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Everything You Need To Know About

Business Loan

Overview

Check,Business Loan EMI Calculator,Loan eligibility,Interest rates for business loan requirements and Apply Online in India at Loanadda.

For Salaried individuals- These loans are unsecured i.e. there is no collateral required and can be availed by Salaried individuals. They are usually ideal for meeting your short term financial needs like unexpected expenses, dream holiday, home improvement expenses etc.

Unsecured Business Loans - Loan For Business Without Security

An unsecured business loan is without any collateral or security that can be availed by SME’s to raise debt for short term financing purposes.

Steps to Online Apply for Business Loan

The illustration below indicates what to expect at every step during the loan evaluation process. It helps understand how the credit decisioning works in banks and the steps they take before deciding to accept or reject a loan/ credit card.

Step 1

APPLICANT FILL OUT A LOAN APPLICATION FORM.

Step 2

DOCUMENTS HAND OVER TO THE BANK.

Step 3

BANK CHECK YOUR REPORTS AND CIBIL SCORE.

Step 4

HIGH CIBIL SCORE LEADS TO ELIGIBILITY CHECK BASIS DOCUMENTATION.

Reject

Low credit score leads to loan reject.

Your Credit File Is Thin

Too many previous loans and too little income.

Approve Company Loan

Eligible will lead to loan approval.

Good Credit Cibil Score will lead to loan approval.

Banks eligibility criteria, the bank will approve your loan.

Reject

Non eligibility leads to reject loan application.

Residential address is on the defaulter list.

Documents Required For Small Business Loans

1. Proof of Business - Shop and Establishment Certificate/ Vat Registration Certificate/ Service Tax      Certificate.

2. Last 3 years IT tax returns with profit and loss account and balance sheet duly audited by CA.

3. Existing Loans’ Sanction letters accompanied with repayment track.

4. Business profile on the letterhead of the company.

5. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/      Utility bills/ Bank Statements.

6. Cheque of Processing Fee.

1. Age proof of all the partners in the form of PAN Card, Passport or Aadar Card.

2. PAN Card of the company.

3. Residence proof of all the partners – Utility Bills/ Passport/Bank statement/ Registered rent      agreement.

4. Proof of Business - Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax      Certificate.

5. Latest 3 years Income Tax returns with profit and loss and balance sheet duly audited by CA.

6. Latest 12 months bank statement of the Company and of the Partners’ Savings Bank Account.

7. Existing Loans' Sanction letters accompanied with repayment track.

8. Business profile on the letterhead of the company.

9. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/      Utility bills/ Bank Statements.

10. Cheque of Processing Fee.

1. Application form duly filled with photographs of directors.

2. Age Proof of Directors - PAN Card, Aadhar Card, passport.

3. Residence Proof of Directors - Utility Bills/ Passport/Bank statement/ Registered rent agreement.

4. PAN Card of Company.

5. Education Qualification - A professional qualification certificate in case of Doctors/CA/Architects.

6. Proof of Business - Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax      Certificate.

7. MOA, AOA, List Of Directors, Share Holding Pattern of the Company.

8. Last 3 years IT returns with Profit and Loss account and balance sheet duly audited by CA.

9. Latest 12 months bank statement of Company of all current accounts and the same for Director’s      Savings Bank Account.

10. Existing Loans’ sanction letter with repayment track of company and Individual Directors.

11. Business Profile on the Letter Head of the Company.

12. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof –         Passport/ Utility bills/ Bank Statements.

13. Cheque of Processing Fee.

Business Loan Eligibility
Documents required for Guarantor:

Your eligibility for Business Loan is determined by the following factors:-

Income/ Other Income

Age

Qualification

Property value

No of dependents

Bank Balance

Assets/Liabilities

Creating Breathing Space in a Cash Crisis

approve loanTRANSPARENT   Borrowing with an assurance of not having nasty surprises on the interest rate.

business loanCOST EFFECTIVE   When you make an early settlement without incurring any penalty fees.

working capital loanRISK FREE   Unconditionally covering our loan offers and services.

personal loanQUALITY   Expect accommodating staff ready to answer your enquiries.

home loanINSTANT   Start processing your loan in just a few clicks.

personal loanCONVENIENT   Pay your loan right around the corner.

bank loansFLEXIBLE   Choose among our unique terms to fit your cash needs.