What is Business Loan
The banking industry and NBFC finance remain the principal source of financing for India’s medium and small-sized businesses. Business loans can help your company expand and allows you to finance the infrastructure and operations as well as machines and plants. Furthermore, business loans could also be a reliable means to manage your business’s operational needs.
Features and Benefits of Business Loan
Given are the features and benefits of a business loan in :-
Full Control of the Borrowed Money
We do not interfere with the way you operate your business.
Fixed Interest Rate
Enjoy the most competitive interest rates in the market which will create a favorable environment.
Faster Loan Processing and Approval
Once you submit all the requirements and they get verified, your loan processing and disbursement will be done immediately.
No Hidden Cost
No extra money you will be asked for afterward since we are transparent with all our dealings.
Our business loan has flexible tenure making it simpler for the borrower when repaying the loan depending on your cash flow.
How to Apply for a Best Business Loan Online?
The banking industry and NBFC finance remain the principal source of financing for India’s medium and small-sized businesses. Business loans can help your company expand and allows you to finance the infrastructure and operations as well as machines and plants. Furthermore, business loans could also be a reliable means to manage your startup business’s operational needs. If you are wondering how to get loan for business in . To apply for an online best business loan, either you can visit the official website of the lender or perform the following steps:-
Step 1 : If you need a thorough business loan comparison before deciding on the bank, visit rupiloan.com.
Step 2 : Click on the Business Loan tab.
Step 3 : Fill in the required information like name, contact No, loan amount required,PanCard No etc on the form given on the right side.
Step 4 : Click on âSubmit Button’.
Step 5 : At this step, you will be requested to provide a few more details to get customised offers.
Step 6 : Compare your eligible offers and select the one that meets your requirements.
Step 7 : Get assistance from our loan advisors or choose to complete the online journey to get instant loan approval and disbursal.
Documents Required for Business Loan
You need to be ready with the following list of documents to be submitted at the time of business loan application:-
Identity proof- PAN Card, Aadhaar Card,Partners/Directors KYC Proof,Passport Size photo
Registration Detail – GST / Shop ACT / Udhyam aadhar,Govt.licence,others.
Current Address Proof – electricity / rent agreement
Bank statement- Last 5 months to 12 months,Last 2 year ITR
Other Document – 3 Years Running business vintage proof,last 2year audit report with all annexures,P&L,Computation & balance sheet
3CB,3CD Audit Report,4 Nos. quarterly GST return
Business Loan EMI Calculator
Business Loan EMI Calculator is an online tool that helps you to calculate the EMI by entering details about the loan amount, interest rate and tenure. Advanced EMI calculators also build an amortization schedule which gives you a break up of every EMI into interest as well as loan repayment. EMI calculators are preferable over manual calculation due to their instant and accurate results and an ability to do multiple calculations in one go.
Business Loan Eligibility Criteria
hough accessing a business loan is easy, as a borrower, you need to provide some basic documents for loan processing to be successful. When you are eligible and have the documentation required, your application process will get approved faster for loan for smaller business in without any delay. You need to be ready with the following list of documents to be submitted at the time of business loan application:-
Age : All applicant’s ages should be within 21 and 65 years.
Work experience : business stability of at least 1 year.
Income : The business should have a minimum turnover of Rs.10 Lakhs per year.
Interest Rates : Ranges from 10% to 20%.
Credit Score : 650+.
Business Profile : self-employed, Private Ltd. Co, Proprietors, Partnership Firms.
How to Get Instant Approval on Business Loan?
To get instant approval on a business loan, you need to fulfil the following conditions:-
A good relationship with your existing bank is maintained by paying off dues and instalment on time. If you are a savings account holder, ensure that you maintain the minimum required balance per month. This way, the lender develops trust in you and grants you an instant loan based on your financial credibility.
Make credit card payments on time and maintain a good balance between no use and excessive usage of your credit card.
A good credit score is key to getting a loan quickly. Maintain a good credit score above 650 and get the loan amount sanctioned in the account within no time.
If you are working with top corporations and getting timely salary credits, you stand a better chance of getting a loan.