Every business is exclusive in its operation and functioning. Business Loan provides support to the business to grow and expand. So, a Business loan is financial assistance used to meet the requirements of the business.
Indiabulls Business Loan is an unsecured loan for business personnel used to renovate the office, boost the business, purchase machinery or equipment for the business purpose etc.
Types of Business Loan
Following are some of the types of Business Loan-
- Demand Loan
- Term Loan
- Cash credit facility
- Overdraft facility
- Bank Guarantee
- Bill or Invoice discounting
- Letter of credit facility
- Business Loan for women entrepreneurs
Why Indiabulls Business Loan?
You can avail Indiabulls business loan for the betterment of the business in multiple ways-
· To expand the business– Business expansion can be of many forms such as- new product launch, product upgrade etc.
· Seasonal Business– To execute a seasonal business, a short-term business loan can help the business personnel to manage the expenses and later repay the loan after the peak season is over.
· To clear past debts– By availing business loan, you can repay your previous business debts to reduce the burden of debt gradually.
· Need for working capital of the business– When it becomes challenging to manage the regular expenses of the business due to low-cash flow, you can opt for a business loan.
· Company's temporary financial crisis– Sometimes small business faces the shortage of money to meet the liquidity requirements like inventory management, liquidity bills etc. So, a business loan can help to overcome this situation.
· To invest in the latest technology– To expand the business and increase production, businesses invest in machinery and equipment. This cost can be met using the business loan.
Eligibility Criteria
· Age- Minimum and Maximum age limit are 21 years and 60 years (loan maturity age) respectively.
· Income- Minimum income of the applicant must be Rs. 25000.
· Applicant must have a minimum of 2 years of work experience.
· Minimum of 2 years of business continuity is also required.
· Minimum turnover of the business must be Rs. 40 lakhs.
Documents Required
· ID proof- AADHAR card, PAN card, Passport.
· Proof of residence- Any latest utility bills like Electricity bill, Gas bill. Driving License.
· Salary slip of last 3 years.
· Bank statement of last 6 months.
· Copy of FORM 16.
· ITR/Sales Tax Registration certificate for last 2 years.
· For Ready property- Latest property tax paid certificate, Khatha (7/11 extract), Sales Deed.
· Under Construction property- Proof of booking amount paid, Allotment letter.
· Plot and Self-construction- Sale deed, Katha (7/11 extract), Parent Documents.
Benefits of Indiabulls Business Loan
· Monthly repayment of the loan reduces the burden on the business personnel.
· The facility of Flexi loan is enabled.
· The business loan can be used to upgrade the business using the latest technology.
· Seasonal employees can be hired.
· Bigger projects can be taken up using the loan.
· Scaling up of operation and increasing the business cash flow is also possible.
