What is Business Loan?
Business loans, as the name suggests, are specifically intended for business purposes. Business loans offer a financial solution to problems faced by the firm and fills the cash flow gap. Be it for meeting day-to-day expenses, expansion of infrastructure or even product development, business loans play a huge role in setting the financial foundation strong for a business.
Characteristic of Business Loan
- Easiest source to get short term finance.
- Totally unsecured – no collateral required.
- No Application fees. Only Processing fees is applicable.
- The loan application is processed in 7-10 days and money is disbursed.
- The payment schedules are designed as per requirements of the businesses.
- Interest rate varies from 16-24%
Eligibility Criteria for Business Loan
- Minimum 25 years of age and maximum 65
- The business should have been in existence for atleast 3 years
- A minimum turnover of Rs. 25 Lakhs
- Income Tax return should be a minimum of 3 Lakhs
- Net worth should be positive.
How we can Help?
We specialize in unsecured loans and can get you business loans from multiple banks so that you can meet your funding requirements. Even if your eligibility is low or have been rejected by any bank, we can still help you get the loans at attractive terms. Please contact us for details.
Who all can avail business loans?
- Self Employed Individuals/Professionals
- Sole Proprietorship Firms
- Partnership Firms
- Private Limited Companies
What documents are needed when applying for a business loan?
- KYC docs – Identity Proof, Address Proof
- Bank Statement for past 6 months
- 3 years Income Tax Return with Balance Sheet, P&L and Audit Report
- VAT Returns
- Photo of directors
- Details of other existing loans
- Ownership Proof
What are the tenure options available?
- A minimum of 1 year to a maximum of 3 years.
Can I make part-prepayment?
- Yes, with nominal charges.