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Business loan

Business Loan

  • Get high Business Loan Eligibility: Get higher business loan eligibility
    Prepare a business plan before applying for a loan Know your credit score, decide the loan amount, do some market research on the available business loan options and keep the documents ready.
  • Common Documents Required: Proof of address and photo identity proof of promoters, business proof, income proof, partnership deed for partnership firm, articles of association, memorandum of association, board resolution, PAN card, etc.
  • Loan Approval Criteria for Business Loan: The age of the applicant should be between 21 and 60 years, and his business should be at least 1-2 years old. Minimum business turnover and minimum annual turnover as per ITR will be required. The business should be making profit for at least the last 1 year.

Benefits and Features of Business Loans

  1. Term Loans
  2. Equipment Financing Loans
  3. Invoice Financing & Bill Discounting
  4. Business Expansion Loans
  5. Working Capital Loans
  6. Machinery Loans

Eligibility Criteria for Business Loan

  1. Business Type: Most lenders provide loans to various types of businesses, including sole proprietorships, partnerships, limited liability companies (LLCs) corporations, and more.
  2. Credit Score: A good credit score is often required to qualify for a business loan.
  3. Business Age: Some lenders require a minimum operational history for your business, usually ranging from a few months to a year or more.
  4. Annual Revenue: Lenders may have a minimum annual revenue requirement to ensure your business has a stable income.
  5. Collateral: Secured loans might require assets as collateral to secure the loan. Collateral can be real estate, equipment, inventory, or other valuable assets.
  6. Age Criteria: Minimum 21 years at the time of loan application & Maximum 60 years at the time of loan maturity.
  7. Eligible Entities: Individuals, MSMEs, Sole Proprietorships, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders, manufacturers, and other.
  8. Business Vintage : Min. 1 year or above.
  9. Business experience: Min. 1 year, business location to remain same.
  10. Annual Turnover: Shall be defined by the Bank & NBFC
  11. Credit Score: 700 or above (Preferred by most private and public sector banks)
  12. Nationality: Indian citizens.
  13. Additional Criteria: Applicants must own either a residence, office, shop, or Godown.

Documents for Business Loan

The list of documents required for a business loan varies depending on the type of business entity. Submit the following documents to start the loan process….

  1. Current bank account statement of last 12 months.
  2. Address proof for residence like voter card, Aadhaar card, telephone bill, electricity bill.
  3. ITR of last 2-3 years.
  4. Photo of PAN card.
  5. Provisional financial statement of last financial year and future year projections.
  6. Business profile of the company on letterhead.
  7. 2 photographs of promoters and property owners.
  8. Sanction letter and repayment schedule of existing loan
  9. GST registration certificate and GST returns of last 2 years.
  10. D-VAT/Sales Tax Registration Proof.
  11. Udyam Aadhaar Registration Certificate.
  12. Rent Agreement Copy of Factory and Residence (if property is rented)
  13. 3 years Business Continuity Proof (3 years old ITR/Company Registration etc.)
  14. Company PAN Card, Certificate of Incorporation, MOA, AOA, List of Directors, and Shareholding Pattern for Private Limited Companies.
  15. Partnership Deed, Company PAN Card for Partnership Companies
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