>> FAQ / BUSINESS LOAN

Q. What are the eligibility criteria for getting Business loan?
A.Any person whose business is operational more than 5 years with good earnings is eligible to apply for a business loan. Further, Banks will evaluate your business on different parameters like the profitability of business, kind of proprietorship, past record of repayment of previous loans, turnover (For example, if the annual turnover of your business is Rs 1 crore then your loan eligibility will be for Rs 35 lakh for three years) etc.

Q. What is the minimum and maximum amount of Business I can get loan for?
A. You can get a loan from anywhere between Rs. 5 Lakh to Rs. 35 lakh.

Q. What is the minimum and maximum tenure for repayment of business loan?
A. The tenure ranges from 12 months to 36 months.

Q. How many days will be required for disbursement of loan?
A.From the day of submitting your complete documents to our executive to loan disbursement by bank, it will take around 7 to 10 days.

Q. Is there an option of prepayment of Business loan?
A. Yes you can prepay your business loan however it is chargeable by the bank and its charges varies across the banks.

Q. From which month my EMI will be start deducting from my account?
A. The EMI will start from the next month of loan disbursal. For example, if your loan gets disbursed on 1st May, then your EMI will start from 1st June.

Q. What are the documents required in order to apply for a Business loan?
--> Documentation
--> Last 3 Months Salary Slip (For Salaried)
--> Proprietorship firms
--> One Photograph
--> Pan card
--> Last 3 yrs. ITR with Complete Audit Report
--> Last 6 months Bank-Statement up to date(All Current & Saving Accounts)
--> Sale tax & service Tax Certificate
--> All running loan proof if any
--> Last 12 months VAT Return
--> Latest CC/OD limit Sanction letter if any
--> Proof of address (office & Residence)

--> For Partnership firms
--> 2 Photographs
--> Pan card
--> Partnership deed
--> All partners ITR with computation income last 2 yrs. (individuals)
--> All partners photo & Pan Card, address proof
--> Last 3 yrs. ITR with Complete profit & Loss Accounts & Balance sheet
--> Last 6 Months Bank-Statement up to date(All current & Saving accounts)
--> Sale tax & service Tax Certificate
--> All running loan proof if any
--> Last 12 months VAT Return
--> Latest CC/OD limit Sanction letter if any
--> Proof of address (office & Residence)

--> For Pvt. Ltd. Company
--> 2 Photograph
--> Pan card (Company & Directors)
--> Last 3 yrs. ITR with Complete Audit Report
--> All Directors ITR with computation income last 2 yrs. (individuals)
--> Memorandum of articles
--> Last 6 Months Bank-Statement up to date(All current & Saving accounts)
--> Sale tax & service Tax Certificate
--> All running loan proof if any
--> Last 12 months VAT Return
--> Latest CC/OD limit Sanction letter if any
--> Proof of address ( Directors office & Residence)