MSME Loan Related FAQs
The following individuals / business entities can apply for loans with us:
- Self-employed professionals
- Proprietorship firms
- Partnership firms
- Private and public limited companies
Loan amounts range from Rs. 3 lakh up to Rs. 5 crore.
- Know Your Customer (KYC)
- Financial statements
- Bank statement (6 months)
We provide loans with tenures starting from 24 months up to 84 months.
- Post-dated cheques
- Electronic Clearance Service (ECS) facility
Machine Loan Related FAQs
You can finance any type of machinery from Engineering, machine tools, Plastic, Printing, Food Packaging, Wood Working, Textile industry.
We determine your loan eligibility by looking at your income, expenses and assets. We also look at the type of machine you are applying for and the manufacturer. We do not ask for a minimum credit score. If you have good income and are financially responsible, we can help you get approved for a loan.
You will need to provide financial statements, tax returns and other documentation mentioned in the documents required section. Post that, you need to fill out our application and send it to us. We will review your application and contact you if we require any additional information or documentation.
Once we have received all of the information needed to review your application, you will be notified of our decision within 24 hours via email. If we need additional information, this process may take up to 72 hours depending on the nature of the request.
Rooftop Solar Loan Related FAQs
A solar lease is a contract with a third party to install, own and maintain your rooftop solar system. A solar loan is an agreement with a financial institution to pay back the cost of your rooftop solar system in monthly payments over time.
There are many reasons why you may want to consider getting a rooftop solar loan:
- Save money on your electric bill
- Do your bit for the planet by reducing your carbon footprint.
- Reap the financial benefits of going solar, such as reduced electric bills and tax credits.
To increase the usage of solar rooftop systems, the Indian government is offering an accelerated depreciation of fixed assets related to solar power plants. The offered rate of acceleration is 40%.
This allows commercial and industrial users to depreciate their investment at a much higher rate than other assets. In return, the user can then claim tax benefits on the depreciated value in a year.
If the loan amount exceeds 50 lakh, land/buildings or machines(as per Electronica Finance Limited discretion) are required as collateral security.
Yes. A personal guarantee has to be given against the solar loan finance by the proprietor/ partner/ director or spouse.
Processing fees for Electronica Finance Limited rooftop solar loan ranges from 1%-1.5% of the total amount.
The maximum solar loan repayment period is upto 4 years.
We believe in speedy approval, and it will take a maximum of 3 days to get your loan approved.
Electronica Finance Limited's Solar loan financing is available for Salaried Professionals, Channel Partners / Dealers, Residential properties, Commercial Properties, Industrial Properties and MSMEs.
Business Loan Related FAQs
All the information required to apply for a business loan online with Electronica Finance Limited is available here.
Business loans can help you start or grow your business. You can use them for many things, including buying equipment or inventory, making improvements to your company’s facilities, hiring new employees and other business needs. You may also be able to use a business loan to pay bills, cover payroll costs and make repairs.
There are many factors that affect your chances of being approved for a loan, but some things that will definitely improve your chances include having good credit history, being able to demonstrate that your business is profitable (or will be profitable), and being able to provide collateral if necessary. The more organized your paperwork is when you apply for the loan (and throughout the process), the easier it will be.
Any type of business can apply for a loan with us. We provide loans to start-ups through to established SMEs.
You'll want to gather some financial information first (like tax returns and profit-and-loss statements), then take several minutes to fill out our application form. The whole process should take less than 30 minutes!
Loan Against Property Related FAQs
We offer secured loans which means we will get a lien on your property until the loan is repaid or sold on the open market. The interest rate on this type of loan is usually lower than unsecured loans because there is less risk involved in lending money to someone who has collateral backing their debt (in this case their commercial property).
To apply for a loan against property, you need to submit an application form along with other necessary documents. The application will be forwarded to our processing team where it will be scrutinized. Once your application has been approved, you can collect the loan amount.
It depends on various factors such as the type of property and its value. However, usually your application gets approved within 24 hours after submission of documents if everything has been submitted properly without any errors or omissions.
You can borrow upto 70% of your property's market value (the price it would sell for if you put it up for sale).
You can apply for a loan against your property by filling out our online application form on our website. Once we receive your application form, we will get back to you with an approval or rejection email within 24 hours of receiving it so that you know whether or not you have been approved or rejected for the loan amount applied for. If your application has been accepted, we will ask you to send us copies of all necessary documents.
If you fail to pay back your loan then it may lead to foreclosure which means that we will take away all your assets and sell them off to cover their losses from foreclosing on your property.
Emerging Enterprise Loan Related FAQs
The amount you are eligible for will depend on the purpose of the loan and your personal or business credit rating. Under Micro LAP you can get a loan starting from ₹75k up to ₹25 Lacs.
It usually takes 1-2 weeks from start to finish if we have all of the information needed upfront from the borrower(s).
Applying for a Micro LAP loan through EFL is fast and easy. Once we receive your application, we will review it and contact you with approval or denial within 24-48 hours (business days only). If approved, the funds will be deposited directly into your bank account within one business day after funding approval.
Be sure you have all your paperwork together and be ready to provide information about your business and personal finances when asked.
Yes. If loan amount exceeds ₹75k then you need to give Residential/Commercial property as a collateral.
Working Capital Demand Loan Related FAQs
A Working Capital Demand Loan provides small businesses with fast access to capital and flexibility in how they spend it. You can use the money however you need to meet your short-term needs, whether that's paying employees or buying equipment.
A Working Capital Demand Loan is a short-term loan to help you cover day-to-day expenses, so you can avoid interruptions in your cash flow.
We work quickly to process your application. We'll let you know within 24 hours whether we can offer you credit and how much it will be for.
The eligible entities include:-
- Resident Individuals /Proprietorship/ Partnership Firms/LLP
- Private Limited companies (incorporated in India)
- NRI cannot be Applicant/Co-Applicant/Guarantor in the loan structure.
Any business that needs a short-term loan can apply for a working capital demand loan, including Self Employed Non-professionals, Retailers, Wholesalers and Manufacturers.
If you need money quickly and have a good credit score, a working capital demand loan could be perfect for your business. You don’t have to worry about waiting around or missing out on opportunities because you don’t have enough cash on hand. Instead, with this type of business loan, you can take advantage of any opportunity that comes up right away.