Self Employment is the act of generating one’s income directly from customers, clients or other organisations. It provides an avenue for individuals to advance up the income ladder. There is an increased growth trend in the self employed segment with increase in start ups. RBI has also increased its focus by extending different types of credit to this segment of the society. Quikrupee aims to assist in fulfilling both the professional and personal financial needs of this entrepreneurial segment.

For Businesses, Companies and Firms (Proprietorship / Partnership / Private & Public Limited Companies)

Working capital assistance which include :

Fund based limits like Cash Credit, Term Loans, Loan against Property, Unsecured business loans, Loan against Gold, Commercial Vehicle loans, Loan against Rent Receivables and Loan against Card Swipes.

Non-Fund Based limits like Letter of Credit (LCs) and Bank Guarantees (BG). LCs can be import LC and inland LC.

For Individuals (Entrepreneurs, Self-Employed Professionals, salaried and Businessmen):

Unsecured facilities like Personal loans, credit cards, and secured facilities like Home Loan and Car Loans are available in our product category.

The minimum age for borrowing as per law is 18 years. However, most institutions lend to customers beyond an age of 24 years.

Working Capital loan - The eligibility of the loan amount depends on the financials of the company in relation to the value of collateral provided.


Business loan - The maximum loan differs between banks. However a maximum of Rs.1 crore can be obtained, depending on the eligibility of the company / firm.


Loan against property - Upto 50% on case of commercial property and 60% in case of residential property can be availed, subject to repayment eligibility by the company / firm.


Loan against gold - Upto 60% of the value of Gold (Market value)


Personal loan - Upto a maximum of Rs.25 lakhs.


Home loan - Upto 85% of the market value of the property.


Car loan - Upto 90% of the ex-showroom price of the new car and upto 85% of the value of the car.


Commercial vehicle loan - Upto 100% of the chassis value, body funding costs being provided in special circumstances.


Loan against Rent Receivables - Upto a maximum of 85% of the residual term of rentals, subject to the value of the property provided as collateral.


Loan against Card Receivables - Upto a maximum of Rs.3crores, subject to the swipes per month.


Credit Cards - Granted to individual promoters of the company/firm or self employed professionals as the case may be.

The security would vary as per the type of facility required and the strength of the Balance Sheet. However, basic Security Criteria are as follows:


Working Capital Finance -
Primary Security : Hypothecation of Stock & book debts of the company / firm.


Collateral Security : Mortgage of immovable property in the form of land / building – either Commercial / Residential property. Industrial properties are at valued at full face value. Each bank follows a separate policy with regards to Industrial property.


Unsecured Business loans, Personal loan : No Security.


Loan against Property : Mortgage of immovable property in the form of land / building, either Commercial or Residential.


Home loan : The property for which the loan is sought, either for purchase or construction.


Car loan : The underlying security would be the car for which the loan is sought.

Nature of loan
Tenor
Working Capital Loan – cash credit 12 months (renewable each year) 5 years for a Term Loan
Loan Against Property Upto 15 years
Unsecured Business Loan Upto 3 years
Personal loans Upto 5 years
Car loan Upto 5 years
Home Loan Upto 20 years
Loan against Gold Upto 4 years
Commercial Vehicle loan Upto 5 years
Lease rental discounting Residual tenor of lease
Credit Cards NA

The Rate of Interest depends on the rating of the company / scorecard and the strength of the Balance Sheet &security. However, the ranges of interest are as follows :

Nature of loan
Rates of Interest

Working Capital Loan

12 - 16%

All Secured Loans

12 - 15%

Unsecured Business Loan

18 - 22%

Personal loans

14%-18%

Priority Sector Lending is an important activity prescribed by the Reserve Bank of India (RBI) to the banks for providing a specified portion of the bank lending to few specific sectors like Agriculture or Small scale industries, which fall within specified parameters of RBI. Typically, these are small value loans to Farmers for agriculture and allied activities, Micro and Small enterprises, Students for Education and Housing for Lower income group and weaker sections.

Manufacturing sector

Enterprises

Investment in plant and machinery

Micro Enterprises

Does not exceed Twenty Five Lakhs of Rupees

Small Enterprises

More than twenty Five Lakhs of Rupees but does not exceed Five Crore Rupees

 

 

Enterprises

Investment in equipment

Micro Enterprises

Does not exceed Ten Lakhs of Rupees

Small Enterprises

More than Ten Lakhs of Rupees but does not exceed Two Crore Rupees

Loans to individuals for educational purposes including vocational courses upto Rs.10 Lakhs for studies in India and Rs.20 Lakhs for studies abroad are included under priority sector.

Loans to individuals up to Rs.25 Lakhs in metropolitan centres with population above Ten Lakhs and Rs.15 Lakhs in other centres for purchase / construction of a dwelling unit per family excluding loans sanctioned to bank’s own employees.

The rate of interest on various priority sector loans will be as per RBI’s directives issued from time to time, which is linked to Base Rate of banks at present. Priority sector guidelines do not lay down any preferential rate of interest for priority sector loans.

All information entered in the application form would be kept strictly confidential between our designated team, partner banks/ Financial institutions. Our site is SSL encryption certified. The verification of KYC, credit history, bank statements and accounts etc will be done by the respective Banks / Financial Institutions. Quikrupee will do the primary screening of the information provided, check eligibility basis bank’s norms, before providing it on to the Banks / Financial Institutions chosen by the customer.

Documents differ based on the constitution of the company (Proprietorship / Partnership / Private / Public Limited companies), which is made available in the “Tools Page”.

The loan, once sanctioned, will be disbursed into your bank account.

