Aye Finance Ltd., also called AyeFin, gives loans to people who work for themselves and to businesses. They offer different types of loans: Aye Finance Hypothecation Loans, Aye Finance Mortgage Loan, and Aye Finance Quasi Mortgage Loan. They also offer loans to small businesses without needing collateral through SwitchPe, their online lending platform.
Aye Finance Business Loan Highlights |
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|---|---|
| Processing Fees | 2.5% plus GST |
| Interest Rate | For SwitchPe Business Loans: 0.08% per day from day 15 onwards |
| Loan Amount |
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| Loan Tenure |
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*Terms and conditions apply.
| Table of Contents | ||
|---|---|---|
| Aye Finance Business Loan Interest Rates | ||
| Fees & Charges | ||
| Types of Aye Finance Business Loan | ||
| Eligibility Criteria | ||
| Documents Required | ||
The interest rate for SwitchPe business loans, supported by Aye Finance, is 0.08% per day starting from the 15th day of the loan. However, Aye Finance hasn't revealed the interest rates for its other business loan options. Typically, lenders determine business loan interest rates based on various factors such as the business's credit score, repayment history, collateral, and other credit-related details.
Also read: Best Business Loan Interest Rate
Here are the fees and charges for the various business loans offered by Aye Finance:
| Particulars | Fees and charges | |
|---|---|---|
| Processing Fees | 2.5% plus GST | |
| Foreclosure charges | As applicable | |
| Late payment charges | Rs 200 per month (inclusive of taxes) | |
| Bounce charges | Rs 500 (inclusive of taxes | |
| Particulars | Fees and charges | |
|---|---|---|
| Foreclosure charges | Nil | |
| Bounce charge | Rs 300 | |
| Limit enhancement charge | Rs 50 | |
| Convenience charges | Rs 100 from the second year | |
| Late Payment Charges | Rs 10 per day | |
| Cash Collection charges | Rs 100 | |
Also read: Best Business Loan EMI Calculator
Purpose: Aye Finance Mortgage Loan helps business owners buy livestock or machinery, pay debts, give salaries to workers, renovate their business place, or meet other business needs.
Loan Amount: Up to Rs 10 lakh
Loan tenure: 5-10 years
Collateral: Business owner’s property
Purpose: Aye Finance Quasi Mortgage Loan is for businesses needing working capital or wanting to buy assets. It's for those ready to use their property as security, even if the property title isn't perfect for a standard loan.
Loan amount: Up to Rs 5 lakh
Loan tenure: 6 months to 4 years
Collateral: Business owner’s property
Purpose: Aye Finance Hypothecation Loan helps applicants pay off current debts with lower interest rates, cover worker salaries, buy inventory, renovate their business space, or meet other short-term business needs.
Loan amount: Up to Rs 2 lakh
Loan tenure: 6 months to 2 years
Collateral: Hypothecation of machinery, stocks, book debts and working assets of the business
Purpose: In addition to the mentioned business loan schemes, Aye Finance offers credit lines for MSMEs through SwitchPe, its digital lending platform. SwitchPe provides unsecured credit lines to shop owners, connecting them with suppliers without any joining fees and offering 14 days of free credit.
Interest Rates: 0.08% per day from day 15 onwards
Here are the general eligibility criteria set by Aye Finance for its business loan applicants:
Also read: Best Business Loan Eligibility
Here are the documents required for availing different types of Aye Finance business loan schemes:
Age Proof (any one) - Aadhar Card (UID), Ration card, Voter ID, Passport, School leaving certificate (SSLC certificate), PAN card.
ID Proof (any one) - Aadhar card (UID) (mandatory), Ration card with Photo, Voter ID, PAN card, Passport, Driving licence, Bank passbook with photograph, Company ID Card.
Address proof for current residence (any one) - Sale deed or registration certificate, Utility bills: Electricity bill (up to 6 months old), water bill or gas bill, Rental or lease agreement, Residence proof issued by local authorities (Gram Panchayat or Municipal Corporation), Ration card with Photo, Voter ID, Passport, Aadhar, Driving licence, Letter from employer (for govt. employees), Bank passbook with Photo, Letter from gram panchayat pradhan or municipal/zila parishad counsellor.
Ownership Proof (any one) - Sale deed and other property documents, Electricity bill/ water bill/house tax receipt, Letter from gram panchayat pradhan or municipal/zila parishad counsellor.
Additional Documents
Also Read : Best Business Loan Documents Required
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