Business Loan in India at Lowest Interest Rates

When you are planning to start a Business, you might require an adequate amount of capital to fund start-up expenses or pay for expansions. For these things, companies take out business loans to gain the financial support they need. We will assist you and your business  get a best business loan with the best rate of interest from well-known banks and NBFCs.

What is Business Loan?

A business loan is something similar to personal loan, however it’s specially desigend to satisfy your business needs and goals. A bank loan may be utilised for numerous business reasons like such as to maintain business operations, invest in equipment, set up a new branch and so on.  Business loans are usually lent based on the business turnover and IT returns filed for two or three years. One of the most important edges of Business loans is that they’re  unsecured, no collateral needed and most banks supply pre-payment facility with negligible charges.

Who is eligible for business loan?

The business loan can be offered to any person who is You should be the owner of a business/company and your age should be between 21 to 65 years. Your business should be at least 3 years old. The documents required last 3 year ITR with tax audit report. Diverse banks have distinctive criteria and terms to approve the legitimacy of his/her business. some points which are generally considered before offering a loan:

  • The loan should be for a sound business purpose.
  • Type of the business: Proprietorship, Partnership, Pvt.Ltd. or Public Ltd
  • Business should meet eligibility criteria supported size, annual turnover, profits, no of years of existence and use of loan payoff
  1. The loan should be for a sound business purpose.
  2. Type of the business: Proprietorship, Partnership, Pvt.Ltd. or Public Ltd
  3. Business should meet eligibility criteria supported  annual turnover, company net profits, no of years of existence and use of loan payoff
  4. Although business loans are unsecured, banks opt for if the applicant/s has personal assets or remains in an owned house

For what purposes can I avail a business loan?

You can apply for a business for any of the following or related purposes-

  • Small business finance
  • Working Capital finance
  • Business expansion finance
  • Purchase new machinery & row material

From where I can get a business loan. 

There are many banks which can offer a business loan to eligible business owners.

The list as follows:

  1. Hdfc Bank
  2. Icici Bank
  3. Kotak Bank
  4. Bajaj finser
  5. Tata Capital
  6. Standard Chartered Bank
  7. Fullerton India
  8. RBL Bank

 AND MANY MORE NBFC

 Furthermore, applicants have to fulfil the following criteria in order to be eligible for a business loan-

Minimum 3 years’ experience in current business

Minimum turnover of Rs.25 Lakhs

  • Minimum 5 years of total business experience
  • Business should be making profit for last 2 years
  • Minimum Annual Income (ITR) is Rs 3.5 Lakhs per annum
  • Minimum age of applicant is 24 years
  • Maximum age of applicant is 65 years at the time of loan maturity
  • Ownership proof must required

Documents Required for Business Loan

In order to apply for a business loan, you will require the following documents-

  • PAN Card for company, firm or individual
  • Proof of ID, in the form of, copy of Aadhar Card, Passport copy, Voter’s ID copy, driving license.
  • Proof of address, in the form of, copy of Aadhar Card, Passport copy, Voter’s ID copy, driving license.
  • Bank statement (last 6 months)
  • Latest ITR along with computation of income, balance sheet and P&L account for the last 2 years. All financials must be CA certified or audited.
  • Proof of continuation (ITR/Trade License/Establishment/Sales Tax Certificate)
  • Sole Proprietorship Declaration or certified copy of Partnership Deed
  • Certified true copy of Memorandum and Articles of Association