Business Loan Overview
A Business Loan is a kind of financing, you can avail to meet the urgent need of your growing business. Business loan does not require any collateral or security. Just like most loans, however, it must be repaid in monthly instalments it could be for the purchase of new plant & machinery, expanding the business and to fill working capital gap for day-to-day activity of Proprietors, Partnership Firms, LLP, Professionals and Private Limited Company can avail a business loan.

Business Loan Finance Process

• Application form & document submission
• CIBIL report check
• Residence verification
• Office verification
• Eligibility calculation
• Personal discussion
• Credit decision
• Disbursement

Criteria for Business Loan

• An Indian Resident 
• Self-employed individuals, Proprietors, Partnership Firms, LLP and Private Limited Company can take a business loan
• Minimum age of 21 years
• Business should have minimum turnover 50 lakhs and above 
• Individuals who have been in the current business for a minimum of 3 years, with 5 years total business experience
• Required last 2 years profit making business
• Tenure for business loan from 12 month to 36 months 
• Rate of interest between 16%* to 21%
• Processing fees range from 2% to 2.50% + GST

Documents required for Business Loan

• Company Profile
• PAN Card – For Company/Firm/Individual
• Legal proof of - For Company/Firm/Individual
• Identity & Address Proof  of Individual 
• Latest 12 months bank statement - Company/Firm/Individual
• Last 3 Years Income Tax Return - Company/Firm/Individual
• Proof of Continuation 
• Existing Loan / Obligation Details