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GST Business Loan

What is a GST business loan?

Today, many private and public sector banks, government institutions, and financial companies are offering loans to small and medium enterprises. One of the popular loan schemes is the GST Business Loan.

A GST business loan is a term loan of up to Rs.1 crore based on GST returns for micro, small and medium enterprises. This means that by simply furnishing their GST returns MSMEs can procure funding for fulfilling their working capital needs.

What is ‘the 59-minute’ government portal?

Through this government website, MSMEs can get an online business loan ranging from Rs.10 lakh to Rs.1 crore within an hour. The loan approval process is automated and contact-less. The interest rate for this loan starts from 8% and no collateral is mandatory because these loans are connected to the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme. After approval, the loan gets disbursed in about a week.

Steps involved –

Step 1. Register by providing your name, email address and mobile number.

Step 2. Provide your GST details.

Step 3. Provide tax information by either uploading your tax returns in XML format or log in with your tax credentials — your PAN and date of incorporation. You can either upload your bank statements or log in with your net banking credentials.

Step 4. Provide basic details of company directors/owners.

Step 5. Provide information such as details of your business, the purpose of the loan any previous loans, etc.

Step 6. Select the lender, pay the convenience fee and download the approval letter.

So those were the details of GST Business Loans in India. Apply at FlexiLoans to see similar products. You can apply for a Business Loan here.

Eligibility Criteria for GST Loan

Minimum Business Vintage 1 year
Monthly Business Sales Minimum 2,00,000

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Documents Required for GST Business Loans

Personal KYC PAN card
Residential Address Proof (Any One) Rent Agreement | Driving License | Voter's ID | Ration Card | Passport | Aadhar Card
Banking Last 6 months current account bank statements
Business KYC (Any One) GST Registration Certificate | Shops & Establishment Certificate | Business PAN Card

Frequently asked questions

What are the purposes for which I can get a loan via FlexiLoans?

FlexiLoans is here to provide you financial access for your business funding needs. You have to undergo simple and transparent Credit Evaluation, basic documentation before we disburse the loan. You may get loans via FlexiLoans for:
  • Expanding your business
  • Servicing regular working capital needs
  • Managing seasonal working capital requirements
  • Manage short term cash flow gaps

Why should I avail loan via FlexiLoans?

Quick credit assessment ensures fast disbursal of loan at best rates and flexible terms, thus providing financial access at a click! Our business is to help you grow your business.

What documents are required to apply for a loan?

KYC document

  • - Pan card

Proof of residential address (any one)

  • - Rent Agreement
  • - Driving License
  • - Voter's ID
  • - Ration Card
  • - Passport

Banking

  • - Last 6 months of bank statement of current account

Business KYC (any one)

  • - GST Registration Certificate
  • - Shop Establishment Certificate

Financial documents (For loans greater than 20 Lakhs)

  • - 2 years Audited financials
  • - Last 2yrs ITR
  • - GST Returns of 6 months

Are there any charges other than interest rate that I have to pay to avail the loan?

We may charge processing fee to facilitate the loan towards legal and documentation charges. You may be charged penal charges for late or irregular payment behavior.

What is MSME loan interest rate?

Business loan Interest rates start at as low as 1% per month. However, it may depend on various factors like your loan amount, tenure, eligibility, etc.

What are the requirements of collaterals and security?

FlexiLoans provides only collateral free business loans. So, you do not need collateral for applying for a business loan in India.
What are the purposes for which I can get a loan via FlexiLoans?

What are the purposes for which I can get a loan via FlexiLoans?

FlexiLoans is here to provide you financial access for your business funding needs. You have to undergo simple and transparent Credit Evaluation, basic documentation before we disburse the loan. You may get loans via FlexiLoans for:
  • Expanding your business
  • Servicing regular working capital needs
  • Managing seasonal working capital requirements
  • Manage short term cash flow gaps
Why should I avail loan via FlexiLoans?

Why should I avail loan via FlexiLoans?

Quick credit assessment ensures fast disbursal of loan at best rates and flexible terms, thus providing financial access at a click! Our business is to help you grow your business.
What documents are required to apply for a loan?

What documents are required to apply for a loan?

KYC document

  • - Pan card

Proof of residential address (any one)

  • - Rent Agreement
  • - Driving License
  • - Voter's ID
  • - Ration Card
  • - Passport

Banking

  • - Last 6 months of bank statement of current account

Business KYC (any one)

  • - GST Registration Certificate
  • - Shop Establishment Certificate

Financial documents (For loans greater than 20 Lakhs)

  • - 2 years Audited financials
  • - Last 2yrs ITR
  • - GST Returns of 6 months
Are there any charges other than interest rate that I have to pay to avail the loan?

Are there any charges other than interest rate that I have to pay to avail the loan?

We may charge processing fee to facilitate the loan towards legal and documentation charges. You may be charged penal charges for late or irregular payment behavior.
What is MSME loan interest rate?

What is MSME loan interest rate?

Business loan Interest rates start at as low as 1% per month. However, it may depend on various factors like your loan amount, tenure, eligibility, etc.
What are the requirements of collaterals and security?

What are the requirements of collaterals and security?

FlexiLoans provides only collateral free business loans. So, you do not need collateral for applying for a business loan in India.

Quick credit assessment ensures fast disbursal of loan at best rates and flexible terms, thus providing financial access at a click! Our business is to help you grow your business.

KYC document

  • - Pan card

Proof of residential address (any one)

  • - Rent Agreement
  • - Driving License
  • - Voter's ID
  • - Ration Card
  • - Passport

Banking

  • - Last 6 months of bank statement of current account

Business KYC (any one)

  • - GST Registration Certificate
  • - Shop Establishment Certificate

Financial documents (For loans greater than 20 Lakhs)

  • - 2 years Audited financials
  • - Last 2yrs ITR
  • - GST Returns of 6 months

We may charge processing fee to facilitate the loan towards legal and documentation charges.

Interest rates start at as low as 1% per month. However, it may depend on various factors like your loan amount, tenure, eligibility, etc.

FlexiLoans provides only collateral free business loans. So, you do not need collateral for applying for a business loan.