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Business Loan

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Business Loan

Businesses require an adequate amount of capital to fund startup expenses or pay for expansions. As such, companies take out business loans to gain the financial assistance they need. A business loan is debt that the company is obligated to repay according to the loan’s terms and conditions. A business loan is borrowed capital that companies apply toward expenses that they are unable to pay for themselves. Some business owners use business loans to pay for salaries and wages until their new company gets off the ground, while other companies put borrowed funds toward office supplies, inventory or business projects. Lenders want to know how the business intends to use the borrowed monies, so business owners must make sure to have a clear outline for how the money will be spent. According to some experts, it is important to impress the lenders by being professional, or they may decline the loan application.

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Eligibility criteria

Although it varies from bank to bank, the general criteria include your age, occupation, income, capacity to repay the loan and place of residence.

To avail of a Business Loan, you must have a regular income source. An individual's eligibility is also affected by the nature of business he is doing, business tenure, Returns filled by him and his credit history, etc

Key documents required when applying for a loan

  •     Income proof (last 3 years ITR with P&L,Balance sheet and computation of Income )
  •     Business continuity proof (5 years old TIN Or ITR)
  •     1 year current a/c banking
  •     local Permanent address
  •     Pan card
  •     Aadhar card
  •     Certified copies licence


Why Choose us?

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The Benefit

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Frequently Asked Question

It can be 1 to 5 years or 12 to 60 months. Shorter or longer tenures may be allowed on a case by case basis, but it is rare.

Typically, it gets disbursed within 10 working days of the loan application to the lender. Once approved, you may either receive an account payee cheque/draft equal to the loan amount or get the money deposited automatically into your savings account electronically.

It usually depends on your income and other factors. Usually, the banks restrict the loan amount such that your EMI isn't more than 40-50% of your monthly income. Any existing loans that are being serviced by the applicant are also considered when calculating the business loan amount. The loan value is determined on the basis of the profit earned as per the most recent acknowledged profit/Loss statement, while taking into account any additional liabilities (such as current loans for business, etc.) that he might have.

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