What is the need for a Business loan?
Money is the life blood of every organization. There is a huge amount of working capital required to start up a new business and for the rapid growth of existing successful business.
Who all can avail a Business loan?
• Self Employed Individuals/Professionals
• Sole Proprietorship Firms
• Partnership Firms
• Private Limited Companies
Who can apply for a Business Loan?
• Minimum Age (24 Years)
• Maximum Age (65 Years)
• Current Business Exp. (Min.3 Years)
• Total Business Exp. (Min 5 Years)
• Minimum Annual Income: Rs.1,50,000 p.a.(For working professional Rs.1,00,000 p.a.)
What all document are required for applying for a Business loan?
• Identity Proof
• Address Proof
• Bank Statement (Latest 6 months)
• Latest ITR along with other relevant docs like Balance Sheet, P&L, Audit Report (Certified by a CA)
What are the stages involved in availing a loan?
• Application
• Processing
• Documentation
• Sanctioning of the Loan
• Disbursement
What are the tenure options available for the repayment?
Business loans range from min. of 1 year up to a max of 4 years
How much time does it take for the disbursement of the loan?
The processing of the loans usually takes 4 working days after all the documents are submitted.
Can I make part pre-payment?
You can make a part pre-payment with a min. amount of Rs.50,000 after 6 months from the date of disbursement of the loan. This part pre-payment can be made only once in a financial year.
What are the options available for repayment of the loan?
The loan can be repaid through Electronic Clearing System or Post Dated Cheques.
Can I pre-pay my loan?
Yes you can pre-pay the loan after repaying a min. of 6 EMI’s. Foreclosure charges would be applicable as per the banks term and condition.
