Frequently Asked Questions
Get answers of all your queries, related to Balance Transfer at Creditnation.
Why get a Business Loan?
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.
Am I eligible to get the Business Loan?
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
What are the documents required for Business Loan?
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.
Can I apply for business loan if my credits are not good?
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.
How much loan amount I can attain?
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.
Is it possible to pre-pay the loan and how long do I have to wait for that?
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.
What are the steps of getting the loan?
- Filling up loan application form
- Submitting form and documents
- Sanctioning of loan
- executing the agreement
-Disbursal of loan
What is the mode of payment I can use to repay the loan?
You can repay the loan, using Post Dated Cheques or Electronic Clearance System (ECS).
How long do I have to wait to receive the loan amount?
Once your documents are submitted, processing of the loan will take 4 working days.
Is there any application fee of applying for business loan online?
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.