Instant Low Interest Business Loans at Bookmypersonalloan
Business Loans / Business Loans — √ Eligibility √ Interest Rate √ Processing Fees √ EMI Calculator √ Features & Benefits √ Documents √ Minimum Paperwork √ Loan Amount √ Tenure √ Compare Business Loans √ Minimum Documents
Being fragile on the financial front can make your business challenging. Whether a start-up or an established business, money is important to keep it going. Business loans can be a savior at this time. You can get business loans from any bank or NBFCs (non-banking financial company) at any interest rate. Business loans can be availed by self-employed professionals or non-professionals. It is a custom made product to meet your business requirements and daily requirements.
A number of facilities are available to customers apart from business loans such as cash credit limit and overdraft facility. You can get loan for your business expansion / set-up / latest machinery etc. Business loan interest rates may vary from bank to bank and the process may vary. The objective of banks and NBFCs is to deliver hassle free delivery in minimum time so that you can fulfill your business related dreams.
Below are the details related to business loans. Refer to the information and know all about loan eligibility, facilities and documentation.
Eligible categories
- Self employed person (s) or professional
- Sole proprietorship firms
- Partnership firm
- Private limited companies and closely limited companies
- Doctor, CA, Merchant, Retailer and Manufacturer
- Credit facilities and benefits
Instant Online Business loan in Bangalore can be availed for your various small business needs.
- Quick credit disbursement
- Easy document processing
- Flexible EMI Options
- Transparent interest rates
- Factors Affecting Your Business Credit Eligibility
Age limit — Applicants should be as per the age limit fixed by the lender. The minimum age for availing a business loan is 23 years and in some cases the maximum age is 60 or 65 years.
Business Annual Business — The company must have a good annual turnover to take a loan. Banks consider this factor as a major factor when deciding the eligibility for your loan.
Credit rating — Credit score is another major factor as it reflects your loan repayment regularity. To get a business loan, you must have an ideal credit rating which is discussed below.
Business Journey — Many banks or NBFCs consider the time period of setting up your business. Some give loans for start ups but some take into consideration your business vintage.
Score for getting ideal CIBIL loan
- An ideal credit score ranges from 650–900 indicating that you are paying your existing debt and credit card on time.
- Anything below 650 or 700 is considered as a credit history that is less than 6 months and the index is lower where the risk is higher.
Original Document Required *
- proof of residence
- Last three or six months bank statement as per bank’s requirement
- Latest ITR with calculation of income, balance sheet and profit and loss account for last 2 years
- Financial and certified by CA.
- Proof of Continuity ( ITR / Business License / Establishment / Sales Tax Certificate )
- Certified true copy of memorandum and articles of association and board resolution.
- Other documents as per the norms of the bank.
The above are only the basic documents required by the lender. The requirement of other documents may vary according to the terms and conditions of the bank / NBFC and your eligibility criteria.
