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General FAQs

What are the types of loans I can apply for?

Currently, our product suite includes:

  • Working Capital financing, including Funded and Non-funded facilities
  • Loan against Property
  • Unsecured Business Loan
  • Loan for Medical Equipment
  • What is the minimum loan amount?

    The minimum loan amount is ` 3,00,000.

    Up to what amount can be disbursed?

    The amounts vary from Institution to Institution. In some cases, banks will lend more than amounts indicated below. Indicative amounts, subject to the lenders' discretion are:

    Loans Amount
    Working Capital Loan Up to 25,00,00,000
    Loan Against Property Up to 25,00,00,000
    Unsecured Business Loan Up to 1,00,00,000
    Loan for Medical Equipment Up to 10,00,00,000
    What is the maximum tenor of the loan?
    Loans Tenor
    Working Capital Loan Up to 5 years (for Term Loans)
    Loan Against Property Up to 15 years
    Unsecured Business Loan Up to 3 years
    Loan for Medical Equipment Up to 5 years
    What are the rates of interest? Are they fixed or floating?

    Kindly note that the rates of interest vary depending on the product, tenor, lending Institution and profile of the borrower. The indicative rate band is as under:

    Loans Rates of interest
    Working Capital Loan 12 - 16%
    Loan Against Property 12 - 15%
    Unsecured Business Loan 18 - 22%
    Loan for Medical Equipment 14.5 - 16%
    What are the types of security / collateral lenders are looking for?

    That would depend on the nature and type of the loan. For Working Capital Loan, it is stock and book debts, for Loan Against Property, it is property and for Medical Equipment Loans it is the equipment itself. Most loans, except Unsecured Business Loan require security / collateral. In the case of inadequacy of security, lenders may be willing to look at a combination of assets, including shares.

    Can a start-up get a loan?

    Typically, lenders look for 3 years track record for lending money. However, they may make an exception for those with good track record in other businesses or in certain cases, if the value of the property and supporting cash flows are very good.

    Can I prepay my loans?

    Prepayment is generally permissible but it may involve a pre-payment charge and would depend on the terms and conditions of the sanction of the loan.

    Can I get loan against shares?

    Yes, this comes under loan against assets, under Working Capital Financing.

    How do I pay my EMIs?

    Usually it's a monthly direct debit from your bank account in the case of Loans and an Interest debit to your Cash Credit account in the case of Overdraft/CC facilities.

    How do I find out if I am eligible for a loan?

    There are different eligibility criteria for each type of entity and loan product. To see if you're eligible for a loan!

    Can I still apply if the calculator rejects my eligibility?

    Yes, you can. Your eligibility is a subjective matter and will be evaluated on a case-by-case basis by our partner banks.

    Can I apply for a loan to multiple banks at once?

    Yes, you can! theloancompany.in helps you get easy loans by allowing you to get your one application processed by multiple banks simultaneously.

    Can I apply to more than one type of loan in one application?

    Yes. However, on your application form you can select any one type of product. The bank may then sanction a structured product, consisting of more than one type of loan after evaluating your requirements. Alternatively, you may go ahead and fill up one more application form for another type of loan.

    Can Micro-businesses apply for a loan?

    Yes, Micro-businesses are welcome to apply. Micro-businesses are classified under the RBI as:

  • Manufacturing businesses that have not invested more than ` 25 lakh in a plant and its machinery
  • Manufacturing businesses that have not invested more than ` 10 lakh in equipment.
  • How much time does it take for the bank to sanction my loan?

    It could take anywhere from 5-20 working days after receipt of complete application and documents, depending on the product, the credit profile, documentation requirement and lending Institution. Typically, Unsecured Business Loan is the fastest whereas other types of loans take longer given the security documentation.

    What are the documents I need for a loan?

    Click on one of the links below to see which documents you need for each product:

  • Working Capital Loan
  • Loan Against Property
  • Unsecured Business Loan
  • What is the minimum age for borrowing?

    The minimum legal age for borrowing is 18 years. However, most Institutions look for a minimum age of 25 years for lending and are unlikely to lend to anyone below that age, barring some special situations.

    How many banks do I select for submission?

    Theloancompany.in will advise you regarding the number of Institutions ideally suited to your profile. You may then go ahead and choose one or more Institutions, depending on your preferences. Kindly note that the more Institutions you select, the higher are your chances of getting the loan.

    How will the loan be disbursed to me?

    The amount will be directly deposited to your account by the bank.

    Are there any charges payable to theloancompany.in?

    Currently, there are no charges payable to Theloancompany. The application process is absolutely free. However, banks may charge processing fees/other charges as per their own policies.

    What if my loan is rejected?

    Rectify the shortcomings that the bank may point out and apply again. You may also consider applying under a different asset category where you have a better chance of getting your loan approved. We will advise you regarding that.

    Why should I go to theloancompany.in rather than to the banks directly?

  • We help businesses save money and time by allowing them to send one loan application to multiple banks.
  • We guide you with the documentation and application process. Our services are completely free of charge.
  • We match you with a bank that's best suited for your financial needs.
  • Our site is secure and any information you disclose is safe with us.
  • Learn more on our Why Us page!

    What if I want to change my information after I've clicked submit?

    You can Contact us through e-mail or by phone and we will help you unlock your application to make the changes.

    Does my business have to be in a specific region?

    Currently, we are operational in Mumbai, Delhi and Bangalore. We have document pick-up facilities in these cities. We will soon be starting operations in other cities.

    Why should I trust theloancompany.in?

    All the information entered into your application is strictly confidential. Our team and the partner banks and NBFCs to whom your application is sent can only access it.

    How can I schedule a pick-up of documents?

    You will be able to schedule a document pick-up once you have finished filling in the loan application form.

    What if the pick-up is missed?

    We will notify you if a pick-up is missed and you can reschedule the pick-up on the phone with us. You may Contact us to fix the revised time.

    Will theloancompany.in pull my credit report?

    No, we will not pull your credit report. However, the Institutions processing your loan application will surely pull up your credit report from the Credit Bureau.

    Who will access my documents in theloancompany.in?

    Limited persons, who are specifically authorized on a need to know basis, will be accessing your documents for processing your loan application. See our Privacy Policy for more information.

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