NeoGrowth Business Loan – Interest Rates, EMI Eligibility 2024
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:
- Retail business owners who accept credit/debit cards or other digital payments from customers.
- 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
- Neo-Growth provides loan based on credit/ debit card swipes & online sales.
- Vendors loans are based on the receipts they get from large corporates.
- Usage of POS (EDC) machine for at least 6 months
- No ITR required for loans up to 15 lacs
- 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)