In most cases businesses need additional funding to grow to the next level. These funds are not always available with the day to day operations and need to be procured from elsewhere. Business loans are those financial products that product a hassle-free loan of up to Rs 75 lakh to businesses to help them expand. Business loans are provided that suit your needs and can be tailor made to help your business succeed.
Directly Apply for loan in less then 1 min
Features and Benefits of Business Loans
- Business loans can be used to provide a tax break for the company
- No collateral is required for a business loan of upto Rs 75,00,000
- Business loans can be used to assist with your immediate capital operating expenses
- If your loan amount is less than 10,00,000 you don’t even need to furnish your Income Tax Return to the bank.
- Business Loans have a much lower rate of interest as compared to personal loans.
Eligibility Criteria For Business Loans
- To be eligible for a business loan your business must be making profit for the past 2 years.
- Your business should have a turnover of Rs 60,00,000 or more and should indicate an upwards trend.
- As an individual you should be in the same business for 3 years and should be self-employed for at least 5 years.
- You should be no less than 25 years of age and no more than 65 years old.
- The businesses income tax returns for the last 2 years should have been paid in full.
- – The businesses credit report should indicate trust and faith to the lenders.
You can apply as a proprietorship, partnership, LLP company or a private limited company.
What are the Documents Required to avail a Business Loan?
- Photographs of the applicants
- Identity proof of applicants
- Address proof of applicants
- Proof of Age
- Pan Card of the company
- Details of existing loans
- Proof of Business
- ITR for the past three years
- Profit and Loss statements for the past 2 years certified by a CA
- Proof of continuation of business which includes the ITR, sales tax certificate, trade license, and establishment
- You’ll also need to provide a neatly filled copy of the application form for the business loan