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Business Loan : Overview

Business loan in India can be taken for expanding the existing or starting a new business. Banks and most financial companies do not get easily convinced for loan for starting a new one in such competitive market. So you should be ready in advance to negotiate hard with them. Before you start to negotiate build a solid business plan covering each aspect which can convince them. If you carefully study their rules and criteria, it will definitely help you in availing loan for a business loan. Past credit history and score plays an important role in availing any type of loan. Everyone knows their credit history. If you have a very good history there is a high chance you will get it sanctioned quickly and also with a very good interest rate.


Documents Required

Business loans are easy and simple to get provided you meet the eligibility criteria. More so, it becomes easier to get the loan once you possess all the documents. You should know that all banks require more or less similar kind of documents to offer you a business loan. Without documents, it would not be possible for you to get any loan, including the business loan.


Let’s look at documents required for a business loan:


  • You need to submit ID and address proof documents
  • You need to submit documents related to the continuity of the business
  • Bank statements of last 6 months
  • You need to submit ITR & Statement of Computation of Income for 2 years
  • Profit / loss statement from a certified audit firm
  • Ownership proof of residence or office

Eligibility

Business loan is easy to get. Anyone who is self-employed can apply for a business loan. Banks and financial institutions offer business loans to anyone and everyone who meets the eligibility criteria.


To get a business loan, you must meet the following criteria:


  • Individual applicants must meet the age bracket of 25 to 65 years
  • Loan applicants have to submit business continuity document
  • The business must be in profit for at last 3 years
  • Some banks have a cap on minimum turnover, which needs to be checked
  • Net worth should be positive
Business Loan - Process

The Process involved for a Business Loan in India is not so complex. Presently, the Business Loan scheme is offered by numerous banks for the customers desiring to raise money. The legal process required for a Business Loan in India may vary from Bank to Bank but the basic criteria remains the same. The process involved for a Business Loan includes:

  • After the submission of the application form a discussion is held between the bank officials and the applicant.
  • Verification of the documents submitted by the applicant where the bank officials cross checks the information by making a visit to the workplace and residence of the applicant.
  • Checking the track records of the applicant in terms of credibility.
  • If the Bank is providing loan for a fresh firm then in such cases the personal track records of the applicant are verified by the bank.
  • A sanctioned letter is approved by the bank specifying the required terms and conditions.



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