NeoGrowth Credit SME Business Loan
| Loan Type | Features | Details |
|---|---|---|
| Business Loan for Retail Owners | Interest Rate | APR 24% onward |
| Loan Amount | Rs. 1 lakh to Rs. 75 lakhs | |
| Tenure | 18 months to 36 months | |
| Processing Fee | Up to 3% of the total loan amount | |
| Prepayment Charges | 5% on outstanding principal | |
| Business Loan for Vendors | Interest Rate | APR 21% onward |
| Loan Amount | Rs. 10 lakhs to Rs. 75 lakhs | |
| Tenure | 18 months to 36 months | |
| Processing Fee | Up to 2.25% on the entire loan amount | |
| Prepayment Charges | 5% on outstanding principal |
NeoGrowth Credit SME Business Loan is available to SME, MSME merchants, and business owners. The tenure is between 18 months and 36 months with easy facility of daily repayment. This NBFC has innovative POS based loans, which has helped thousands of businesses to grow exponentially. The NeoGrowth Credit SME Business Loan products stand out given flexible repayment models, underwriting methods, and the perfect solutions for entrepreneurs.
The loan products come with benefits such as
- Loan amount between Rs 1 lakh and Rs. 75 lakhs
- Doorstep service for collecting documents
- Easy and quick approval
- Dedicated customer service to attend to your needs
- Speedy disbursal of funds
At Loanbaba.com, you can get all information on NeoGrowth Credit SME Business Loan, and even apply for the funds online.
Types of NeoGrowth Credit SME Business Loans
Here are the types of business loans by the NeoGrowth:
- NeoCash – Retail Friendly: This funding is for offline and online retailers possessing Point of Sale (POS) machines. Loan amount available is between Rs. 1 lakh and Rs. 75 lakhs for tenure 18 months to 36 months. Revolving credit facility is possible. Business vintage must be at least 2 years. Minimum average monthly card sales must be at least Rs. 1 lakh.
- Vendor Finance – Supplier Friendly: Manufacturers and suppliers to large corporates (companies with a turnover more than Rs. 250 crores) can borrow between Rs. 10 lakhs and Rs. 75 lakhs. Business vintage must be at least 3 years. Tenure of the loan is between 18 months and 36 months. Minimum average monthly card sales must be at least Rs. 5 lakhs.
- Purchase Finance – Sourcing Friendly: Loan amount between Rs. 5 lakhs and Rs. 75 lakhs is available for business sourcing from large corporates. Traders, service providers, and manufacturers who buy their trading goods or raw materials from large corporates or their channel partners, can apply for this loan. Tenure is between 18 months and 36 months. There is an option to ‘Pay Later’. 50% of the amount is a limit, and remaining 50% of the amount is a term loan. Minimum average monthly card sales must be at least Rs. 3 lakhs. Business vintage must be at least 3 years.
- NeoCash Express – MSME Friendly: Loan amount is between Rs. 3 lakhs and Rs. 8 lakhs is available for MSMEs. Tenure is up to 500 days. This financial product exhibits benefits such as quick approval and disbursal compared to other business loans by the NBFC. Other benefit is that the loan comes with fixed tenure and allows daily low repayments. Business vintage must be at least 2 years. There is no requirement for minimum average monthly card sales.
Features of NeoGrowth Business Loans
Below-given are the interest rates and fees charged by the Fintech platform for a business loanBelow-mentioned are some of the features of the loan:
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1. No Requirement of ITR for Funding Up to Rs. 15 Lakhs
As a loan applicant, you may always wish the documentation process to be as less stringent as possible. The NBFC in question does this job for you with a facility of – No Income Tax Return Proof Required for Loans Up to Rs. 15 Lakhs. Thus, the borrowing journey is smooth, and it gives you enough freedom to access the funds without having to worry about ITR proof submission.
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2. Loan Based on Credit/Debit Card Swipes and Online Sales
What if you could get a business loan by swiping either your debit card or credit card? It will be such a simple and quick way to access financial assistance, isn’t it? NeoGrowth gives retails this opportunity wherein you can swipe any of the mentioned cards to get funds in a matter of only 3 days.
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3. Vendor Loans Based on Receipts from Large Corporate
The financing for vendors is based on receipts received from large corporate. Here, the loan amount is up to Rs. 75 lakhs if in the last 6 months the total sum of the receipts is above Rs. 5 lakhs per month.
