Business Loan in India
India is the home to a variety of businesses. You can say that the enormous population of 1.2 billion has contributed to this fact. However, finances to set u such businesses are hard to come by. Therefore, several schemes have come up to assist user getting assured finances more conveniently. However, this convenience is not easy to come by and most often, there are going to be issues with that in the form of legal hurdles and hard to come by documents.
However, you can get access of such documents and our team of Registrationwala are fully dedicated to make sure that you get such finances with the added benefit of less paperwork, quick approval and low interest rates. With us, not only you will be able to check your eligibility for the loan in a minimum amount of time, you will also be able to get the best business loans adhering to your own standards.
Advantages of Business Loan
The business loans that we provide are secure, approved, and have an added benefit of being legal. While the unsecured way of accessing finances have been pretty easy as well, we make sure that the loans you get emphasize upon the following factors:
- The loans will be flexible: As the loans are flexible, so is the eligibility and EMI, with low rates such as these, you will definitely be able to start your endeavours fast.
- The loans, as they are being availed by the government, do not require any sort of collateral: With no security deposit, you won’t have to worry about bearing extra costs.
- The business loans that we provide have speedy approvals which are as short as one minute: With the fast eligibility check of one minute time, you can furthermore get approvals for the loans are get access to finances faster. With these advantages of asking for financial aid via Registrationwala, you will have a winning ticket on your hands if you choose us.
Eligibility Criteria for Business Loan
In order to get access to the business loan, you need to follow through with the following criteria:
- Your minimum turnover should be INR 40 lakhs
- You should have a minimum experience of 3 years
- You should have a total of 5 years of business experience.
- Your business should be making profit for at least 2 previous years from the day that you request a loan.
- Annual income should be around 1.5 lakhs per annum.
- You should have a minimum age of 21 years.
- You cannot get the loan if you are beyond 65 years of age.
Process of Applying for Business Loan
- Check your eligibility before applying for the loan.
- Research the bank that you are interested in getting the loan from.
- Accumulate all the documents necessary to get the loan.
- Fill out the application.
- If your Eligiblity is right, and your application is without any error, you will get access to the business loan.
Required Documents for Business Loan in India
Following documents are needed if you want to access the loan completely:
- The PAN Card that belongs to the company, the firm or the individual.
- ID proofs that can either be Aadhar Card, Passport, Voter’s ID or driving License.
- Bank Statements of the last 6 months.
- Latest ITR to consists of the computation of income, balance sheets, and P&L account of the last 2 years,
- Proof of Continuation that can either be ITR/Trade License/establishment/Sales Tax Certificate
- Sole Proprietorship Declaration or a notarized copy of the partnership deed.
- True copy of MOA and AOA.