Business Loan

Business Type:

Lenders cater to diverse business structures, including sole proprietorships, partnerships, LLCs, corporations, and more.

 Credit Score:

A good credit history is essential, reflecting your repayment capability.

Business Age

Some lenders mandate a minimum operational history, typically ranging from a few months to a year or more.

Annual Revenue:

A stable income, meeting minimum annual revenue requirements, is often a prerequisite.

Collateral:

Secured loans may demand assets like real estate, equipment, or inventory as collateral.

Cash Flow:

Lenders assess your business’s cash flow to gauge repayment capacity.

Age Criteria:

Applicants aged 21 to 65 at loan application and maturity.

Eligible Entities:

Individuals, MSMEs, Sole Proprietorships, Partnerships, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders, manufacturers, and other non-farm income-generating businesses in services, trading, and manufacturing sectors.

Business Vintage:

Minimum 1 year.
– Business Experience: Minimum 1 year, with the business location remaining the same.
– Annual Turnover: Defined by the Bank/NBFC.
– Credit Score: 700 or above (Preferred by most banks).
– Nationality: Indian citizens.
– Additional Criteria: Applicants must own a residence, office, shop, or godown.

Documentation for Business Loans:

Submit the following documents for the loan process:

– ITR for the past 2-3 years
– Current Bank Account Statement for the last 12 months
– PAN Card copy
– Address Proof for Residence and Business (Voter Card, Passport, Aadhar Card, Telephone Bill, Electricity Bill)
– Last Financial Year’s provisional Financials and future year’s projections
– Company’s business profile on letterhead
– 2 photographs of promoters and property owners
– Sanction letter and Repayment schedule of existing loan
– GST registration certificate and GST returns for the latest 2 years
– D-Vat/Sale tax registration copy
– Udhayam Aadhar registration certificate
– Rent agreement copy of factory and residence (if rented)
– Business Continuity proof of 3 years (3 years old ITR/Company registration, etc.)
– Company PAN Card, Certificate of Incorporation, MOA, AOA, List of Directors, and Shareholding pattern for Pvt Ltd companies
– Partnership Deed, Company PAN Card for Partnership Companies.

How to use Business Loan EMI Calculator:

Estimate your monthly repayment with the business loan EMI calculator:

– Enter loan amount, interest rate, tenure.
– Click Calculate.
– View EMI, total interest, repayment.
– Adjust tenure if needed.
– Consider extra costs.
– Check budget compatibility.
– Confirm with the lender before finalizing.”