Business Loan
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Apply for instant business loans up to 1 crore at competitive interest rate for manufacturing, trading or services. Special schemes are available for women entrepreneurs, young start-ups and existing small business. Check your business loan eligibility and applicable business loan interest rate using online calculator. aliquam quaerat voluptatem.
Business Loan Eligibility Criteria
The following are the common eligibility criteria for a Business Loan:
- The applicant or the promoters of the business should be in the age group between 21 years to 65 years.
- Proprietorship/ partnership firms and Pvt Ltd companies, self-employed individuals/ professionals engaged either in manufacturing, services or trading.
- A business vintage of a minimum of 3 years.
- A minimum business turnover and a minimum annual turnover as per the ITR will be required. The quantum of the requirement will vary from lender to lender.
- The firm/company should be profit-making for at least a period of 1 year.
Documents Required for Business Loan Application
The following are the common documents required for a Business Loan:
- Proof of address of the promoters: Aadhaar Card, Voter’s ID Card, Driving Licence, Utility Bills, etc.
- Photo ID proof of the promoters: PAN Card, Passport, Voter’s ID Card, Driving Licence, etc.
- Proof of business: GST Registration, Trade Licence, Registration under Shop Act, Drug Licence, etc.
- Income proof: Balance Sheet and Profit & Loss Account audited by an Auditor with Auditor’s report.
- Other documents:
- Partnership Deed in the case of Partnership Firm.
- Articles of Association, Memorandum of Association, and Board Resolution as per the format provided by the lender in the case of a Company.
- PAN Card of Partnership Firm/Company.
- National and State Permit if finance is availed for a commercial vehicle.