Business loans are fairly generic term used for different types of finance options that a business can require. This is unsecured income-based loans for self-employed individuals or companies.
Unsecured business loans have no requirement for a security or collateral to be submitted and are offered purely on the current financial strength and past credit record of the borrower.
Business Loan is relatively easy to avail with simple paper work and speedy processing. However, that also means that Business loans are usually costlier than other forms of secured business finance.
Business loans are available in the range of Rs. 5.00 lac to Rs.75.00 lacs depending on the income eligibility of Firm or Company .
To avail a business loan, an applicant needs to provide the following documents as per the lender’s requirements.
- Last 2 Years Income tax return , Audit report if Firm is Audited.
- Last 1 years bank statement from 01.11.18 to Till date (Pdf only )
- Latest Resident Light bill & Vera receipt
- Latest office Light Bill & Rent agreement.
- Last 1 year GSTR 3B.
- PAN Card & Aadhar Card
- Sales tax certificate or Gumastadhara certificate
- GST certificate ( All three page)
- Photo