Business Loan

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Eligibility & Documentation

What is business loan?

A business loan is vital for maintaining cash flow and meeting the business needs of a company. It becomes a great source of working capital for new businesses and helps facilitate growth for established companies, thus helping businesses scale up their success. The ever-changing market trends create an urgency to have immediate cash in hand to cater to all the commercial needs of a business.

Terms and conditions of business loan might change depending on the lender and the particular requirements of the firm. When deciding on eligibility and loan terms, the lender frequently considers the business’s creditworthiness, financial health, and loan purpose.

Eligibility Criteria and Documentation

  • Salaried Individuals
  • Self-Employed Individuals
  • Form 16
  • Employee Identity Card
  • Employer's Certified Letter
  • Increment or Promotion letter
  • 3 Months Salary Slip
  • 6 Month Bank Account Statement

 

  • Duration of Employment Evidence
    • Appointment Letter
    • Confirmation Letter
    • Promotion Letter
    • Increment Letter
  • 3 Years IT Returns
  • Proof of Business
    • PAN
    • GST Registration Certificate
    • Trade License
    • Partnership Deed
    • Article of Association
    • Memorandum of Association
    • Import Export Code
    • SEBI Registration Certificate
    • ROC Registration Certificate

 

  • Financial Statement Audited by CA
    • Profit & Loss Account Statement
    • Balance Sheet
  • 6 Months Bank Account Statement
  • 3 years Income Tax Returns
  • Professional Practice License for Doctors, Consultants, etc
  • Registration Certificate of Establishment for Shops, Factories, and Other Establishments
  • Business Address Proof

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Basic form

25%

Personal details

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Address

Employer's/ Business details

Additional details

Bank details

Benefits of business loan?

Flexible Loan Amount

We provide you with affordable high value capital to cater to your business needs with flexible terms from well-known banks and NBFCs. You can approach us for quick short-term, medium-term, and long-term business loans.

Online
Accessibility

We allow you to have access and review your business loan account for loan statements and other details. Thus, making it convenient to check up on your loan details and disbursement from anywhere at anytime.

Multi-purpose end-usage

The approved loan gives you the flexibility to use it for investment in infrastructure, expansion in operations, purchase of equipment or inventory. It gives you the opportunity to fulfill your business needs.

No collateral required

You are not liable to provide collateral for amount of money borrowed. This means you have quick disbursal and approval advantage. Here, you do not need to worry about your assets being seized.

Flexi
loans

You are free to withdraw the amount that is required to achieve your business goals. It gives you the opportunity to pay interest only on the amount that is withdrawn.

Types of Business Loan?

Term Loans

Term loans offer a preset loan amount that must be paid back in a certain number of installments over a predetermined time. They can be utilised for a variety of things, like working capital, expansion, buying machinery, or building infrastructure.

Working Capital Loans

Working capital loans are intended to cover a company’s ongoing operational costs, such as the purchase of inventory, supplier payments, employee salaries, and other short-term liabilities. These loans support stable cash flow for enterprises.

Machinery Loans

Loans for machinery are especially intended to assist firms in buying or upgrading machinery and equipment. These loans give firms the resources they need to invest in infrastructure and technology, increasing their production and efficiency.

Startup Loans

Startup loans are designed with emerging and new enterprises in mind. In the early phases of a firm, they offer funding to cover initial setup fees, the need for working capital, and other expenses. Some startup loans could demand security or a potent business strategy.

Small Business Loans

Micro, small, and medium-sized businesses (MSMEs) can get the finance they need through small business loans. These loans can help a small business with a variety of needs, including working capital, the acquisition of equipment, inventory control, or expansion plans.

Export-Import Loans

Export-import loans are created especially to help enterprises involved in global trade. These loans offer money for pre- and post-shipment financing, working capital for companies with an export focus, or loans to fund import-related operations.

EMI Calculator

EMI calculator

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Why Choose Us?

  • Calculate your Emi on real-time basis
  • Get Lowest interest rates on loans
  • Instant credit report for free
  • Compare loans with live interest rates
  • Tie-ups with multiple reputable Banks & NBFC’s
  • Quick loan disbursement
  • Extending services across India

FAQ

 A business loan can provide the necessary funds to finance growth initiatives thus leading to business expansion.  It also helps to maintain working capital to cover day-to-day operational expenses, such as purchasing inventory, paying salaries, managing cash flow, and meeting short-term obligations. It enables to bridge the temporary gaps in cashflow.

Here are some tips that can help:

  • Prepare necessary documents in advance and gather all the required documents for the loan application, such as business financial statements, bank statements, income tax returns, identity proof, address proof, and any other documents requested by the lender.
  • Maintain a good credit by paying bills and existing loans on time, keeping credit card utilization low, and minimizing credit inquiries
  • Have a well-documented business plan which should outline your business goals, financial projections, repayment strategy, and how the loan funds will be utilized. It enhances your credibility as a borrower.
  • Improve your debt-to-income ratio: the ratio of your monthly debt obligations to your monthly income. A lower DTI ratio indicates better financial stability.
  • Consider collateral option helps to increase the chances of approval and expedite the process since secured loans have a lower risk for lenders.

There are several benefits of taking a business loan from us. Here are some key advantages:

  • Financial flexibility: This can include expanding your operations, purchasing equipment or inventory, hiring staff, or meeting working capital requirements.
  • Cash flow management: With a business loan, you can bridge the gap between payables and receivables, ensuring smooth operations.
  • Tax benefits: Interest paid on business loans is eligible for tax deductions, which can help reduce your taxable income.

In general, lenders typically prefer businesses with a minimum turnover of around Rs. 10 lakhs to Rs. 25 lakhs per annum for small business loans. However, this requirement may vary significantly depending on the lender, loan amount, and the nature of the business.

You may be able to obtain a business loan for salaried individuals depending on the lender you choose, subject to any applicable eligibility requirements.

The eligibility is based on factors mentioned below:

  • Last 2-3 years of financials to get an estimate of business’s financial health
  • Nature of the industry the business deals in and how has that industry performed in recent times
  • Obligations of the company for instance the other installments (EMIs), credit limits, etc
  • The company’s past credit history
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