Aavas Financiers Business Loan, How to Apply, eligibility criteria, Documents required, Interest Rate
Aavas financiers is a registered National Housing Bank company that started its operations in March 2012. It is primarily engaged in providing housing loans to customers belonging to low and middle-income segments in semi-urban and rural areas.
| Loan Amount | 50,000- 10 lakhs depending on the size of the business |
| Loan Tenure | Up to 15 years |
| Interest Rate | Starts from 14% p.a |
| Type of Loan | Secured |
Aavas Financiers Business Loan or MSME Loan
Aavas financiers business loan is helpful if you are starting a new business or you are expanding your business.
It mainly provides housing loans. however, apart from housing loans it also offers business loans, Loans against property, Land purchase and construction loans, etc.
Business Loan is also called MSME (Micro, Small, and Medium Enterprise) loans. Aavas financiers provide loans to the States of Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Haryana, Uttar Pradesh, Chhattisgarh, Uttarakhand, Punjab, Himachal Pradesh, Delhi, Odisha, and Karnataka.
Features & Benefits of Aavas Financiers Business Loan
- Aavas Business loan can be used for starting a business, business expansion, purchase of equipment, working capital, etc.
- The interest rates on Aavas Business loan starts at 14% p.a.
- It offers easy repayment option up to 15 years.
- Integrated branch network that facilitates loan servicing at a branch convenient to you.
- It offers loans from Rs. 50,000 to Rs. 10,000,00 depending on the size of the business.
Aavas Financiers Business Loan Eligibility & Requirements
- You must belongs to Self- employed individuals / professionals, Sole proprietorship firms, Partnership firms, Private limited companies or closely held limited companies.
- The applicant age should be between 25 years to 55 years.
- You must be running businesses for at least 3 years to be eligible for MSME loan for business.
- An IT return filed by the business for at least 1 year is also necessary.
- A good credit score is required.
Aavas Financiers Business Loan Required Documents
- Application form
- A recent passport size photograph.
- Id proof- Driving License, Passport, Voter Id card OR PAN card, Aadhar card.
- Residence proof- Driving License, Passport, Voter Id card OR Ration card, Aadhar card, Electricity bill, Water bill.
- Financial documents- Last two years ITR, Balance Sheet of the firm OR Profit and Loss statements, Last 6 months bank statements.
- Business proof- Registration certificate, Certificates of business existence OR Memorandum and Articles of Association.
NOTE: Aavas may ask for additional documents depending on your financial profile.
How to Apply for Aavas Financiers Business Loan
There are mainly 3 ways to apply for Aavas Financiers Business Loan.
Apply Online
Visit Aavas Financiers MSME official website and click on the button Apply for a Business loan. On the next screen Enter your details like your name, mobile number, City Name, Loan type and verify your details through the OTP received.
You will get a call from Aavas Financiers representatives and further you will be guided.
Branch Visit
You can directly visit one of its branches, fill out the application form for a business loan.
Customer Care
One can call Aavas customer care to know the detailed procedure of applying for a business loan.
Aavas Financiers Business Loan Interest Rate
The interest rate for a business loan starts at 14% p.a. It can vary depending on your financial profile as well. the stronger your profile is, the lower the rate will be.
Aavas Financiers Customer Care Details
| Aavas Financiers customer care number | 1800-20-888-20 , 0141-6618888 |
| Aavas What’s App Number | 91166-32180 |
| Aavas Email Address | customercare@aavas.in |
| Aavas registered address | 201-202, 2nd Floor, Southend Square, Mansarover Industrial Area, Jaipur-302020 |
Conclusion
In this article, we have learned about Aavas Financiers Business Loan | How to Apply for Aavas Business Loan. I hope it will provide an insight of Aavas business loan.
The lowest rate of interest for business or MSME loans varies from bank to bank or financial institution. It is advised that you check for a low-interest rate while applying for an MSME loan.
Read Also
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- ICICI Bank Business Loan Review | How to Apply for ICICI Bank Business Loan
FAQs
If you meet all the required documents and profile, the minimum time to get an MSME loan for business is 7-10 days. it can take longer than usual depending on the loan amount.
Aavas offers a loan from Rs. 50,000 to Rs. 10 lakhs depending on the size of the business.
Yes, a residential property mortgage is a must even if you provide commercial property as additional collateral.
MSME Stands for Micro, Small, and Medium enterprise.
