Business Loan 

NeoGrowth Business Loan – Interest Rates, EMI Eligibility 2024

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NeoGrowth Credit Pvt Ltd- Unsecured Business Loans for SME- MSME-owners

NeoGrowth offers unsecured loans up to 75 lakhs to MSME, SME merchants and business owners. NeoGrowth has helped 13000+ businesses to grow with their innovative POS based loans. Their quick loan disbursement, door step service for document collection, a dedicated customer service team to attend to your needs make your loan application and repaying back hassle free. The loans are short-term with a tenure up to 36 months and hassle-free with the facility of daily repayment. The underwriting methods and repayment model make their product stand apart and a perfect fit for SME owners.

NeoGrowth offers business loans to:

  1. Retail business owners who accept credit/debit cards or other digital payments from customers.
  2. Vendors who provide services to large corporates.

Neogrowth Business loans available at mentioned locations in India:

  • Tier 1 Cities – Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Pune
  • Tier 2 Cities – Ahmedabad, Chandigarh, Jaipur, Coimbatore, Surat, Vijayawada
  • Tier 3 Cities – Kolkata, Baroda / Vadodara, Indore, Lucknow, Ludhiana, Madurai, Mysore, Nagpur, Visakhapatnam

Highlighting key points of NewGrowth

  1. Neo-Growth provides loan based on credit/ debit card swipes & online sales.
  2. Vendors loans are based on the receipts they get from large corporates.
  3. Usage of POS (EDC) machine for at least 6 months
  4. No ITR required for loans up to 15 lacs
  5. Easy daily/weekly & fortnightly repayment model through POS/Swipe machine

Get More details on Business Loans in India

NeoGrowth Business Loan for retail owners Details

Interest Rate 24% APR onwards
Loan Amount 1 – 75 Lakh
Tenure 18 months – 36 months
Processing Fee Up to 3% of the loan amount
Prepayment Charges 5% on outstanding principal as on the date of prepayment

NeoGrowth Business Loan for Vendors Details

Interest Rate 21% APR onwards
Loan Amount 10 – 75 Lakh
Tenure 18 months – 36 months
Processing Fee Up to 2.25% of the loan amount
Prepayment Charges 5% on outstanding principal as on the date of prepayment

Eligibility Criteria for Business Loans

  • Retail Business with POS (EDC) machine
  • Usage of POS (EDC) machine for at least 6 months
  • Minimum Average Card Sale of Rs. 1 lakh for last 6 months
  • Usage of POS (EDC) machine for at least 14 days in a month
  • Business existence of 2 years

For Vendors of Large Corporate:

  • Total receipts from large corporates (companies with a turnover of more than 100 crores) per month should be great than Rs. 5 lacs in the last 6 months
  • Business existence of at least 3 years

Requisite Documents for Application:

Individual Documents

  • Individual Pan card
  • Applicant Photo

Business documents

  • Proof of Business address
  • Licence Agreement or Maintenance receipt
  • Latest utility bill in name of the firm

Proof of business registration of firm

  • License issued by Municipal under shops and establishment Act
  • GST registration certificate
  • Trade License

Financials Documents Required

  • Bank Statement
  • Income tax returns (for loan amount of above 15 lacs)

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