Fuel Your Business Growth with the Right Loan

At Mera Loan Doctor, we connect entrepreneurs and business owners with the best business loan offers from leading banks and NBFCs. Whether it’s for expansion, working capital, equipment purchase, or managing cash flow, we help you secure fast approvals, flexible tenures, and competitive interest rates.

Check Your Eligibility Instantly
Busines loan

Features of Personal Loan

  • Unsecured Loan – No collateral or security required.
  • Flexible End Use – Can be used for medical needs, education, travel, debt consolidation, home renovation, or personal expenses.
  • Quick Disbursal – Many lenders provide instant or same-day approval and disbursement.
  • Loan Amount – Typically ranges from ₹50,000 to ₹50,00,000 depending on income and eligibility.
  • Tenure – Flexible repayment period from 12 months to 60 months.
  • Fixed Monthly EMIs – Repayment in predictable monthly installments.
  • Attractive Interest Rates – Rates depend on credit score, income, and lender policies.
  • Minimal Documentation – Simple KYC and income proof required.
  • Online Application – Apply from anywhere with a fully digital process.
  • Prepayment / Foreclosure Facility – Option to repay the loan early, subject to lender terms.

Personal Loan Eligibility Criteria

  • Age: Applicant should be between 21 and 65 years (varies by lender).

  • Business Type: Proprietorship, Partnership, Private Limited Company, LLP, or Self-employed professionals are eligible.

  • Business Vintage: Minimum 2–3 years of continuous business operations.

  • Annual Turnover: Should meet the minimum turnover requirement set by the lender (differs across banks/NBFCs).

  • Credit Score: A CIBIL score of 700 or above is generally preferred.

  • Profitability: The business should be profit-making for at least the last 1–2 years.

  • Income Tax Returns (ITR): Regular ITR filings for the past 2–3 years.

  • Existing Liabilities: A healthy debt-to-income ratio improves eligibility.

  • Nationality: Applicant must be an Indian resident.

Documents required to apply for Personal Loan

1. Identity Proof (Any one):

2. Address Proof (Any one):

3. Business Proof

  • Business Registration Certificate / Shop Act License

  • GST Registration Certificate

  • Partnership Deed (for partnership firms)

  • Memorandum & Articles of Association (for companies)

  • Professional License (for doctors, CAs, etc.)

4. Financial Documents

  • Last 2–3 years’ Income Tax Returns (ITR)

  • Profit & Loss Account and Balance Sheet (CA certified, if required)

  • Bank Statements for the last 6–12 months

5. Proof of Business Existence & Continuity

  • Trade License / Business License

  • MSME Registration (if applicable)

  • Invoices, bills, or other business activity proofs

6. Photographs

  • Recent passport-size photographs of applicant(s)

7. Other Documents (if required by lender)

  • Existing loan statements (if any)

  • Collateral documents (only if opting for a secured business loan)

Fees and Charges for Personal Loan

  • Processing Fees – Typically 1% to 3% of the loan amount, depending on the lender.
  • Prepayment / Foreclosure Charges – If you repay the loan before tenure, charges may apply (usually 2% to 5% of outstanding principal).
  • Late Payment / Penal Charges – Extra interest on overdue EMI, generally 2% per month on the overdue amount.
  • EMI / Cheque Bounce Charges – Around ₹500 – ₹600 per bounce (varies by lender).
  • Loan Cancellation Charges – Applicable if the loan is cancelled after sanctioning (processing fees may be non-refundable).
  • Stamp Duty / Documentation Charges – As per state government rules.
  • Conversion Charges – Fees for changing loan structure or switching interest type (fixed to floating or vice versa).
  • Miscellaneous Charges – Administrative or handling fees as per bank policy.

Faq's for Personal Loan

What is a business loan?

A business loan is a type of financing offered to entrepreneurs, self-employed professionals, and businesses to meet expenses such as working capital, expansion, equipment purchase, or cash flow management.

Business loans are available to proprietors, partnership firms, private limited companies, LLPs, and self-employed professionals like doctors, CAs, and consultants.

The loan amount depends on your business turnover, profitability, credit score, and lender’s policy. It generally ranges from ₹50,000 to ₹5 crore.

  • Business loans are usually short-to-medium term, with repayment tenure ranging from 12 months to 60 months.

Documents include identity proof, address proof, business registration certificate, GST returns, ITR for 2–3 years, balance sheet, profit & loss account, and bank statements.

If documents are complete, approval can take anywhere from 24 hours to 7 working days, depending on the lender.