Business Loan : is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. The loans can be used for working capital or the purchase of inventory, supplies, furniture, fixtures, machinery, or equipment, but they can't be used to pay existing debts or purchase real estate.
Any Indian nationality Self-employed or self-employed business professional,
Age between 21 to 60 Years,
Running business from 3yrs,Rs.50 Lakh of Turnover with Rs. 2Lakh of net profit,
The Business/Business owner must have three years of Income tax returns,
A.Secured Business Loan: where customer give their Residential/Commercial or Industrial property as collateral to the BANK/NBFC.
B. Unsecured Business Loan: where collateral is not required.
Overdrafts(OD) - allows the individual to continue withdrawing money even if the account has no funds in it or not enough to cover the withdrawal. Basically, overdraft means that the bank allows customers to borrow a set amount of money.
Term Loans - is a monetary loan that is repaid in regular payments over a set period of time. Term loans usually last between one and ten years, but may last as long as 15 years in some cases.
Bill Discounting - also known as purchase of bills and invoice discounting are all the same type of financial instrument used to provide working capital to small and medium enterprises from invoices raised.
Letter of Credit(LOC) - letter of credit (bank's customer is a buyer of goods / services) is bank guarantee given at the request of the client to pay the seller a sum of money upon receipt of relevant terms of the credit documents certifying that a certain product in the credit sent to the buyer.
Bank Guarantee(BG) -A bank guarantee is a type of guarantee from a lending institution. The bank guarantee means a lending institution ensures that the liabilities of a debtor will be met. ... A bank guarantee enables the customer, or debtor, to acquire goods, buy equipment or draw down a loan.
Business loan documents : (Can be downloaded from here )
Passport Size colour photograph for borrower and co borrower.
Proof of identity and residence proof such as Aadhar Card, Voter ID Card, PAN Card, Passport.
A cheque covering the administrative costs/processing fees incurred by the bank in processing the application.
Educational qualification certificates, degrees, diplomas, and other academic credentials.
IT Returns of the three years preceding the one in which loan is applied for.
Previous 3 years' balance sheets as well as Profit & Loss Statement of the company.
Bank statements of six months preceding the one in which loan is applied for.
Business existence proof/business profile details.
Acknowledged Income Tax statements of the company and self for previous 3 years.
Last 6 months' bank statement.
B. Property Documents( Only for secured Business loan)
Latest Sale Deed with all the previous link documents.
Building sanction plan and Proceedings.
Latest Property tax receipts.
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