Business Loan
First Asked Questions
Q. What are the eligibility criteria for getting Business loan?
A. Any person whose business is operational more than 5 years with good earnings is eligible to apply for a business loan. Further, Banks will evaluate your business on different parameters like the profitability of business, kind of proprietorship, past record of repayment of previous loans, turnover (For example, if the annual turnover of your business is Rs 1 crore then your loan eligibility will be for Rs 35 lakh for three years) etc
Q. What is the minimum and maximum amount of Business loan I can get?
A. You can get a loan from anywhere between Rs. 5 Lakh to Rs. 35 lakh.
Q. What is the minimum and maximum tenure for repayment of Business loan?
A. The tenure ranges from 12 months to 36 months
Q. How many days will be required for disbursement of loan?
A. From the day of submitting your complete documents to our executive to loan disbursement by bank, it will take around 7 to 10 days.
Q. Is there an option of prepayment of Business loan?
A. Yes you can prepay your business loan however it is chargeable by the bank and its charges varies across the banks.
Q. From which month my EMI will be start deducting from my account?
A. The EMI will start from the next month of loan disbursal. For example, if your loan gets disbursed on 1st May, then your EMI will start from 1st June
Q. What are the documents required in order to apply for a Business loan?
Documentation
For self employed/Prop. /Partnership/Pvt. Ltd.
Proprietorship firms
One Photograph
Pan Card
Aadhaar Card
Last 3 yrs. ITR with Complete Audit Report
Last 1 Year Bank-Statement up to Date(All Current & 6 Months Saving Accounts)
GST Registration Certificate
All running loan proof if any
Last 12 months GST Return
Latest CC/OD limit Sanction letter if any
Proof of address (Office & Residence)
For Partnership firms
2 Photographs (All partners)
Pan Card (Firm)
Pan Card (All partners)
Aadhaar card (All partners)
Partnership deed
All partners ITR with computation income last 2 yrs. (individuals)
Address Proof (All partners)
Last 3 yrs. ITR with Complete profit & Loss Accounts & Balance sheet
Last 1 Year Bank-Statement up to Date(All Current & 6 Months Saving Accounts)
GST Registration Certificate
All running loan proof if any
Last 12 months GST Return
Latest CC/OD limit Sanction letter if any
Proof of address (Office & Residence)
For Pvt. Ltd. Company
2 Photograph (All Directors)
Pan card (Company & All Directors)
Aadhaar card (All Directors)
Last 3 yrs. ITR with Complete Audit Report
All Directors ITR with computation income last 2 yrs. (individuals)
Memorandum of articles
Last 1 Year Bank-Statement up to date(All Current & 6 Months Saving Accounts)
GST Registration Certificate
All running loan proof if any
Last 12 months GST Return
Latest CC/OD limit Sanction letter if any
Proof of address ( Directors Office & Residence)