BUSINESS LOAN
WHAT IS A BUSINESS LOAN?
A business loan is an unsecured credit you can avail to meet your growing business's urgent requirements. Business loans allow you to usher in funds for your enterprise to expand your existing business, boost production, take your operations online, buy new machinery, and more. The quick infusion of cash through business finance enables you to make necessary purchases and payments on time ensuring smooth business functioning.
Whether you plan on equipping your workforce with the latest technology or a new store launch is in the wind, cover your expenses with our easy business loans. 2020 has left many businesses volatile, and our multi-product business finance offerings are tailored to assist with your specific requirements. Smartly manage your company's cash flow with our structured business loan EMI options and extended loan tenures.
Secure business loan amounts as high as 75 lakhs at high loan eligibility. What's more, you can avail of online business loans with swift processing because we don't make you stand in queues or burden you with heavy paperwork.
What are the Types of Business Loans?
- Business Loan for Women
Are you a self-reliant businesswoman looking to boost your working capital and scale business operations? Fund your expenses with women entrepreneurs’ loan.
- MSME/SME Loans
Your short and long-term business requirements need a steady cash flow if you are a small or medium-sized enterprise. Avail an MSME/SME loan and fulfill your business goals.
- Machinery Loan
First-rate machine infrastructure and the latest technology are the need of every business. Avail a machinery loan and fund your tools easily.
When Should You Choose a Business Loan?
- Expansion
Continuous business growth is marked with proliferating sales and multiplying profits. When expansion is your next step, opting for business loans can easily cover the short-term expenditure and various intermittent expenses. That way, your operational funds will remain intact as you bring in more sales with expansion.
- Inventory
Finished goods, raw materials, merchandise, and the rest of the inventory keeps the business operations going. An operational enterprise needs substantial capital to grow and loaded stock to cater to continuous consumer demand. Availing a business loan can assist your inventory management strategies and ensure offsetting of inventory cost without afflicting your income.
- Cash Flow
Cultivating a steady stream of cash is critical for growing, budding, or struggling businesses. Inconsistent cash flow can affect your everyday costs of utilities, rent, staff, and inventory. Taking a business loan can help manage costs and sustain the business during tough times. Maintaining a certain working capital level helps you in crunch times or during the off-season in operating your business.
- Equipment
Workforces are nothing without the latest equipment backing their efforts. Purchases to repair, replace, and upgrade various kinds of machinery arise pretty often and acquiring the best-quality equipment is necessary. In such scenarios, business loans are ideal in offering a quick influx of money so that your business doesn't suffer due to broken or outdated equipment.
Business Loan Eligibility Criteria:
- Age should be between 25 to 65 years
- CIBIL score must be 700 or more
- Candidate should own a business at least profitable for three successive financial years
- The business turnover must display an upward trend
- Your balance sheet be audited by a registered Chartered Accountant (CA)
What are the Documents Required for Business Loan?
Following documents are required for availing a business loan
- Last six months’ company bank statements
- Last two years Income Tax Returns
- Last two years balance sheet and Profit & Loss accounts
- KYC documents of the company
- KYC documents of the business owners
- A report with detailed information about how the candidate will utilize the business loan
- Photo identity proof (Aadhar card/ Driving license/ Voter ID/ Passport)
- Bank statements
- Business proof