About Business Loan
A business needs funds to start or even to carry on its existing operations but the question arises from where can one get these funds. A business loan may be an answer to this question. Thus, one can approach a reputed financial institution and opt for a business loan according to ones need and thus fulfill his /her dream of starting a business or even financing, expanding his/her existing business. These loans can be secured as well as unsecured. Secured business loans generally have lower interest rates. Apart from a business loan a financial institution may have other kind of products like overdraft facilities to take care of the business needs of the individuals.
Business Loan Documents
Documents Required
- ID Proof
- Address Proof
- Proof of Continuity Of Business
- Bank Statement 6 Months
- Board Resolution (If pvt ltd co. is co-borrower/Partnership Authorization Letter {if partnership firm is co-borrower}
- ITR & Statement Of Computation of Income for last 2 Years
- Latest ITR of Co-Applicants For last 2 Years
- Ownership Proof of Residence or Office
Business Loan Eligibility
Eligibility Criteria
Who is Eligible for business loan ?
Any person who is running a legitimate business with good earnings can go for a business loan. Banks have certain criteria to validate on how much and whom to give. This is on the basis on.
- Type of the business- ie Proprietorship, Partnership, Pvt Ltd or Public Ltd.
- Turnover of the business.
- Profit of the business.
- Cash flow of the business.
- Track record and type of business.