BUSINESS LOAN

WHAT ARE BUSINESS LOANS?

Business loans are fairly generic term used for different types of finance options that a business can access. In the current context, under Business loans we are largely referring to unsecured income-based loans for self-employed individuals or companies.

Unsecured business loans have no requirement for a security or collateral to be submitted and are offered purely on the current financial strength and past credit record of the borrower.

They are not as flexible as overdrafts and other credit lines that support day-to-day working capital requirements but given their unsecured nature, they are relatively easy to avail with simple paper work and speedy processing. However, that also means that Business loans are usually costlier than other forms of secured business finance.

BUSINESS LOANS MAY BE USED FOR:

  • Business Expansion
  • New Office Setup
  • Marketing & Branding
  • Business Improvement

HOW IS MY ELIGIBILITY DETERMINED FOR A BUSINESS LOAN?

Your eligibility is determined after looking at the following:

  • Last 2 or 3 years business financials.
  • Years in business and current level of business activity.
  • Nature of the industry the business operates in and how that industry has fared in recent times
  • City of Business& Current obligations (Any existing EMI’s being paid , credit card outstanding & Credit limit available )
  • Your Financial history & track record including CIBIL scores if available

To know your eligibility now or to apply,

WE OFFER

  • Loan with simple documentation, quick processing and disbursal.
  • Enjoy the convenience of doorstep service
  • Get the best in market interest rate for your personal loan
  • You need not worry about collaterals or guarantors
  • Try out the ‘Balance Transfer Option’ to get rid of high Interest current EMI’s and get slash up to 2% on interest rates on your current loan.

DOCUMENTS REQUIRED FOR BUSINESS LOAN:

  1. Photograph
  2. Identity proof  
    I     Pan Card
    II    Adhar Card
    III  Passport
    IV   Driving Licence
    V    Voter Card
    VI   NREGA Card
  3. Address proof
    I    *Electricity Bill 
    II    Adhar Card
    III  Passport
    IV   Driving Licence
    V    Voter Card 
  4. Income proof ( Latest 3 years ITR With Computation of income and certtified Financials and all annexure/ Supporting Documents if any)
  5. Bank Statements
  6. Continuity Proof
  7. Qualification proof( applicable only for Self Employed Professionals
  8. Age Proof
    I    Birth Certificate 
    II    Pan Card
    III  Passport
    IV   Driving Licence
    V    Voter Card 
    VI  Adhar Card (If DOB available)
    VII  School Living Certificate

1 Latest 2 GST Returns if applicable

For all exciting loan accounts statement/repayment track report

1   Registration certificate

2   Certificate/licence issue by the municipal authorities under shop and Establishment act

3   Sales and Income Tax Returns

4   CST/VAT/GST Certificate (Provisional/Final)  

5   Certificate/registration document issue by sale tax/ service tax/ professional tax 

6   IEC (Importer/Exporter code) issued to the proprietary concern by the office of DGFT/licence/certificate of  practice issued in the name of the proprietary concern by the any professional body incorporated under a statute 

7   Complete income tax returned (Not just the Acknowledgement) in the name of the ole proprietor where the firm’s income is reflected, duly authenticated/ acknowledgment by the income tax authorities 

8   Utilities bill such as electricity, water and landline telephone bills in the name of the firm

1    Copy of Partnership deed 

2   Registration Certificate

3   Identification information as mention under section 15 in respect of the person holding an attorney to transact on this behalf

1   Certificate of incorporation

2   MOA

3   AOA

4   Board resolution for authorized signatory authorizing him/her for signing on behalf of company for loan purpose

5   Identification information of the officer or employees age mention under section 15 in respect of manager, officer of employees holding an attorney to transact on its behalf

1   Trade licence

2   Statutory licence other supporting documents

1   Latest 6 month’s bank statement all business accounts (Saving & Current)

2   Any other bank accounts form where any EMI is Deducted