How to Get 30 Lakhs Loan in India: The Step-by-Step Guide for Business Owners

Getting a 30 lakhs loan in India isn’t just for big companies anymore. Small business owners, professionals like doctors, and even startups can go for this amount if they tick the right boxes. The surprising part? It's often less about your connections and more about nailing the paperwork and knowing what banks want to see.

Banks and NBFCs (that’s non-banking financial companies) have really loosened up over the last few years. Since 2023, more lenders are using digital checks. You don’t always need massive collateral or decades of business history. Instead, they care about your monthly sales, cash flow, and clean repayment record.

• Who Can Get a 30 Lakhs Business Loan?
• Documents and Eligibility You’ll Need
• How the Application Process Actually Works
• Smart Tips to Boost Approval Odds

Who Can Get a 30 Lakhs Business Loan?

If you’re wondering who stands a real shot at a 30 lakhs business loan, it’s not just big shots or companies with giant turnovers. Lenders in India are open to different kinds of borrowers, but there are a few things you definitely need to have in place.

First, let’s talk about the basics:

• Business Existence: Most banks want to see at least 1-2 years of business history. If you’re brand new, NBFCs or fintech lenders might be more flexible.
• Annual Turnover: Your business usually needs to show at least 12-20 lakhs of annual turnover for the past year. This proves you can actually pay back the loan.
• Credit Score: A CIBIL score above 700 is seen as healthy. For some NBFCs, even 650 might work, but you’ll probably get a higher interest rate.
• Legal Entity: Proprietors, partnerships, LLPs, private limited companies, and even some registered startups all make the cut. Even doctors or shop owners running clinics/shops can apply as individuals with business income.

Government-led MSME schemes (like Mudra or CGTMSE) are also helping a lot of people qualify, especially when they don’t own property to pledge as collateral.

Here’s something most folks get wrong: salaried people can’t get a 30 lakhs loan under business categories—unless they own a side business and show its income. Your business must be legit, with clean GST returns or IT filings to back it up.

If you’re running a cash-heavy outfit (think restaurants or traders), banks are more comfortable lending if you deposit your sales regularly in the business account, so it shows up on statements. This is how lenders decide what’s real and what’s just on paper.

Women entrepreneurs, too, have an edge with some banks offering lower interest or easier terms. If your business has an innovative model or operates in a priority sector (like healthcare, tech, or manufacturing), lenders get extra interested, especially if you’ve got basic profitability or repeat customers.

The bottom line: consistency, a little digital compliance, and proof that your business is more than just a nameplate. If you can show this, most mainstream and alternative lenders will listen—even if you aren’t a ‘big’ company yet.

Documents and Eligibility You’ll Need

Lenders in India won’t just hand over a 30 lakhs loan because you asked for it. They use a checklist to weed out risk and zero in on solid borrowers. So, here’s what is common in 2025 across almost every major Indian bank and NBFC when you go for a business loan of this size.

• Business Registration Proof: GST certificate, MSME registration, or Shops & Establishment Act license. For older businesses, company incorporation docs are gold.
• ID Proof and Address Proof: PAN (personal and business), Aadhaar, or passport. These are non-negotiable.
• Bank Statements: Minimum last 6 to 12 months. Digital statements are usually fine and some lenders will only dig into the last 6 months if your turnover is decent.
• Financial Statements: Last 2 years’ ITR, profit & loss, and balance sheet—audited if possible. Lenders want to see consistent sales, not just seasonal spikes.
• Business Vintage Proof: They like 2 years or more but for some fintech NBFCs, even a year-old business works if you show stable monthly credits.
• Ownership Proof: Utility bills or lease agreements for your office or store.

Some lenders might ask for extra stuff like trade licenses or sales tax filings, especially for retail and manufacturing setups. If you’re a professional (doctor, CA, architect), certificate of practice goes a long way.

Now let’s talk eligibility. Here’s what you can expect in 2025, based on real offers from leading players like HDFC, Kotak, and fintechs like Lendingkart:

One heads-up: banks get jittery if you have defaulted on loans before, even for different reasons. Online lenders are quicker, but their interest rates can be 2-4% higher per year if your credit is patchy. It’s key to check your own credit score and have all documents scanned and ready. Missing just one can stall your application for weeks.

