Aye Finance Business Loan

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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

Processing Fees 2.5% plus GST
Interest Rate For SwitchPe Business Loans: 0.08% per day from day 15 onwards
Loan Amount
  • For mortgage loan: Up to Rs 10 lakh
  • For hypothecation loan: Up to Rs 2 lakh
  • For quasi mortgage loan: Up to Rs 5 lakh
Loan Tenure
  • For mortgage loan: 5 to 10 years
  • For hypothecation loan: 6 months to 2 years
  • For quasi mortgage loan: 6 months to 4 years

*Terms and conditions apply.

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.

Comparison Table of Business Loan Interest Rates offered by MybankingTips Partners:

Bank/NBFC/Fintech Interest Rate
SBI Bank 9.10% p.a. Apply Now
HDFC Bank 10.00% - 22.50% p.a. Apply Now
Kotak Mahindra Bank 16% p.a. onwards Apply Now
RBL Bank 14%-26% p.a. Apply Now
ICICI Bank Up to 17% p.a. Apply Now
Axis Bank 10.75% p.a. Apply Now
IDBI Bank 8.05% to 13.45% p.a Apply Now
Bank Of Baroda 10% to 15% p.a Apply Now
Ujjivan Small Bank Up to 2.50% Apply Now
Bajaj Finserv 9.75% - 25% p.a. Apply Now
IIFL Finance 12.75% - 44% p.a. Apply Now
FlexiLoans 1% per month onwards Apply Now
ZipLoan 1% - 1.5% per month (Flat) Apply Now
Indifi Finance 1.5% per month onwards Apply Now
Five Star Business Finance Up to 2% Apply Now
Lendingkart Finance 1.25% per month onwards Apply Now
Tata Capital Finance 12% p.a. onwards Apply Now
NeoGrowth Finance 15% p.a. onwards Apply Now
Hero FinCorp Up to 26% p.a. Apply Now
Aye Finance Up to 2.5% Apply Now
Clix Capital Up to 3% Apply Now
Protium Finance Up to 1.5% Apply Now
HDB Finance 8% - 26% p.a. Apply Now
U GRO Capital Up to 9% p.a. Apply Now
Mcapital Business Up to 2% p.a. Apply Now

Also read: Best Business Loan Interest Rate

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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

SwitchPe Business Loans

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

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Aye Finance Mortgage Loan

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

Aye Finance Quasi Mortgage Loan

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

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Aye Finance Hypothecation Loan

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

SwitchPe Business Loans (backed by Aye Finance)

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:

  • Age: 21 to 59 years.
  • Indian citizen
  • Business stability at least 3 years
  • Minimum 3 years of permanence of the business location

Also read: Best Business Loan Eligibility

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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

  • Provide a bank statement or updated passbook showing transactions for the last 6 months.
  • If there are co-borrowers, they should also submit bank statements or passbooks for all their accounts.

Also Read Best Business Loan Documents Required

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