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4. Repayment Model: Daily/Weekly/Fortnightly through Swipe/POS Machine
What is you could easily repay the loan POS/swipe machine on a daily basis? Or if daily is not possible, then what if you could make repayment weekly or fortnightly, as per your convenience? Does not it sound too good to be true? However, NeoGrowth enables you this service of a quick and easy repayment via the POS/swipe machine.
Eligibility Criteria for Business Loan by NeoGrowth
Below-given are the eligibility criteria for business loan NeoGrowth:
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1. Who Can Avail NeoGrowth Business Loan?
You can avail the funds if:
- A retail business owner who accepts credit/debit cards
- Or, accepts digital payments from customers
- A vendor who services to large corporate
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2. What Do You Need to Get the Loan?
To avail this business loan by NeoGrowth, the POS (EDC) machine must have been in use for a minimum of 6 months. If the POS machine has been operational for a sufficient duration, then it makes the funding procedure hassle-free.
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3. Other Eligibility Norms
- For a retail business, the average sale on card must be Rs. 1 lakh for the last 6 months.
- Also, the business vintage must be of at least 2 years.
- The usage of POS (EDC) machine should for a minimum of 14 days in a month.
- In case of vendors of large corporate, the business vintage must be of at least 3 years.
- The total receipts from the companies per month, must be more than Rs. 5 lakhs in last six months.
NeoGrowth Business Loan EMI Calculation
Equated monthly instalment (EMI) is a repayment process, wherein you pay an amount monthly to the lender to settle the loan as per the loan agreement’s terms and conditions. The EMI amount usually contains components of both the principal and the interest amount. To calculate the business loan EMI, you need details such as the loan amount, tenure, and interest rate.
Through a simple calculation, you can understand the exactly EMI to pay throughout till the end of tenure. Use the free-of-cost EMI calculator on Loanbaba for a quick calculation of the monthly instalments towards your NeoGrowth business loan.
Documents Required for NeoGrowth Credit SME Business Loan
Below-mentioned are the documents you need to apply for NeoGrowth business loan:
Documents for Individuals
- Pan card
- Your recent passport-sized photo
Financial Statements
- Income tax return proof if the loan amount is more than Rs. 15 lakhs
- Bank statement
Business Registration Proof
- Trade License
- GST registration certificate
- The license provided by Municipal under Shops and Establishment Act
Documents of the Business
- Maintenance receipt or License Agreement
- Proof of the business address
- Latest utility bill in name of the company
How to Apply for a Business Loan NeoGrowth?
Mentioned below is how you can apply for NeoGrowth business loan on Loanbaba:
- You can apply for this loan online on Loanbaba. Just scroll at the top of this page and fill in the online application.
- After submitting the application, our company representatives will verify the details mentioned in the form, and get in touch with you for any further process.
- We request you to maintain accurate soft-copy of the required documents to send in with the loan application. This will help the lending institution to take the funding decision in the shortest possible time.
- Once the loan is approved by the NBFC, the funds will be disbursed right to your bank account.
Frequently Asked Questions about NeoGrowth Business Loan
Below-given are FAQs about NeoGrowth Credit SME business loan:
1. What is a POS machine?
A POS or point of sale machine processes debit card or credit card payments from customers. The machine may even process any eligible gift card for payments.
2. What is the minimum loan amount?
The minimum loan amount is Rs. 1 lakh and the maximum limit is Rs. 75 lakhs.
3. Is a credit check mandatory?
Along with the verification of documents, the NBFC will also perform a credit check of the company/business.
4. What are the types of loans to apply for?
With NeoGrowth, you can apply for loans for shops/merchants/retailers that use debit card or credit card swipe machine. Loans are also available for wholesalers/ manufacturers/ distributors/ retailers/ traders who sell/purchase services or goods to large corporates.
5. What is the tenure range?
The tenure varies between 6 months and 36 months.
6. Is there a facility to pre-close the loan?
You can pre-close the loan at any stage. A pre-closure fee may apply as per the loan agreement.
7. How much time does it take for NeoGrowth to process the loan application?
Depending on several factors, the loan can be processed in as soon as 3 days to 5 days. After which, the disbursal can take place in 24 hours to 48 hours.
8. How is the fund disbursed?
The loan amount can come to you either through NEFT or RTGS.
9. How to repay the NeoGrowth loan?
EMI can be automatically deducted from the POS machine or you can pay via ECS/NACH debit mandate. You may even pay through RTGS/NEFT/IMPS to the mentioned account number provided by the NBFC, or you may simply repay through the Bill Desk payment gateway on the customer portal or website of NeoGrowth.
10. How to check the loan statement?
NeoGrowth will send the loan statement to your registered email id, every week. You can even download the same from the NBFC’s customer portal.