Protium Business Loan
Protium, the Mumbai-based financial services company, provides instant business loans with an end-to-end digital disbursal process that includes just three steps. The loan amount of the Protium business loan is up to ₹25 Lakhs, interest rate ranges from 18% to 34% p.a. and a processing fee of 3% to 7%. The maximum tenure offered for repayment is up to 36 months. The financial services company has no hidden charges.
Key Details of Protium Business Loan
The following are some important Protium Business Loan details:
| Loan Amount | Up to ₹25 Lakhs |
| Rate of Interest | Starting from 10.50% per annum |
| Repayment Tenure | 1 to 3 Years |
| Processing Fee | 3% to 7% |
Features & Benefits of Protium Business Loan
- Protium business loan proceeds can be utilised for various business-related purposes, including purchasing machinery and equipment, purchasing inventory, working capital finance, invoice financing, upgradation of existing infrastructure, capital expansion, takeover of running business, advance for fresh tender/ contract, or any other purpose of the entity which will increase the cash flows.
- Protium Finance Ltd has widened its service base to more than 5,000 PIN codes, thereby maximising the outreach of credit facilities to underserved and new-to-credit customers.
- The Protium business loan is targeted at manufacturers, wholesalers, retailers, distributors, and service providers/ industries.
- A Protium loan is available to most of the businesses under the Micro Small and Medium Enterprise (MSME) framework, irrespective of the nature of operations. Retailers, traders, restaurants, e-commerce enterprises, service providers, hotel operators and travel agents.
- Protium business loans are collateral-free loans without any hidden charges. Customers can avail quick credit in just three steps, which include filling in the personal details, updating their latest bank statements and completing KYC and eNACH.
Protium Finance Business Loan Interest Rates & Charges
Here are the Protium Finance Business Loan interest rates and charges:
| Feature | Details |
|---|---|
| Interest Rates | From 10.50% to 20.50% p.a. (Variable based on profile) |
| Processing Fee | 3% to 7% of the loan amount (plus GST) |
| Foreclosure Charges | Nil for the first 12 months (in some schemes); otherwise up to 5% – 6% of the principal outstanding |
| Late Payment Penalty | 2% to 3% per month on the overdue instalment |
| Bounce Charges (Cheque/NACH) | ₹500 to ₹2,000 per instance (varies by loan amount) |
| Loan Cancellation Fee | ₹10,000 + interest accrued until the cancellation date |
| Modification of Loan Terms | Up to 2% of the outstanding principal |
| Document Retrieval Fee | ₹1,000 to ₹2,000 |
Documents Required for Protium Business Loan
- In order to secure a Protium business loan from Protium Finance Ltd, a customer is required to furnish some necessary documents, including a PAN and an Aadhaar.
- As a business unit, the firm should have proof of registering the business and government-validated documents that can act as proof of address for the business owner, as well as for the enterprise.
- A copy of the latest income tax return is required for a business loan over a loan amount of Rs 15 lakh, while a 9-month bank statement of the firm’s account is needed, irrespective.
- 6 months of banking (also current month banking if the 9th of the running month is crossed). For loan amounts above Rs. 15 Lakhs, the last 12 months' banking is required.
Eligibility Conditions for Protium Business Loan
| Minimum Business Turnover | Minimum average turnover of Rs. 1 Lakh per month & minimum Average Daily Bank Balance of Rs. 5,000 |
| Age of the Main Applicant | 25 to 60 years |
| Age of the Co-applicant | 23 to 65 years |
| Credit Score | Above 700 |
| Bureau & Banking Hard Filters | Total inquiries in the last 3 months should be <=13, no 1+ in the last 12 months, no ECS bounces in the last 150 days, overdue amount should be below Rs. 1,000, & unsecured loan open in the last 4 months should be <=4 |
| Minimum Business Vintage | 12 months as per valid documents |
| Impaired Loans History | The customer should not have more than one 90+DPD in the last 36 months |
| Type of Company | Self-employed Individuals, Proprietorship Firm, Partnership Firm, Limited Liability Partnership, and Private Limited Companies |
| Office & residential stability at the same premises | 12 months (exception if moved from rented to owned premises), based on information provided by the customer & to be checked with information from CIBIL/Sherlock/FI |
| Co-applicant | At least 1 co-applicant is mandatory if the loan amount is >10 Lakhs, the main applicant is <25 or >60 years of age, or business is registered in the name of 1 person & is being managed by another person |
Protium Business Loan Customer Care
All Protium business loan customers can contact Protium Finance Ltd's customer care on the toll-free customer support number 18008432466 or via wecare@protium.co.in. Alternatively, the customers can also contact Protium Finance Ltd at +91-8828820004 or customerservice@protium.co.in.
FAQs
The rate of interest on Protium business loans begins from 10.50%. The applicable interest rate for different loans can vary based on different customer profiles, distinct company financials, age of the applicant, and the type of company.
All firms under the corporate framework of Proprietorship Firm, Partnership Firm, Limited Liability Partnership and Private Limited Companies are eligible for the Protium business loan.
The maximum repayment tenure for Protium business loans is up to 3 years.
The EMIs for Protium business loans can be paid online by clicking on the Pay Now button through its webpage or mobile application. The borrower is required to validate their identity by requesting an OTP on the registered mobile number.