How the Application Process Actually Works

Thinking of applying for a 30 lakhs loan in India? It’s more organized than you might expect—almost like ordering food online, just with a few more steps and paperwork.

In most cases, you start online. Banks and NBFCs let you fill out applications on their websites or through apps. Some even offer instant eligibility checks so you’ll know in minutes if you might get this kind of loan, based on your monthly sales and credit score.

1. Shortlist the right lenders. Don’t just jump in. Compare interest rates and processing fees from SBI, HDFC, ICICI, Axis, and big NBFCs like Bajaj Finserv or Tata Capital. Each has their own comfort zone for business shapes and risk profiles.
2. Plug in your business details. You’ll need to share your business name, how long it’s been running, turnover, GST details, and sometimes recent bank statements.
3. Upload the docs. KYC (like Aadhaar, PAN, address proof) is a must. For a business loan, you also need financial statements—usually balance sheet and profit & loss for the last 1-2 years, along with ITR (income tax returns). Some lenders even ask for a GST return copy to verify sales.
4. Wait for the lender’s call. Most banks finish their checks in 3-7 days. If they need more info, they’ll ask for it over email or WhatsApp. Occasionally, they’ll send someone to visit your office, but that’s getting rarer.
5. If you clear the checks, you’ll get a sanction letter. Read it carefully! It spells out your loan amount, interest rate, EMIs, and prepayment rules.
6. Once you sign, the money lands in your business account—sometimes in less than 48 hours if you have all docs ready and a clean credit record.

Here’s a cool fact: In the last two years, over 70% of 30 lakhs loans were given to businesses using digital-only applications, according to RBI’s small industry data for 2024. It’s faster, needs less face-to-face, and cuts out a lot of old-school paperwork hassles.

If your business is new, or your credit score is low, expect the lender to ask for extra security—like a property mortgage or a guarantor. Don’t let that scare you, just be honest about what you can provide. Most first-time business owners get stuck here because they submit docs that don’t match their actual business activity. Triple-check your statements and GST data before you upload.

The key takeaway? Getting a 30 lakhs loan is about transparency, being organized, and lining up your story with your numbers. And yes, speed helps, but accuracy matters more when it comes to big amounts like this.

Smart Tips to Boost Approval Odds

If you want a 30 lakhs loan in India, you can’t just fill out the form and hope for the best. Here’s what actually works for raising your chances, whether you’re dealing with banks or NBFCs.

• Keep your credit score above 750. Lenders like HDFC Bank or ICICI usually want personal and business credit scores in the 750-800 range. Even if you have great sales, a dodgy credit score will slow you down. Use CIBIL to check your score for free every year.
• Sort out your bank statements. Lenders check your last 6 to 12 months’ business account statements. If you’re running all sales through cash or UPI, make sure it shows up in the main business bank account, not just in cash tills. Clean, regular credits look far better to lenders than random big deposits.
• Have proper documents, not just random files. Applications get delayed or rejected if ITRs (Income Tax Returns), GST returns, or partnership deeds are missing or messy. Digital copies are fine, but make sure everything is clear and up to date.
• Show business stability. Lenders check business vintage—basically, how long you’ve been running it. More than 3 years in business is golden. Startups with less than 1 year in business should look for NBFCs or startup loan programs because regular banks may not bite.
• Apply to the right lenders. Public banks like SBI are stricter but cheaper, while private banks approve faster but want higher profits or credit scores. Check eligibility criteria on their websites before you apply. It saves time and avoids unnecessary rejections.

Also, don’t apply for loans at too many places at once. Here’s why: Every application triggers a hard credit inquiry. Too many checks within a short time looks like you’re desperate, and that’s a red flag for banks. Stick to 2-3 carefully selected lenders at a time.

If last year’s business took a hit, be honest in your application and show how you bounced back. Lenders will see the numbers anyway. And don’t ignore unsecured business loan offers from top NBFCs—they sometimes approve loans in under 72 hours if everything checks out. Fast, but rates can be higher than banks, so compare before locking in.