Many people will have the vision of starting their own business or if one already has a business to expand it and build it into something better. Any Individual wanting to start a business or wanting to expand their business needs funds to do so. This is where entrepreneurs and individuals take loans at a previously agreed rate of interest and time. Be it MNCs everyone will have need of funds at one point of time or another. Lenders like Citibank provide Business loans just for that purpose.
Working Capital Management
Competitive London Interbank Offered Rate (LIBOR) helps in expanding business globally
Short-term loans available in Indian and foreign currency
Dropline overdraft feature available with a combination of Term loan and Overdraft
Cash credit loan available at competitive interest rates
Capital Expenditure
Term loans offered in foreign currency at attractive rates
Loan amount to be used for the construction of warehouse, factory premises, branches, etc.
Loans under Capital expenditure can also be used for the purchase of fixed assets
Loans against property is also available with stock and book debts as collateral
Loan-to-value (LTV) ratio is maximum up to 80% for property backed lines
Export Finance
Letter of Export of credit advising
Letter related to credit discounting and credit confirmation
In competitive LIBOR denominated rates, Pre- and post-shipment credit in local currency
Import Finance
Letter of credit
Import financing at LIBOR denominated rates
Guarantees on financials, performance and advance
Min. and max. Amount for business loan is ? 1 lakh to ? 15 lakh
It is possible to get loan within 48 hours With the Citibank business Loan option.
Has simple free processing with requires minimum documentation
Pre-payment charges are 4%.
No guarantor required.
Conditional part payment and pre-closure options are available after 12 months.
Door step service is offered.
E-approval and balance transfer are add-ons.
Comparatively low business Loan Interest Rates.
other banks business loan
| Banks | interest Rate |
| HDFC Bank Business Loan | 15.65% |
| Yes Bank Business Loan | 16.25% |
| RBL Bank Business Loan | 16.25% |
| CITI Bank Business Loan | 12% to 18% |
| India Bank Business Loan | 8.30% |
Citibank Business loan interest rate, Fee & Charges
|
Loan Amount |
Max. Rs 30 lakh |
|
Tenure |
12 to 60 months |
|
Interest rate |
12% to 18% |
|
Loan processing charge |
Up to 2% of loan amount |
|
Prepayments |
Until repayments of 12EMI’s no prepayment permitted |
|
Prepayments Fee |
3% to 4% of balance amount |
|
Late EMI payment Charge |
2% to 3% per month |
Following people eligible for HDFC Bank Business Growth loan
Self-employed individuals
Proprietors
Private Ltd. Co.
Partnership Firms
The business should have a at least turnover of Rs. 40 lakhs
With 5 years total business experience an Individuals who have been in the current business for a minimum of 3 years.
Those whose business has been good track record for the previous 2 years
The business should have a ITR of Rs. 1.5 lakhs per annum
At the time of applying for the loan the borrower should be at least 21 years, and should be no older than 65 years at the time of loan maturity
|
TYPE |
ID Proof | Address proof | Income proof |
| Salaried | Aadhar card, pan card, passport, voter id | Electricity bill, registry, rental agreement, voter id, Aadhar card | Last 6 month bank statement, salary slip last 3 month |
| Self-employed | Aadhar card, pan card, passport, voter id | Electricity bill, registry, rental agreement, voter id, Aadhar card | Last 6 month bank statement, Form 16, Latest ITR along with Balance Sheet |
| Partnership Firms/private limited companies | Aadhar card, pan card, passport, voter id | Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill |
Last 3 month bank statement, latest ITR, Registered Lease Document with other utility bills, Sales Tax or VAT Certificate, Shop & Establishment Act Certificate |
Visit to Branch
Online
In online method go to YES Bank website
Now go to “CitiBusiness Solution”
Now click on “apply now”
Fill the application form and submit it with attaching all mandatory documents
Bank associate will let you know in few minutes that you are eligible or not for the loan
After getting approval visit to HDFC bank branch for further proceedings
Know More How To Apply ??
Know More About
You're eligible for a Citi Bank Business Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Business Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Citi Bank Business Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 16.99% - 18% |
| Processing Fees | Up to 2% of the loan amount |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Business Loans EMI Calculator