What is a Business Loan?
A business loan can be availed by a business man with the intention of using it for expanding an existing business and infuses capital. This is an unsecured loan wherein no collateral is involved.
Who can avail a Business Loan? Business loans can be availed by self- employed individuals as well as firms and companies. Many Traders like retailers, wholesalers, Manufacturers in industries like chemicals, automobiles and pharmaceuticals, Service providers like doctors, chartered accountants and engineers also look for a business loan.
Forms Of Business Loans:
Term
Loan : A short term finance in from of term loan lend by leading Banks
and NBFC’s for a period ranging from 3 to 5 years. Overdrafts : A short
term finance in form of a limit extended by Banks wherein only interest
is paid on the amount utilized by the customer. Net Profit : A type of
loan based on Net Profit (latest 2 years) of organisation Banking : A
type of Loan based on Latest 1 year Banking statement of any
organisation GST Returns : A type of Loan based on GST Returns(1 year)
of an organisation.
1. Types of Clients : a) Self Employed (Professional) b) Self Employed (Business)
2. Documents Required :
a) Self Employed (Professional) :
• In case of Proprietor : PAN Card and Aadhar Card
Partnership : PAN Card and Aadhar Card of all the Partners
Private Company : Company's Pan card, KYC's of all Directors (PAN Card and Aadhar Card)
• Last 3 years Income Tax Returns along with the computation of Income , CA Certified/Audited Balance Sheet and Profit & Loss Account with all Schedules/Annexures
• If audited then Audit report along with directors report, 3CB/3CD of latest 3 years
• Business Stability Proof (Shop & establishment certificate / Trade license certificate / Factory registration certificate)
• In case of Company : Memorandum & Articles of Association Partnership Firm : Partnership Deed
• All bank statement of latest 1 Year
• GST Registration Certificate
• Ownership Proof (Residence/office)
b) Self Employed (Business) :
• In case of Proprietor : PAN Card and Aadhar Card
3. Criteria :
a) If Self Employed (Professional) :
• Minimum Net Profit per annum - Rs.2,50,000
• Rate of Interest varies from 14% to 24%
• Minimum CIBIL* Score required 650
• No EMI bounces within last 6 months
• For Professionals : Loan amount from Rs.1,00,000 to Rs.50,00,000
• Loan repayment period from 12 months to 36 months
• Age limit - 23 years to 60 years
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