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WHY BUSINESS LOAN
Business loan is a unsecured loan you do not have to provide any security against it. The loan amount depend upon business turnover and net profit in last three financial year. Business loan will fulfill your business related needs, like working capital needs,to pay off business dues, to buy equipment, for payment to creditors, to expand your business, to pay the employee. Business loan are supposed to be used for business purposes only. The repayment tenure will 12-36 months. The Rate of intrest (Annual Percentage Rate) of a business loan can vary from 15% to 24% depending upon loan amount.
Age applicant should be in between 21 and 55 years, three year business continuity proof.
WHAT DOCUMENT YOU HAVE TO SUBMIT FOR A BUSINESS LOAN
Proof of Address: (Passport Copy / Aadhaar Card / Electricity Bill / Rent Agreement)
For Proprietary Firm- Shop Act, GST Registration Certificate, Udyog Aadhaar Memorandum, VAT Registration.
For Private / Public Limited Company/One Person Company: MOA & AOA, Certificate of Incorporation, Certificate of commencement of business in case of a public limited company, GST Registration Certificate, Shop Act, Udyog Aadhaar Memorandum.
For Partnership Firm- Registered Partnership Deed, In Case of LLP: LLP Agreement, Shop Act, Udyog Aadhaar Memorandum, GST Registration Certificate, VAT Registration.
Last 2 years Financials (IT Returns, Computation Sheet & Balance-sheet) and Proof of turnover vide latest sales/service tax returns and Invoice / Purchase Order Copy (for loan against receivables)
Last 1-year bank statement of Bussiness operative bank account.
Details of all existing loans: Sanction Letter and Loan Account Statement for last 1 year.