Presently, the service rendered by quikrupee.com is Free of Cost to the customer. However, Banks charge processing fee apart from the Interest on loans.

Presently Quikrupee operates PAN India, with a "Scheduled Document Pickup Facility" in Chennai as a pilot study.

Quikrupee offers services like:

Picking up documents at specific locations

Scheduling your banker meet

Liaisoning with the Financial Partner for movement of file enabling disbursal

Tracking of application status online

Assistance at various stages in the flow of application

No worries, our friendly support staff are available to provide you assistance. In case, the application form is not completed, please contact us in the given numbers, and we would be glad to assist you, and guide you to the financial partner of your choice.

An aspiring applicant may log on to quikrupee.com, understand the various products / Credit facilities available for offtake from Financial Institutions. Our “Apply now” section guides you through the loan process & assists in making an informed choice leading you to select the right lender for your requirement. Alternately, you can contact us at 044-69400161 or drop an SMS/Whatsapp to 7358059579, wherein we will call you to take your request forward.

A loan granted to cover the short term working capital gap of the company/firm. It is used for daily operational expenditure also, i.e. any expenses related to the purchase/production of goods/services.

It is basically granted to bridge the time gap between production/purchase and sale of goods of a firm/company.

Cash credit, WCDL, LCs are granted for a period of 12 months and renewed year on year.

In case of Term loans, it is generally for a tenor of 5 years.

It is granted against a primary security of stocks and book debts.

Generally secured by collateral of residential/commercial/industrial property or a combination of the above.

The types of working capital facilities include

Cash Credit

Term Loan

Working Capital Term loan/Demand loan

LCs- import and inland

Bank Guarantees

Indicative interest rate varies between 11.5% p.a. - 15% p.a.(depending on various parameters as specified by the bank/FI)

To be eligible for a working capital loan, the company should be in existence for a minimum period of 2/3 financial years, with a positive bottom line.

However, startups with a strong concept and sufficient collateral backing with supporting cash flows can avail of this facility.

All types of constitution, be it, proprietorship, partnership, private/public limited companies are eligible.

Please Click here to check for the documents needed for availing this facility.

Click here for checking your loan eligibility.

Yes, a balance transfer is possbile to take advantages of lower rates of interest or for other reasons

A loan that is granted against residential or commercial property.

It is a quick means of raising money, either used for capital or for business expansion

Generally loan against property are granted upto a maximum of 50% on commercial property and 60% on residential property, subject to the repayment capacity of the borrower.

Generally, Self occupied Residential properties, Owned/Rented Residential and Commercial property. Vacant land is not considered for this purpose.

This loan is granted only to the owner of the property.

Alternatively, LAP can be obtained even if the property is in the name of the company or its directors.

In case of third party collateral, the banks/FIs would decide selectively on a case to case basis, depending on various other parameters.

LAP is granted as a monthly repayment loan or as an overdraft, on a revolving basis.

The general tenor of the loan is for a longer period, ranging from 10-15 years.

The loan is granted to any salaried or self-employed category of people, having the property in their name or the name of the company/firm. At Quikrupee, we cater only to the self employed segment.

A photocopy of the property documents including the parent documents and the sanctioned plan is necessary for availing the facility. These documents are needed for a period back upto 30 years and Encumbrance Certificate required for 13 years.

The facility ranges between Rs.10 lakhs – Rs.25 crore.

Indicative interest rates vary between 12% p.a. - 16% p.a.

Yes, you can have a co-applicant for your property. Your spouse, parents, children can be co-applicants to the loan. The co-applicant need not be a co-owner of the property. However, a co-owner of the property has to be a co-applicant for the loan. A company can also be a co-applicant for the loan.

Yes. It can be. But, the disbursal will be in tranches, as and when the property is completed.

Yes. The Agreement of sale should be registered, as per the legal process.

A business loan is taken for meeting short term requirements of business, purchase of equipment, sudden business needs or any other purposes of business needs.

Business loans can be granted upto Rs.1 Crore. It depends on internal policies of the FIs

It is repayable over a tenor of maximum 3 years.

As the name suggests, since it is unsecured, the indicative interest rate varies between 18% p.a. to 22% p.a.

Any business- proprietorship, partnership, private and public limited company, with profitable financials can avail this loan.

This facility is unsecured. However, depending on the financial stability of the company, the guarantee of the individual promoters/directors may be requested by the bank/FI.

Repayment is made through bank accounts with the bank, security PDCs or direct debit into the account.

Clauses for prepayment of loan differs between banks.

A loan against card swipes, is granted to a merchant on the amount of swipes per month into his bank account, through the POS machine installed by the bank. It is a quick method of financing short term working capital.

The maximum cap differs between banks. It can range upto Rs.3 Crores, depending on the amount of swipes and the repayment potential of the company.

Any proprietorship, partnership, private and public limited company can avail this facility.

For Self Employed Individuals / Non-Individuals :

The policy of security differs between banks. Few banks require collateral security in the form of immovable property. Any self occupied commercial or residential property can be given as security for the loan.

A loan against card swipes, is granted to a merchant on the amount of swipes per month into his bank account, through the POS machine installed by the bank. It is a quick method of financing short term working capital.

The maximum cap differs between banks. It can range upto Rs.3 Crores, depending on the amount of swipes and the repayment potential of the company.

Any proprietorship, partnership, private and public limited company can avail this facility.

For Self Employed Individuals / Non-Individuals :

The policy of security differs between banks. Few banks require collateral security in the form of immovable property. Any self occupied commercial or residential property can be given as security for the loan.

Documents