Project Loan
You need money to meet your day-to-day business expenses related to utility bills, machinery or any equipment set-up, to set up an inventory, salaries, or to expand your business, etc Hence, to meet your business expenses we offer a high-value business loan at an affordable rate of interest with lucrative features that can help you to manage the cash flow. A business loan is specifically designed to keep your business up and running and at times, as a business owner, you may have a sudden requirement of funds. So, when you require urgent funds to meet your working capital needs, you can opt for business loans without disturbing any of your personal investments.
Business Loans Eligibility Criteria
So, if you are looking to fuel your business or looking for a dose of cash, a borrower needs to check and fulfill the eligibility criteria first:-
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A borrower should be a resident of India
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The minimum age should be 21 years and the maximum age is 60 years
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An applicant should have a valid bank account.
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You have to show business activity for at least one year.
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PAN Card and Aadhar Card of a business owner
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Specific turnover of your business
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Residential Proof of business owner such as the latest electricity bill, leave and license agreement, etc.
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Bank Statements of all your bank accounts for the past 6-12 months.
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Proof of ownership of your business such as- Udyog Aadhar, Shop Establishment Certificate, etc.
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Financial computations are really very important such as profit and loss statement, balance sheet, etc. A borrower has to keep a proper book of accounts before applying for a business loan. It is vital to weed out any future discrepancies or errors. Most of the banks or any financial institutions ask for profit and loss accounts, cash-flow statements, tax, and statutory audit reports for the past 1-3 years.
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Good Credit Score: – Lot of your terms and deal for a business loan depends on your past financial track record. If you have a good credit score, your chances to get a better deal becomes much higher. And, if you are taking a business loan for the very first time, and you have a little to no credit history at all, the terms of your business deal may not be ideal.
Benefits of Business Loans
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Quick Loan Approval: A borrower can apply for a business loan conveniently through a hassle-free user-friendly online application process. Moreover, as the loan has been created keeping your business in mind, a borrower has to meet a few eligibility criteria’s or terms and submit the basic documents related to your business to complete your loan application process. There is no lengthy paperwork process or any formalities involved, and your loan gets approved within a jiffy. So, if your machinery breaks down, or need to meet any unplanned emergency business requirement you can opt for this kind of loan with ease. In addition to this, you can
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Upgrade your business to the latest technology
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Renovate your office area, and can increase the stock
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Managing staff salary and can hire seasonal contract-based employees.
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Would be able to increase and manage your business cash-flow.
Business Loan Documents Required
Beyond mentioned all those eligibility criteria’s an applicant would also need to get their documents ready pertaining to business.
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Passport Size Photographs
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KYC Documents
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Business Proof: certificate of business existence
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Current and past year performance report
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Business Turn-over mentioned on company letterhead.
For instance, if you need a loan to execute a specific project, or to buy heavy machinery, a borrower has to submit a proper detailed report on it to the lender. The supporting documents would vary according to the need of a loan.
Hence, if you think you need external aid to manage your cash flow efficiently and want to fuel your business you can opt for a business loan.