Business Loan is a financial aid provided by banks and NBFCs to attain the funds for expansion or to meet the expenses of the business. What makes Business loan special is that you can use it for any purpose of your business either to use it as your working capital or just to possess a new asset.
There are certain parameters, which needs to be fulfilled to be eligible to apply for the business loan:
1. Minimum age of Applicant 25 years
2.Maximum age at loan Maturity 65 years
3.Minimum period in current business 3 years
4. Maximum period in current business 5 years
5. Minimum income in current business 1.5 lakhs
1. Last 2 year’s ITR copy with computation of income
2. Stability proof: Anyone
-Certificate of incorporation
-Service tax copy
-Business continuity proof
3. Bank statement:
Current account statement of last 1 year
Savings account statement of last 6 months
4. Business and residence ownership proof (Any Registration Proof).
5. KYC Documents: Pan Card, Adhaar Card, Voter ID, Utility Bills like electricity bill.
Yes, you can apply for the business loan even with the bad credits and for that all you have to do is to give an assurance to bank that you’ll be able to repay the loan.
You can get loan amount as low as INR 75 thousand to as high as INR 45 lakhs, with tenure period of 1-7 years to repay the loan.
Yes, you can make the pre-payment of loan after 6 months from the date of loan disbursal and it can be done once in a year only. The minimum amount of making the pre-payment should be INR 50 thousand.
- Filling up loan application form
- Submitting form and documents
- Sanctioning of loan
- executing the agreement
-Disbursal of loan
You can repay the loan, using Post Dated Cheques or Electronic Clearance System (ECS).
Once your documents are submitted, processing of the loan will take 4 working days.
No, you don’t have to pay any application fee. You can fill the form online and there won’t be any charges for that.
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