Business Loan is a great option when it comes to expanding your existing Business or starting something new of your own. It is the great way to increase financing towards various business need
Purpose of a Business Loan
- To expand the business
- To expand business location
- To start a whole new business
- To build credit for future requirements
- To purchase equipment for business
- To purchase more inventories
- To bring in fresh talents to the business
Loan Interest Rates:
Collateral Free Loan:
Flexible Repayment tenure:
Multiple Loan option:
Minimal Paperwork and Fast Processing:
Eligibility Criteria for Business Loan:
- Self-employed individual or
- Limited or private limited firm or
- Manufacturer or service provider.
- Your minimum turnover should be INR 50 lakhs.
- You should have a minimum experience of 3 years.
- You should have a total of 5 years of business experience.
- Your business should be making profit for at least 2 previous years from the day that you request a loan.
- Annual income should be around 1.5 lakhs per annum.
- You should have a minimum age of 21 years and maximum 65 years.
- You must submit the last 3 years of ITR statements. Your business partner can be a co-applicant in your application (which would increase the probability of getting a loan with acceptable tenure and interest rate.
Required Documents for Business Loan in India
Following documents are needed if you want to access the loan completely:
- The PAN Card that belongs to the company, the firm or the individual.
- ID proofs that can either be Aadhar Card, Passport, Voter’s ID or driving License.
- Bank Statements of the last 6 months.
- Latest ITR to consists of the computation of income, balance sheets, and P&L account of the last 2 years,
- Proof of Continuation that can either be ITR/Trade License/establishment/Sales Tax Certificate
- Sole Proprietorship Declaration or a notarized copy of the partnership deed.1
- True copy of MOA and AOA.
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