Overview of Business Loan in Sonipat

Business loans in Sonipat support SMEs and entrepreneurs for expansion, working capital, or equipment purchase in a growing industrial hub.

Eligibility Criteria

Criteria Details
Applicant Type Sole proprietors, partnerships, or companies
Age 21–60 years
Business Vintage Minimum 2 years
Annual Turnover ₹10 lakh minimum
Credit Score 650+
Collateral Not required for unsecured loans

Documents Required

  • Identity Proof: Aadhaar, PAN Card
  • Address Proof: Utility bill, Aadhaar
  • Business Proof: GST registration, shop license
  • Financials: ITR (2 years), profit & loss statement
  • Bank Statements: Last 12 months

Benefits of Business Loan in Sonipat

  • Loans up to ₹50 lakh for business growth
  • Competitive rates starting at 10% p.a.
  • Flexible tenures up to 5 years
  • Quick disbursal within 7–15 days
  • Unsecured options available

Compare Business Loan Lenders in Sonipat

Lender Interest Rate Loan Amount Tenure Processing Fee
HDFC Bank 10% p.a. Up to ₹50 lakh 5 years 0.99%
ICICI Bank 10.5% p.a. Up to ₹40 lakh 4 years 1%
Bajaj Finance 11% p.a. Up to ₹35 lakh 3 years 1.5%

Frequently Asked Questions

What can I use a business loan in Sonipat for?

Expansion, working capital, equipment purchase, or inventory management.

Do I need collateral for a business loan?

Unsecured loans don’t require collateral; secured loans may need property or assets.

How long does it take to get a business loan approved?

Typically 7–15 days, depending on documentation and lender.

What is the minimum turnover required?

Most lenders require ₹10 lakh annual turnover.

Can startups apply for business loans in Sonipat?

Yes, with a strong business plan and credit score, though terms may vary.

What happens if I miss an EMI?

Late fees apply, and repeated defaults may impact your credit score.

Promotional Offers for 2025

  • Interest rates starting at 10% p.a. for business loans in Sonipat
  • Waived processing fees for applications before 31st May 2025
  • Free business loan eligibility check via Loanpao
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