BUSINESS LOAN POLICIES

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About Business Loan

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Many businesses start off in a small way. An individual running a small Kirana shop may open another one in a few years, and over the course of time be the owner of a large chain of Departmental Stores. Of course, there’s a limit to how much you can expand by using your own funds. If you want to grow a business fast, you will have no choice but to look elsewhere for funds. so banks created a product called business loan to meet the needs of businessman.

Why Business Loan?

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For Business Expansion
For Working Capital Requirements
For developing Infrastructure
For Buying Equipments

Advantage Of Business Loan

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Banks will disburse a Business Loan quickly so that you don’t need to worry about operations coming to a halt or growth plans delayed because of a lack of funds.
You don't have to put anything as collateral or need a guarantee for a business loan up to Rs. 75,00,000.
You have the option of choosing the tenure of the loan from One year to Five years
Banks offer customized repayment schemes for business loans. You can repay the business loan Daily, Weekly or Monthly.

Types of Business Loan

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Business loans by government - The government of India helps various small businesses by offering them business loan under "Pradhan Mantri MUDRA Yojana" and other schemes.

Business loan for purchasing machinery or equipment - Almost All businesses need specific machinery or equipments for smooth functioning. Most of times machineries are higher in price. Thus businessman opt for this type of loan.

Business loan for working capital - In Ongoing businesses, businessmen require ample amount of funds to sustain and fund for their daily operations. These loans help them to be sustainable soon and it can be paid off once the business starts to grow.

Business loans/ DOD for self employed professionals - NBFC's are offering unsecured loan and usecured DOD (Dropline Overdraft Limit) to self-employed professionals. The amount depends on the applicant's financial status and history. Self-employed professionals include CA, CS, doctor, engineer, architect, trader, commission agent, contractor etc.

Profile Accepted (Income wise)

1. Self-employed person having own Residence/ Business Place in the city.

Note:

1. Both rented person is not eligible for this loan.
2. Business stability of minimum 3 years is required.
3. In case, client is not having ITR’s / already current monthly EMI is very higher according to his income, then also Banking sarogate, car loan sarogate, home loan sarogate, software login programs are there with us for these clients.
4. For Audited profile unsecured DOD Limit is also possible.
5. Minimum amount per case should be Rs. 1 Lakh

Profile accepted (Document wise)

1. Clients having income proof (ITR, business registration etc.) or clients not having any income proof both are acceptable for this loan.

List Of Documents

- The list of required documents differs from lender to lender. But we have given a generic list of required documents below: