Business Loan

Business loan is the best way to raise your finances towards your various business needs.


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Banks usually approves a business loan depending on how steadily your business grows. A thorough check would be done on the financial performances regarding your business.

Your projected financial performances with regards to your business would also be taken into consideration by the banker. In case you manage to clear the banker’s interview, the business loan process would be initiated by the banker.

One of the best ways to increase the finances for your business needs is none other than opting for a Business Loan. Today, there are various banks that provide you a business loan, at times, even without collateral, with the help of pre-approved offers. The money is then credited to your bank account post calculating the interest as well as the fixed tenure for repayment. You can then use this amount for various purposes such as for initiating a new business or for expansion of the business that already exists, etc. The bank will approve your loan amount depending on your business requirements.

Types of Business Loans

Professional Business Loan

Professional Business Loan

To cater to the requirement of the self-employed professionals such as interior decorators, Company Secretary, Doctors, Architects, Chartered accountants, etc, banks offer professional loans at rewarding rates. However businesses involved in trading, processing units, manufacturing won’t be eligible for such a business loan. At times, such loans would be unsecured in nature.

Trade Loan

Trade Loan

There is a need of heavy investing initially for present day trading as well as pooling in continuous financial resources. Banks offer trade loans to businessmen/ traders / to aid them in setting up or expansion of their existing business.

Business Loans - Useful Information

Mentioned below is the step-by-step process to apply for a business loan in India:

  • Research about the various schemes/offers and then check for the particular bank as per your requirement

  • Log in to the banks website and then fill in the Business loan application form thoroughly that is available on the website

  • Submit the application form duly filled by attaching the required documents
  • Make the payment of the Business Loan Processing Fees.
  • Read the business loan agreement letter properly and sign the same as well as the letter of Acceptance.
  • Depending on the type of business loan you opted for, your Business loan will be approved and disbursed.

Mentioned below is the eligibility criteria for business loan in India:

  • The applicant must be minimum 21 years of age and maximum 65 years at the time when your business loan matures

  • A minimum turnover should be of Rs.40,000 for your business needs

  • A total business experience is required of at least 5 years and that you should at least have an experience of 3 years in the current business.
  • It is important that to avail a business loan in India, your business need to make a profit for 2 consecutive years.
  • Your minimum annual income should be minimum Rs. 1.5 Lakh for a loan amounting to Rs.15 Lakh and minimum Rs. 3 Lakh for a loan amounting to more than Rs. 15 Lakh
  • Your CIBIL score should be minimum 700

Mentioned below are some of the documents that are required for processing your business loan in India:

  • You need to submit the PAN card details of the owner or the PAN card details of the business.
  • Identity proof

  • Address proof

  • Latest statement of income tax returns along with the balance sheet as well as the P&L account for the last two years

  • Last six months Bank account statement
  • Your business proofs such as sales tax certificate, trade licenses, etc.

Mentioned below are some of the main features of Business loan in India:

  • Business loans can be done with minimal paperwork

  • Business loans can be availed easily

  • The repayment options for Business Loans are flexible

  • Business loans can be availed ranging from Rs. 50,000 up to Rs. 75 Lakh. Such business loans are sanctioned quickly without any hassles

  • Business loans are of various types and can be availed depending on the nature of your business needs such as business expansion, cash flow, capital requirements, etc.
  • Along with business loans, you may be offered services such as Web chat, SMS, Phone banking, etc.

Some of the frequently asked questions about Business Loan

Collateral is required in case you wish to opt for a secured business loan. This will help in reducing the risks of any defaults. Besides, your chances of obtaining a loan too will increase

You need to do your homework well before obtaining a business loan in India:

  • Find out various business loan schemes in India
  • Next step would involve drafting a proper business plan
  • The last step would be meeting the banker for an interview.

From your business loan application date to the receipt of the actual funding, the process may take around 7 to 21 days in case the application is complete and approved. This usually is possible for micro as well as small business loans. However, in case of fast track loans, the funding is usually possible within three working days

Why Opt for Business Loans ..

Mentioned below are the main reasons why you should opt for a business loan in India:

• Expansion of the business
• Expansion of your business location
• Commencing a new business from the scratch
• Buying any new equipment’s or inventories
• Building credit for any future needs
• For introducing new talents for the business

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Calculate your Needs?

Many questions may come in your mind before deciding on the Loan. ‘How much Loan I would need, how many years I shall invest for, what would be the EMI’s, etc. Loans Calculators are life-savers. They help you know your needs and assess the potential costs. Grey Font brings to you various Loans Calculators and interactive tools to help you calculate your needs. In order to get better results, ensure to enter a value in all the possible fields.


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