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Business loan :
Unsecured Business Loans are the loans which does not require any property as collateral for the loan. This loan solely depends on the creditworthiness of the borrower. Business loans are the loans provided to you on behalf of your business idea. Unsecured business loan is similar to a personal loan.This loan helps for a start-up or for the expansion of an existing business. This loan is specially designed to meet all the business requirements. Unsecured loans are usually used for expansion of current business or to initiate a new business. If the banking institute finds the potential in your business idea then you definitely get the loan. This type of loan plays a key role to support start-up.
Features and Benefits of our Business Loans :-
Eligibility Criteria for Business Loan
Business Type :
Most lenders provide loans to various types of businesses, including sole proprietorships, partnerships, limited liability companies (LLCs), corporations, and more.
Credit Score :
A good credit score is often required to qualify for a business loan. Lenders use your credit history to assess your ability to repay the loan.
Business Age :
Some lenders require a minimum operational history for your business, usually ranging from a few months to a year or more.
Annual Revenue :
Lenders may have a minimum annual revenue requirement to ensure your business has a stable income.
Collateral :
Secured loans might require assets as collateral to secure the loan. Collateral can be real estate, equipment, inventory, or other valuable assets.
Cash Flow :
Lenders often evaluate your business's cash flow to determine your ability to repay the loan.
Age Criteria :
Min. 21 years at the time of loan application & Max. 65 years at the time of loan maturity.
Eligible Entities :
Individuals, MSMEs, Sole Proprietorships, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders, manufacturers, and other non-farm income-generating business entities engaged only in the services, trading, and manufacturing sectors.
Business Vintage :
Min. 1 year or above.
Business experience :
Min. 1 year, business location to remain same.
Annual Turnover :
Shall be defined by the Bank/NBFC
Credit Score :
700 or above (Preferred by most private and public sector banks)
Nationality :
Indian citizens
Additional Criteria :
Applicants must own either a residence, office, shop, or Godown.
Get in touch with us for better services and help.
Documentation for Business Loans
The list of documents required for a business loan varies based on type of business entity.
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ITR for the past 2-3 years
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Current Bank Account Statement for the last 12 months
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Photocopy of PAN Card
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Address Proof for Residence such as Voter Card, Passport, Aadhar Card, Telephone Bill, Electricity Bill
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Address proof for Business such as the Telephone Bill or Electricity Bill
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Last Financial Year's provisional Financials and future year's projections.
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Company's business profile on the letterhead
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2 photographs of promoters and property owners.
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Sanction letter and Repayment schedule of existing loan
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GST registration certificate and GST returns of latest 2 years.
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D-Vat/Sale tax registration copy
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Udhayam Aadhar registration certificate
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Rent agreement copy of factory and residence (if property is rented)
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Business Continuity proof of 3 years (3 years old ITR/Company registration etc)
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Company PAN Card, Certificate of Incorporation, MOA, AOA, List of Directors, and Shareholding pattern for Pvt Ltd companies
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Partnership Deed, Company pan Card for Partnership Companies
Require Assistance
Our Associates / Banks and NBFC’s Tie-up
