You can take a business loan which is secured and also can take a business loan which is not secured. The financial institution gives loans as per your need. You can take a business loan for small business also for an established business. If you have matched all the eligibility criteria’s and you have all the documents you can get a business loan at any time.

Features of Business Loan

• You can borrow a business loan from a minimum 1lakh to 1crore.
• You only can use business loan money for your business related purpose only.
• The repayment option is flexible for a business loan.
• The repayment time of a business loan is from 6 months to 60 months.
• There are so many options in business loan amount and tenure based on your company size for you to choose.
• The interest rate is low for a business loan it starts from 13%
• The documentation is minimum for business loan and if you apply online it is paperless too.
• You can have co-applicant to get your home loan easily.

Business Loan Eligibility Criteria

• Self-Employed Non-Professionals
• Age limit- Minimum age limit for the business person will be 21 years and Maximum age limit is 65 years.
• Applicant should have minimum 5 years of experience in the business.
• Applicant must have minimum of 3 years of experience in the current business.
• Business turnover should be a minimum of Rs. 40 lakhs.
• The ITR report should be of a minimum of Rs. 1.5 lakhs per annum.
• Last 2 year must experience profit to the business.
• Following entities will be eligible for a business loan- Private Limited Companies, Partnerships, Limited liability partnership, closely held Limited Companies.

Self-Employed Professionals

The applicants are practicing professionals with proper qualification proof and under the categorization of CA, Doctor, architect etc.

Compulsory Testimonials for Business Loans

• ID proof of the applicant- AADHAR card, PAN card, Voter ID card.
• Residence proof- Utility Bills like Electricity bill, Gas bill.
• PAN card of the company.
• Bank Statement for the last 6 months.
• An approved copy of the Partnership Deed.
• Verified copy of Memorandum and Articles of Association.
• Business continuation proof- Sales Tax Certificate, Trade License.
• Copy of ITR file for last three years.
• Balance Sheet, Computation of Income, Profit and Loss statement for the last 2 financial years.
• Age limit- Minimum age limit for the business person will be 21 years and Maximum age limit is 65 years.

Self-Employed Professionals

The applicants are practicing professionals with proper qualification proof and under the categorization of CA, architect etc.