At A Glance
- Purpose
- General or business use (not housing)
- Who it is for
- Self-employed individuals, proprietorships, partnerships, LLPs and private limited companies
- Age
- 25 to 65 years
- Property owner
- Not needed up to ₹2 Lakh; needed above that. No property is mortgaged
- Co-applicant
- A woman co-applicant is usually needed where the applicant is a man
The Short Version
What Micro Business Loan actually does for you.
Get unsecured business funding for your day-to-day business needs, without providing property as collateral. Designed for eligible small business owners, shopkeepers, traders and self-employed customers who need funds to manage or grow their business.
What's included
- ITR and GST may not be required under eligible programs*
- Assessment based on business profile, banking and lender criteria
- Simple documentation, subject to lender policy
What can you use the loan for?
- Purchase of stock or inventory
- Working capital needs
- Business expansion
- Shop or workplace renovation
- Purchase of small business equipment
- Managing short-term business cash flow
- Other eligible business expenses
Do you qualify?
- Focus customers: self-employed individuals, sole proprietorship firms, partnership firms, limited liability partnerships and private limited companies
- Age: minimum 25 years and maximum 65 years
- A female co-applicant is required where the applicant is male (an exception may be allowed with a deviation)
- Minimum average bank balance (ABB) of ₹2,000
- Property owner on the deal: not mandatory for loans up to ₹2 Lakh (an owner declaration is kept on record in the lender's format), and mandatory for loans above ₹2 Lakh up to ₹10 Lakh
Fees and other charges
Prepayment terms are set by the lender. Other charges depend on the lender and are confirmed before you proceed.
Prepayment in the first 6 months
Not allowed
Prepayment after 6 months
4% penalty plus applicable taxes
Our service fee
For this facility we charge a service fee for taking your file from lender shortlist to disbursal. It covers comparing lenders for you, preparing and checking your documents, answering the lender's queries and following up until the money reaches you. We tell you the amount in writing before you go ahead, so you know exactly what you are paying and nothing comes as a surprise.
Why Growth Capital Services
One conversation, many lenders to compare.
Tell us about your business and funding requirement. Our team will review your profile and help you explore suitable Micro Business Loan options available through our network of Banks & NBFCs.
Important note: Loan amount, eligibility, interest rate, tenure, fees, documentation and approval depend on the applicant's business profile, banking, credit assessment and the respective lender's current policy. “No ITR” or “No GST” may be available only under specific eligible lending programs and should not be considered applicable to every case.
Run the numbers
Calculators for your Micro Business Loan
Try your own figures before you apply — nothing is saved or sent.
Step-by-step guide
Micro Business Loan process, step by step.
A micro business loan is assessed on your business and banking. Here is how we get you from need to funds.
- 1
Tell us about the business
Share what the business does, how long it has run and what you need the money for.
- 2
Check the basics
We look at your banking and business proof to see which lender programs may suit you.
- 3
Choose a lender
We shortlist lenders whose terms suit a small business and compare their offers.
- 4
Submit the papers
You provide KYC, 6 months of bank statements, business proof and ownership or address proof.
- 5
Sanction and funds
The lender reviews and sanctions, and the money reaches your account.
With GCS, your expert looks at your profile, matches it with suitable lenders, and coordinates with the banks for you. That means less confusion and more confidence when you apply.
Worth Comparing
The rest of Business Growth
So you can weigh Micro Business Loan against everything else we arrange in this category before deciding.
Still deciding on Micro Business Loan? Ask us directly.
Call +91 88280 01700 · Monday to Saturday · 10:00 AM – 6:00 PM