Business Loan

A business loan is an unsecured loan,Business loan is a great tool in managing your finances, expansion of business, purchase new/used machinery and other equipment acts as an impetus in putting your plans into actions.

Features & Benefits of Business Loan

  • Obtain a business loan easily with simple documentation, quick processing and speedy disbursal.
  • Choose a loan tenure as per your convenience ranging from 1 to 4 years
  • Enjoy the convenience of doorstep service.
  • You need not worry about collaterals or guarantors.
  • Get rid of your high interest debt through 'Balance Transfer Option'.
  • Choose a convenient repayment option.
  • It is possible to manage the cash flow, upgrade business equipment and grow the business by the option of business loans. Each bank has specific requirements, criteria and eligibility factors. Here is the list of few banks document requirements and other details mentioned.

Business Loan Eligibility Criteria

The Following people are eligible to apply for a Business Loan –

  • The applicant should be a Sole Proprietors/ Private Ltd. Co./ LLP/ Partnership Firms involved in the business of Manufacturing, Trading or Services.
  • The business should have a minimum turnover of Rs. 40 lakhs.
  • The applicant has to be in business minimum for last 3 years.
  • The business should have a minimum Annual Income (ITR) of Rs. 1.5 lakhs per annum.
  • The business must have generated profit for a minimum of 1 year.
  • The applicant should be at least 21 years at the time of applying for the loan, and should be no older than 65 years at the time of loan maturity.

Documents Required For Business Loan

CategorySelf Employed
Proof Of Identity (Any One)
  • PAN Card/ Voter ID Card / Aadhar Card / Valid Passport.
Proof Of Residence (Any One)
  • Aadhar Card / Utility Bills/ Voter ID Card/ Valid Passport/ Driving License/Rent Agreement.
Proof Of Income
  • Income Tax Returns coupled with the computation of income for the last 2 assessment years.
  • Balance Sheet and P & L account statements with Annexures/Schedules of both the business entity and the applicant (attest by a certified CA) the last 2 years.
  • Savings account statements of the applicant and the current account statements of the business entity for the last 6 month.
Other Documents
  • Proof of Business Continuation.
  • Other Mandatory Documents such as Sole Proprietorship Declaration, Electricity / Registration under Shops and Establishment Act, Memorandum and Articles of Association.
  • Complete loan application form with one passport size photograph.
  • Previous loan track (if any).

Business Loan Calculator

  • EMI is calculated based on loan amount, loan tenure and interest rate.
Loan Amount 2 Year Loan 3 Year Loan 4 Year Loan
₹ 5 Lakh
₹ 24,722/-
₹ 17,827/-
₹ 14,428/-
₹ 10 Lakh
₹ 49,442/-
₹ 35,653/-
₹ 28,855/-
₹ 15 Lakh
₹ 74,163/-
₹ 53,479/-
₹ 43,282/-
* Terms & Conditions Apply.
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