India's commercial capital is Mumbai. It attracts many business people from all over the country and contributes significantly to India's overall industrial production. With a variety of emerging sectors in Mumbai and a need for business funding, the city has various industries and many new small and medium businesses.

Piramal Finance offers business loans to assist small firms in attaining their full potential. Piramal Finance’s Business Loans in Mumbai are secured loans that are meant to help small businesses grow. You may satisfy a variety of business needs by applying for a business loan with Piramal Finance, including machinery loans, unsecured working capital loans, capital loans, and term loans.

The business loan amount is credited straight into the borrower's bank account within a few working days following approval, thanks to Piramal Finance’s faster loan distribution method. The loan can be repaid quickly with manageable monthly installments thanks to our flexible loan repayment duration. Piramal Finance’s small business loans in Mumbai are designed to help developing firms get off to a good start.

Features and Benefits of Business Loans in Mumbai

Quick Online Processing

When you apply for a startup business loan in Mumbai, we comprehend that you need the money as soon as possible. We can provide a small business loan in a matter of days. As a result, you can start or expand your business without worrying about a lack of funds.

Zero Collateral

The collateral-free small business loan in Mumbai is a key differentiator and a significant advantage of our business financing. Taking advantage of it is quick and less risky because it is an unsecured service. To obtain financing, you do not need to mortgage any of your personal or corporate assets.

High Loan Limit

A suitable amount of money is needed to cover business expenses and working capital. Access to money up to Rs. 10 lakhs to cover any expense associated with your business without sacrificing quality is one of the main benefits you receive from our Business Loan.

Long Repayment Tenure

Loan EMIs shouldn’t ever strain your business’s working cash holdings or revenue. This is not a concern with our business loan because you can select an adjustable length of up to 36 months. Based on your company’s cash flow, this enables you to organize your payback in the best possible way.

Eligibility Criteria for Business Loans in Mumbai

While applying for a business loan, there are a few required eligibility criteria that you must meet. The eligibility criteria vary for salaried and self-employed individuals.

CriteriaSalaried IndividualsSelf-Employed Individuals
If you are a salaried individual, you should be at least 21 years of age to apply for a business loan. As a government employee, you can apply for a business loan till you are 70 years old. You can only apply till 62 years of age if you work at a private company.
As a self-employed individual, you have to be a minimum of 23 and a maximum of 70 years of age.
To meet the eligibility criteria, you will have to work at a government institution, a public sector undertaking company, partnership firms such as an LLC, public companies such as private limited companies or limited companies, proprietorship concerns such as an individual proprietorship or HUF, MNC, and institutions run by NGOs, societies, and trusts.
If you are a CA, qualified doctor, or architect, you will be considered a self-employed professional. If you are a business owner, partner at a partnership firm, director of a company, or involved in a proprietorship, you will be considered a self-employed non-professional. However, directors of listed companies will be deemed as salaried applicants.
Make sure you keep two of your documents ready, including KYC documents, income tax returns for the past 2 years, Form 16, salary slips, bank statements of the last six months, and documentation related to your collateral property.
You have to submit your Form 16, KYC documents, bank statement for the past six months, ITR for the past two years with computation, CA audited financials, and documents for your collateral.

Interest Rates and Charges

Piramal Finance is one of the best-unsecured business loan providers in Mumbai that offer business loans with interest rates starting at 12.99*% p.a. for loans up to Rs. 10 Lakh that can be repaid over a maximum of 60 months. The borrowers are not obliged to provide any security or collateral for the unsecured business loans made available by the financial institutions.

What is the Objective of Taking a Business Loan?

Short term loan

A term loan has a predetermined repayment schedule that must be followed. The term 'short-term loans' refers to term loans with a tenure of fewer than 12 months.

Equity funding

In most cases, equity financing involves issuing additional shares in return for a cash investment. The investor purchases a stake in your business in exchange for the funds your business requires. This implies that the investor will gain from your company’s success.

Credit line

A line of credit (LOC) is a predetermined borrowing amount that may be accessed whenever necessary. Until the cap is reached, the borrower can withdraw money as needed. When a credit line opens, money can be borrowed more as it is repaid.

Asset finance

Asset financing is the practice of borrowing money or receiving a loan using assets listed on a balance sheet, such as inventory, trade receivables, and short-term investments. Piramal Finance necessitates a security lien on the assets, which the firm borrowing the money must deliver.

Loan on accounts receivable

With the help of accounts receivable financing, businesses can get paid early for their unpaid invoices. When using accounts receivable finance, a business agrees to prepay part or all of its outstanding invoices in exchange for a fee from the funder.

How to Apply For MSME/Business Loan in Mumbai?

Here is a step-by-step guide to applying for MSME loans in Mumbai. With Piramal Finance, you are an inch away from getting your MSME loan.

Step 1:

Go to the Piramal Finance business loan Mumbai page. Read the features and eligibility criteria, and start the application process.

Step 2:

Click on Apply Now

Step 3:

Fill in the required Personal details such as Name, Contact Number, Birth Year, and Business Loan Amount.

Step 4:

Choose the employment type 'Salaried' OR 'Self-Employed'

Step 5:

Add your monthly income

Step 6:

Select the State and branch (enter the branch by city) and Submit the business loan application form.  

Step 7:

Wait for a call from the official representative to move ahead with the processes.

After completing all the steps, like scanning, uploading the required documents, and paying the processing fees, wait until your business loan application is approved.

In Short

Piramal Finance’s business loans in Mumbai are collateral-free, which means you won't have to risk your personal or corporate assets to acquire funding for your company. Piramal Finance allows you to apply for a loan online and receive pre-approved offers for a quick loan with no security.

Nearest Branches of Piramal Finance where you can visit and apply for a Business loan in Mumbai

Andheri (East)
The Andheri (East) branch of Piramal Finance is located on the 5th Floor of Express Chambers in rooms 501 & 502. You can reach this branch easily by taking a train from Andheri Railway Station, just a few minutes away. You can apply for a business loan in Andheri here without any hassles.
Boisar (West)
The Boisar (West) branch of Piramal Finance is located at Shop no.127 to 130 at Ostwal Empire Opp. IDBI Bank. You can take a local bus from nearby locations like Palghar or Thane to get here. Applying for a business loan in Boisar at this branch is simple and hassle-free.
Borivali (East)
The Borivali (East) branch of Piramal Finance is just 10 minutes away from Borivali Station. It is located at Shop No. 18 - 20, Opp. Bhor Industry. You can apply for a business loan in Borivali here without any issues.
Dahisar (East)
The Piramal Finance branch in Dahisar (East) is located at Diamoda, Unit No. 706, 7th Floor. Make a right onto Link Road for an effortless two-minute drive to the branch located near Dahisar Station. Get the best business loan solutions in Dahisar from experienced professionals at this location.
Piramal Tower, Lower Parel
The Piramal Tower branch is located at Peninsula Corporate Park on the 4th floor of Piramal Tower. If you want to get here, you can take a bus or taxi to Lower Parel and then walk to Piramal Tower. Obtaining a business loan in Lower Parel from this branch is effortless and stress-free.

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Frequently asked questions

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Is a business loan in Mumbai risky?
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Are there any charges other than the interest rate that I have to pay to avail of the loan in Mumbai?
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