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Business Loan

Businesses need a sufficient amount of investment to fund for business expenditures or pay for business extensions time to time. For such purposes, companies take out unsecured business loans for their financial help from banks or financial institutions. It is a loan which a company pays back within a specific tenure according to the terms and conditions decided at the time of the granted a loan. Unsecured, collateral free business loans can be taken for a variety of essential requirements like equipment or machinery purchase, business expansions, dealer and vendor financing etc.The major benefit of business loans in India is that it collateral or security free and most of the banks sanction business loans with minimal pre-payment charges with least documentations in very short term. Another benefit is that the repaying the loan is very easy and short term so loan burden also close in a short term. Business loan processing is very fast in India and very easy to avail it.

Features of Business Loan:

Unsecured Business Loan is a very great option when it comes to expanding of your existing Business. There are some useful features of Business Loan which you should know before applying for an Unsecured Business Loan, which is described following:

1. Collateral Free Loan:

Unsecured Business Loans means it is an unsecured loans which mean that is no required of any security or collateral to apply for a Business Loan. No one does need to provide any asset like a house, shop or office to avail a Business Loan. In the case of Business Loan the financial lenders review the Loan Approval is based on applicant previous credit history, age, location, income details of the past few years. After positive credit analysis of all documents submitted for a business loan the loan is easily approved and disbursed in very short time.

2. Fixed Interest Rate:

Business Loan Interest Rates are fixed, which means the Interest Rate will not increase or decrease during loan tenure. The interest rate of Business Loan starts from 13.99% onwards.

3. Flexible Repayment tenure:

The Business Loan Applicants can get flexible repayment tenure for repayment up to 5 years maximum, Unsecured Business loan can get in form of Overdraft account also, a limited no of banks do this facility.

4. Loan Amount:

The loan amount that one can avail in business loan can be up to Rs 75 Lakh. It is totally depends on the financial credibility, Cibil score and Previous loan track records of the borrower before offering the business loan.

5. Minimal Paperwork:

Process for unsecured business loan requires very minimal paperwork. Only a few basic documents are required to apply for a business loan. Once the business loan application is approved by the bank then the processing of the loan amount is followed by the disbursal.

Business Loan Eligibility Criteria:

Self-employed Non-professionals-Sole proprietors, partnership firms, private limited companies, public limited companies involved in the business of manufacturing, trading and services, Self-employed Professionals - Doctors, CA, CS, Architects.

  • Age Limit-21 - 65 years.
  • Loan Amount- Rs. 5.0 Lacs to Rs. 75.0 Lac.
  • Interest Rate - 14.50% - 22.00% P.A
  • Loan Tenure - Maximum up to 5 years.
  • Business Vintage - For professional - 3 years & For self-employed - 5 yrs
  • Annual Turnover - Min. Rs. 1 Cr and above.
  • Banking Stability - 6 months and above.
  • CIBIL Score - Minimum 700 or above.
  • Borrower should have a self-owned house or work place.

    • Documents Required for Business Loan:

    Document List for Partnership Company

  • Pan card copy - address proof- GST registration copy.
  • Three years complete financials with CA Attestation.
  • All loan repayment schedule with sanction letter.
  • Twelve months all major bank accounts statements.
  • Company profile on letterhead one pager.
  • Partnership deed copy self-attested.
  • AY 19-20 GSTR-3B for last 12 months with sales register month wise.
  • Application form dully filled up and signed.

    • Document List for Pvt. Ltd. Company

  • Pan card copy/GST Registration/address proof copy.
  • Three years complete financial with ITR & computation.
  • All loan repayment schedule with sanction letter
  • Twelve months all major bank account's statements in pdf.
  • Company profile on letter head.
  • Original book of MOA/AOA.
  • List of directors & shareholders with CA attested.
  • AY (19-20) GSTR-3B for 12 months with sales register month wise only.
  • Application form dully filled up and signed.

    • Document List for Proprietorship Company

  • Pan card copy/GST Registration/Address proof copy.
  • Three years complete financial with ITR& computation.
  • All loan repayment schedule with sanction letter.
  • Twelve months all major bank account's statements in pdf.
  • Company profile on letter head.
  • AY (19-20) GSTR-3B for 12 months with sales register month wise only.
  • Application form dully filled up and signed.

    • Director's/Partner's Documents:

  • Photographs of all Directors/Partners.
  • Pan card copy & Aadhar card copy of all.
  • Three years financials/form16/latest 3 months pay slip copy.
  • All loan repayment schedule with sanction letter if taken.
  • Twelve months all saving bank account statements.

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