FlexiLoans Business Loan

The key details of FlexiLoans business loans are mentioned in the table below:

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.

FlexiLoans Business Loan interest rates are fair and transparent, ranging from 12.00% to 28% per annum, depending on various factors including the loan amount and eligibility criteria.

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

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.

FexiLoans keeps the documentation process simple. To get a business loan, you will need to provide the following documents:

• Personal KYC: PAN Card and Aadhar Card
• Proof of residential address: Rent Agreement, Driving License, Voter’s ID, Ration Card, or Passport
• Business KYC: GST Registration Certificate or Shop Establishment Certificate
• Banking:
  • Current account statements of the last 6 months (for financial assessment)
  • Financial documents for loans above Rs. 20 Lakhs
  • Audited financials for the last 2 years
  • Income tax returns for the last 2 years
  • GST returns of 6 months

With the following efficient business loan application process, FlexiLoans makes it easier for businesses to secure the financing they need:

• Fill out the online business loan application form on the FlexiLoans website by providing details about your business, such as PAN, mobile number (associated with the business), GST number, etc.
• After submitting your application form, upload the required documents for a business loan.
• After receiving your loan application and documents, FlexiLoans will review your details promptly. After this process, you can expect to get approval within 48 hours. 
• Once your loan request is approved, the funds will be disbursed to your bank account.

Below are the Flexi Loan customer care details:

• Contact number: 02268219595 (from 10 AM to 7 PM)
• Email ID: connect@flexiloans.com
• Corporate Address: 7th Floor, South Annexe, Tower - 2, One World Centre, 841, Senapati Bapat Marg, Saidham Nagar, Lower Parel, Mumbai-400013