Business Loan

BUSINESS LOAN

  • Personal info
  • Loan Eligibility
  • Final submission
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Business loan

If you have a plan to start a new business and you’re confident to get good revenue. You can take up business loans. Business loans are similar to personal loan, but business loan are taken specifically for the business and personal for different reasons. With a support of business loan, you can borrow a certain amount of money for specific period of years, and the monthly EMI and interest rate are fixed over the tenure of your loan. Business loan can be taken either for a startup business or for existing business to develop their ventures, infrastructure services or expand their business in other areas.

Business loan are given either for short term or long term basis. Start up or small business owners, before opting a lender for a loan, it’s imperative for the business planner to understand how loans work and what the lender look up from the borrower.

Why to go for Business Loan?

Borrower must ask themselves some questions that will help them in take right decision such as:

  • You’re ready to expand your physical location
  • You’re building credit for the future
  • You need equipment for your business
  • You want to purchase more inventory
  • You’ve found a business opportunity that outweighs the potential debt
  • Your business needs fresh talent

Business Loan Eligibility

Generally business loans are applicable for Partner, Partnership firm, Proprietor, Director. Pvt ltd Company involved in following businesses:

  • Manufacturing
  • Service Providers
  • Trading- Distributor, Dealer, Wholesalers, Stockist, etc.
  • Must be in current business for at least 3 years and owner must have at least 5 years of experience
  • Applicant should have minimum turnover of Rs. 60 lakhs and the business should have record of profit making record in past two years.
  • Have a minimum annual income of
  • 2.50 lakhs for city category A
  • 2.00 Lakhs for city category B
  • 1.50 Lakhs for City category C
  • Age should be minimum 21 years and maximum 65 years at the time of loan maturity
  • Chartered Accountant/ Self Employed Professional

Documentation required for Business loan:

  • KYC Document
  • Proof of Business continuation
  • Business Vintage of 3 Years
  • Business proof: Certificate of practice
  • Bank Account statement of last month
  • Past two years ITR along with computation of income, profit & loss accounts, and Balance sheet. Your financials should be Audited/Certified by a Chartered accountant.

Benefits of Business loan:

  • Convenient and accessible
  • Multiple Loan options
  • Non profit sharing
  • Lower rates of interest
  • Bank loans offer tax benefits

List of Documents For Business Loan

1) Latest 2 years it returns with 3cb and 3cd
2) Latest 6 months Bank statements all banks .
3) company Gst Rigistion copy
4) 5 years old Registration copy
5) Latest office Telephone bill copy
6) Proprietor pan copy and Residancy Address proof And Photos
7) Vat returns last 12 months
8) All Loans sanction letters.

1) Latest 2 years it returns with 3cb and 3cd
2) Latest 6 months Bank statements all banks
3) company pan copy and Rigistion copy vat and Gst.
4) Partnership Deed
5) Latest office Telephone bill copy
6) All partners pan copy and Residancy Address proof And Photos
7) Vat Returns Last 12 months
8)All Loans sanction letters .

1) Latest 2 years it returns with 3cb and 3cd
2) Latest 6 months Bank statements all banks
3) company pan copy and Rigistion copy vat and Gst.
4) Moa and Aoa
5) Latest office Telephone bill copy
6) All directors pan copy and Residancy Address proof And Photos
7)Roc returns -form MGT -7 and Filling Recipt
8)All Loans sanction letters
9) Latest share holders and directors list
10) Vat returns Latest 12 months.

BUSINESS LOAN EMI CALCULATOR