC) applicants are also allowed.
- Threshold banking turnover: Minimum Rs. 2 Lakhs.
- CIBIL enquiry: Enquiries of 20 or more in the last 6 months without any disbursement will be rejected. More than 10 unsecured business/ personal loan enquiries in the last 3 months are not allowed.
FlexiLoans Fee & Charges
Following are the fees and charges involved in getting a business loan from FlexiLoans:
- Processing fee: 2.5% to 4% of the loan amount
- Pre-closure charges: 5% on pending principal amount
- Penalty on late payment: 42% on the overdue amount
- Bounce charges: Rs. 750 for each bounce + applicable taxes
Document Required for Flexi Loan
- In order to secure a Protium business loan from Protium Finance Ltd, a customer is required to furnish a handful of necessary documents, including a PAN and an Aadhaar.
- As a business unit, the firm should have proof of registering the business and government-validated documents that can act as proof of address for the business owner, as well as for the enterprise.
- A copy of the latest income tax return is required for a business loan over a loan amount of Rs 15 lakh, while a 9-month bank statement of the firm’s account is needed irrespective.