What is a Business Loan?

About Business Loan:

Business Loan is an Unsecured or Collateral free Loan, which you can get from banks & Non-Banking Financial Institutions, to fulfil your Business fund needs.

Basically, it’s a loan for any need and it’s quite easy to have it without any questions asked by the bank & Non-Banking Financial Institutions. Moreover, you also get the freedom to use the loan amount for Business purpose.

Uses of Business Loan:

Business Loan is a Business-purpose loan, which you can use for any Purposes in Business such can be as follows:

  • Plant & Machinery
  • Stock Purchase for Business
  • Business Expansion
  • New Branches opening Etc.
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Features of Business Loan:

  1. Interest Rate: the Rate of interest of the unsecured Business loan is relatively higher than other loans however the growing competitors among the many competitors, give benefit to you to decide on the bank with less interest rate.
  2. Repayment: Repaying personal is easy because of the convenient options available for you such as post-dated cheques, EMI etc.
  3. Minimal Paperwork: Getting the Best Business Loan is less complicated than other loans as a result of banks understand the urgent want of their customers, they do the approval quickly. Most of the banks approved the Business loan request within 72 hours.
  4. Tenure: Last but not the least, you get enough time to repay your loan with equal instalments and the tenure can be between 12-36 months. So, take your time and repay the loan comfortably.
  5. Loan Amount: You can get the loan as low as ₹ 5 Lakh and as high as ₹ 5 Crores, which can be used in any Business purpose.

Eligibility:

Self-Employed:

Age:      1. Min age of applicant                                           25 years

2. Max age of loan maturity                                 65 years

Experience: Min period in current business                02 year

Income:                                                                                 Min. profit after tax

Professional                                                                        Above ₹ 2 Lakhs

Non-Professional                                                             Above ₹ 2 Lakhs

Documents:

KYC Document:

  • Pan Card
  • Aadhar Card
  • Voter ID
  • Passport
  • Driving Licence

Financial Documents:

Financial Documents of Self-employed Businessperson:

  • Last 2 Years ITR with Computation of income
  • Bank statement
  • Current account statement of last 1 year
  • Business or residence ownership proof
  • GST Registration
  • Last 1-year GST Returns

Process of applying for a personal loan:

  • Filling up a loan application form
  • Submitting form and documents
  • Sanctioning of loan
  • Executing the agreement

We are the Best Business Loan Service Provider in Delhi NCR. For Business Loan Problem Contact us at https://www.fatafatmoney.com/contact-fatafatmoney/