Business Loans
Starting at 16% p.a.
Business loan can be availed to meet your planned and unplanned business expenses and working capital needs it’s an unsecured loan and it doesn’t require any monetary of fund utilization also it doesn’t require any collateral to avail the same. Can be availed by submitting minimum documents and faster approval with quick bank credit to meet your short-term needs
Businesses need funds to meet their day-to-day expenses such as paying utility bills, buying machinery, setting up equipment, upgrading inventory, employee salaries, expansion, etc.
A business loan can be availed to meet such working capital needs without having to disturb your personal finances. They are unsecured loans that have a quick turnaround time and need minimum to no paperwork.
The actual list of documents varies from one bank/NBFCs to another. That said, here’s a list of the most common documents that are expected from all of them.
Proof of Identity:
- PAN Card / Voter ID / Aadhaar Card / Passport / Driving License
Proof of Address:
- Bank Account Statement / Aadhaar Card / Lease Documents / Property Purchase Agreement / Utility Bill / Passport / Driving License
Proof of Income:
- For Salaried Professionals: Salary Slip / Bank Account Statement / Form 16
- For Self Employed Individuals: ITR / P&L Statement and Balance Sheet / Bank Account Statement
Proof of Business:
- Certificate of Practice / Partnership Deed / GST Registration and Filing Documents / MOA & AOA / Shop Act License
Only individuals can avail a personal loan and not businesses. Both salaried and self-employed individuals and professionals are eligible. That said, the criteria for eligibility can vary from one applicant to another.
In the event that you are already paying an EMI towards a previous loan, your eligibility for a personal loan may go down. This is because your income in hand would be lower compared to a scenario where you are not already paying another EMI.
- 18/21 – 60/65 years.
- 750 and above.
- ₹15,000 for non-metro cities.
- ₹20,000 for metro cities.
Up to ₹50 Lakhs depending on your credit profile.
- Salaried Professionals must have been employed at their current workplace for at least 6 to 12 months.
- Self-employed Individuals should have had a business tenure of at least 3 years (continuous).
Note: All/any of the Eligibility Factors listed above are subject to change on a case by case basis, left to the discretion of the bank/NBFC you are applying for a Personal Loan from.
Starts after submitting of successful application in general starts with FI, (Field Investigation, Office and Resi verification, existing repayment check, Bank Statement check, RCU & Most importunately CIBIL Check after successful and positive check it move to Credit for Further discussion.
It may vary from Bank/NBFC process depends on existing relationship with respective clients vary from pre-approved process may be different in these checks. Etc…