Business Loan
Business Loan is a short to medium term unsecured loan, which does not require any collateral/security for disbursal. They are generally disbursed in a few hours to a few days with minimal paper work at all. A key feature of Business loan is its flexible end-use. Thus, this unsecured loan can be used to meet a variety of needs ranging from infrastructure, expand operations, upgrade to the latest plant and machinery, maintain inventory, expansion purposes, manage cash flow, buy equipment/machinery, hire/train staff, purchase raw materials, upgrade inventory and much more . These customized loans can give your business the much-needed boost to help your enterprise scale new heights with enhanced competitiveness and profitability. Business loan is the primary unsecured type of funding, designed to meet the day-to-day business requirements of business owners or enterprises. Borrowers are not pressurized to submit any collateral or security to avail unsecured business loan.
Business Loan start with 13% (Reducing) Rate of Interest and its depend according to customer CIBIL, Business Setup, Stocks and Income proof basis.
Self Employed Professionals (SEP)
Allopathic doctors, chartered
accountants, company secretaries and architects who are practicing their
profession. Proof of qualification needs to be shared.
Self Employed Non-Professionals
(SENP)
Traders and manufacturers,
retailers, proprietors, service providers, etc.
Entities
Partnerships, limited liability
partnership, private limited and closely held limited companies. Other
constitution types depending on their profile on a case to case basis.
Based on your meeting the business loan eligibility criteria, you can get the
funds up to a limit of Rs.20 lakh.
Below
mentioned are the eligibility criteria for business loan:
- Age Criteria: Minimum 18 years
at time of loan application & 65 years at time of loan maturity
- Indian Citizen with no criminal
background
- Applicant with good credit
score and no past loan defaults, if any
- Fees & Charges, Income,
Business Turnover, Operational History, Business Vintage, Credit score and
Profitability Criteria shall be defined by the respective financial
institution
Below
mentioned are the entities that can avail business loan:
- Individuals
- Startup Enterprises
- MSMEs
- Artisans, Retailers,
Manufacturers and Traders
- Private and Public Limited
Companies
- Closely Held Limited Companies
- Sole Proprietorship Firms,
Partnerships, Limited Liability Partnerships and Large Enterprises engaged
- only in Manufacturing, Trading
or Services sectors
- NGOs, Co-operative Societies
and Trusts
- Self-employed individuals /
Professionals - CAs, Doctors, Architects, Company Secretaries, Allopathic
Doctors, Designers, etc.
Checklist of documents required for
business loan:
- Recent Passport-sized
Photographs
- Identity Proof - PAN card, Aadhaar card, Valid passport, Voter's ID
card, Driving License
- Address Proof - Voter's ID
card, Aadhar card, Passport, Driving license, Utility bill, Water Bill,
Electricity Bill
- Business Address Proof
- Proof of business existence for
last 3 years
- Last 6 months' bank statement
- Last 3 years’ Income Tax Return (ITR)
- Balance sheet and Profit &
Loss account statement
- Financial documents
audited/attested/signed by Certified CA
- Copy of Trade License
- Sales Tax Certificate
- Certified Copy of Partnership
Deed
- GST Registration Certificate
- Proof of ownership of the
possessions used for business activities