Yes. In order to qualify, you must maintain a good CIBIL score. Usually, the Bureau score required for a loan application is at least 650.
Faster and smooth disbursal
Our Business Loan is designed to suit your busy lifestyle and schedule. We offer quick loans, ensuring you have a hassle-free experience whenever you need funds for your business.
Competitive interest rates When you opt for LuLu Business Loans, you enjoy a competitive interest rate. Among the many business loan features, this provision makes our offering a cost-effective solution that you can rely on to maximise revenue.
Simplified documentation process. To minimise delays altogether and speed up loan processing, we only require you to submit basic business loan documents.
Extended loan tenure Loan EMIs should never strain the borrowers cashflows. With our business loan, you don’t have to worry about this as you can opt for a flexible tenure ranging up to 36 months. This helps you tailor repayment optimally based on your business’ cash flow.
Quick approvals Delays, especially because of a lack of funding, can affect profits or cause losses in business. To ensure you never face this problem, we offer quick approvals on our business loan.
No hidden costs.
There are no concealed or hidden charges or costs applicable on our Business Loans. We maintain complete transparency in all loan dealings and highly value our relationship with all borrowers.
Loan Application form/CKYC Application form duly filled in with all details, photograph and signature separately for Applicant, Co-applicant & Guarantor(s) (To be verified and signed by the Branch Manager/Branch In-charge).
Mother’s name of Applicant, Co-Applicant and Guarantor(s) must be mentioned in respective Loan Applications without fail.
Separate Mobile number in the name of Applicant, Co-Applicant and Guarantor/s should be mentioned in the Application Form.
The following are the list of documents that should be submitted prior to login
KYC documents
Application form
Financials, ITR, GST Payslips, Bank statement etc, Latest LTR
6 months latest banking transactions
Property documents copy (in case of mortgage loan)
Financial statements projection for the nearest Financial Year based on the performance of past year.
Last 6 months bank statement.
One Co-applicant is mandatory for all types of Business/MSME loans in the name of individuals and sole proprietorship concerns. Spouse/Family Member can be a co-applicant/Guarantor.
Personal guarantee of all partners in partnership firms and major Directors in the case of companies.
Owner of property shall invariably join as co-applicant.
Individuals/ Self-employed professionals [Firms / Companies or any other legal entity engaged in manufacturing / Service Trading are eligible to be financed under the scheme.
New or existing units can be considered under the scheme.
Net worth of the borrower/s shall be positive
Take over loans are permitted under the scheme.
Borrowers enjoying other credit facilities with other Banks/FIs can also be covered under the scheme. However, it will be ensured that same asset is not already financed.
Businesses filing GST returns shall be most preferred
Individuals- Minimum Age 24. Maximum Age at the end of loan tenor shall not exceed 70 Years.
Others: Minimum 2-year Business vintage
Turnover and profit should have a positive trend for the past two years.
Specific exclusions:
Real Estate
Jewellery
Capital Market
Activities of speculative nature.
Bar & Restaurant.
Rented residence cum office profiles.
Easy-to-meet business loan eligibility criteria
Minimal requirement for documentation
Instant approval and disbursal
Competitive interest rate
Zero hidden charges
Sizable sanction up to Rs.15 lakhs
Collateral-free business loan upto Rs. 2 Lakhs
Flexible tenure options up to 36 months.
LuLu Finserv would assess the credit worthiness of the applicant, approve, and disburse the Unsecured loan or mark a hypothecation lien on the Stocks, Receivables, Assets as security. Collateral of property will be insisted based on the product norms.
LuLu Business loans can be used to meet any business-related expense without restriction. Business owners can use the capital to:
Fund business expansion or diversification
Improve existing business set-up
Consolidate high-interest business debts
Boost working capital reserves
Purchase and stock inventory
Buy new machinery, equipment, or software
Capitalise on business opportunities
Business Loans are instalment loans for the purchase/ Renovation/Stock Addition/Asset Purchase for the purpose of upgradation of business to the next level. A Business loan can be availed by Individuals, Sole Proprietors, Partnership Firms, Private and Public Limited Companies, Limited Liability Partnerships, Trusts and Societies and who satisfy the credit parameters prescribed by LuLu Finserv.
MSME loans are instalment loans given for manufacturing activities and service Enterprises in the MSME segment as per the MSME definition in the MSMED Act.
LuLu Business Loans empower your business and take it to new heights. We offer business loans for the MSME sector and have designed our offering to match your unique needs.
We offer business owners and entrepreneurs, small business loans to ensure funding is never an obstacle when striving towards success. We have optimised every step of the way to promise a hassle-free and time-efficient experience.
