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Instant online approval. Apply online and get approved in 3 working days
Loan amount from Rs 50,000 - Rs 30 Lakhs
Flexible repayment tenures between 1 to 5 years
Apply for Business Loan
Features of Business Loan
No Security
No need to have any security or assets, get easy business loans with MAKS Finserv
Less documentation requirement
Avoid unnecessary documentation. Get maximum loans with minimum documentation.
Quick to arrange
Our efficient loan processing services ensure you quick and easy loans
Simple loan process
Not all loan processes are complicated. Enjoy simple loan processing at MAKS Finserv.
No hidden charges
Read about the fees and charges on your business loan and stay informed.
Money in bank instantly
Get your business loan amount on the same day of approval.
Calculate EMI with MAKS Finserv Business Loan EMI Calculator
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Personal loan eligibility criteria
Turnover
Must have a business turnover of Rs. 40 Lakhs
Minimum Business Period
Must run the current business for at least three years
Age
Applicants should be in the age group of 21 to 65
Income
Must have an annual income of Rs. 1.5 Lakh per annum
Profit
The business must be in a profitable state for the last two years
Experience
Must have five years of total business experience
Documents required
- PAN card of the individual, firm and the company
- Proof identity
- Proof of address
- Last six months bank statement
- Most recent ITR with the computation of income
- Last two years’ audited profit & loss details and balance sheet
- Proof of business continuation
- Partnership deed, MOA and AOA etc.
Current Business Loan interest rate, fees and charges
With MAKS Finserv Business Loan. You can get up to Rs. 25 lakh at an attractive interest rate. The loan comes with no hidden charges and 100K transparency, which make your overall borrowing experience seamless.
| Types of fees | Charges applicable |
|---|---|
| Interest rate | Low interest rates starting from 6.70% p.a. |
| Processing fees | This is a one-time non-refundable fee that is to be paid to the business loan provider after the loan application has been approved. The processing charge varies depending on the loan scheme you are applying for. |
| Penal interest | Loan providers also charge a penalty on delayed repayments i.e., if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another. |
| Prepayment charges | Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure. |
| Cheque dishonor charges | The fee is levied when the loan provider finds that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account. |
Types of personal loan interest rates
Personal loans come with two types of rates of interest: Fixed interest rate and floating interest rate.
1. Fixed interest rate
As the name suggests, the interest rate remains the same throughout the loan tenor. Thus. the loan E Ils will also remain constant.
2. Floating interest rate
A floating, adjustable, or variable interest rate is linked to an internal benchmark of a financial institution. Changes to this benchmark will affect the rates. Hence, floating rates vary throughout the loan tenor.
Both of these rates have advantages and disadvantages. Fixed rates keep ENls constant, which helps in budgeting. On the other hand, floating rates go up or come down along with the internal benchmark rate.
Methods for Interest Calculation on Personal Loan
1. Flat rate method
In this method, the applicable rate of interest is charged on the entire principal throughout the tenor.
2. Reducing balance method
In the diminishing balance or reducing balance method, the applicable rate of interest is chargeable on the outstanding principal after each EMI is paid off. Thus, the interest is calculated every month on the loan balance. Borrowers pay lower interest on the loan compared to the flat rate method.
Interest rate calculation formula
The interest rate for a personal loan through the flat rate method and the reducing balance method is calculated using the following formula:
1. Flat rate method
The rate of interest is chargeable on the entire loan principal. The formula for this method is — ENI = (principal + total interest payable) / loan tenor in months Wherein, total interest payable = P x r x n/100
Contact MAKS Finserv Customer Care
If you are a new customer who is looking for information about the
MAKS Finserv Business Loan
- Visit our branch by finding us on Google
- SMS HELP to +91 9717708810
Frequently Asked Questions
Currently, to avail business loan banks we do not ask for any security. The business loans are offered based on the evaluations of the submitted documents along with the duly filled application.
You can apply for a business loan to fulfill the below requirements-
- Fund your new or existing business
- Make additional capital available for your business
- Renovation of store/office/factory etc.
- Expansion of business
- Expenses for your business operations, marketing, etc.
Different banks offer different interest rates. It usually start from around 14%.
