Business Loan in India

Business Loan


Any business needs an investment. To start a business you need capital or for expanding an existing business you need extra capital. The answer to this is Business Loans. There are many banks and other financial institutions who provide business loans.

There are two types of Business loans viz:- Secured business loans and Unsecured business loans. Secured Business loans have a lower interest rates when compared to the latter.

Eligibility for Business Loan


Anybody who runs a legitimate business and with good profits can apply for a business loan. Disbursement of loan will be based on each bank or NBFC criteria that they follow. The following is the set of common criteria amongst different financial instituitions.

Type of the business- I.e. Proprietorship, Partnership, Pvt Ltd or Public Ltd.

1.Turnover of the Business.
2.Profit of the Business.
3.Cash flow of the Business
4.Track record and type of Business.

What is the business loan that I can avail?


Financial instituitions majorly look at your profit, cash flow and years in business.

Business loans are provided by the following institutions

1.Bajaj Finserv
2.Fullerton India
3.HDFC Bank
4.ICICI Bank
5.ING Vysya Bank

What is the rate I will get these loans at?


Financial instituitions majorly look at your profit, cash flow and years in business.

Bank Name

ROI

Processing Fee

Loan Amount

Bajaj Finserv

19% - 20%

2%

1 Lac – 45 Lacs

Fullerton India

21% - 28%

2% - 3%

1 Lac - 20 Lacs

HDFC Bank

17% - 22%

2% - 2.5%

75K - 15 Lacs

ICICI Bank

15% - 19%

2% - 2.5%

2 Lacs - 25 Lacs

ING Vysya Bank

15.25% - 19.25%

2% - 2.5%

2 Lacs - 20 Lacs

Documents Required for business loan.


1.ID Proof
2.Address Proof
3.Proof of Continuity Of Business
4.Bank Statement 6 Months
5.Board Resolution (If pvt ltd co. is co-borrower/Partnership Authorization Letter (if partnership firm is co-borrower)
6.ITR & Statement Of Computation of Income – for last 2 Years
7.CA Certified or Audited P/L Acc Statement and for >40 Lacs cases Audit report along with schedules of P&L and Balance Sheet – for last 2 years
8.Latest ITR of Co-Applicants – For last 2 Years
9.Ownership Proof of Residence or Office

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