Collateral Free Loans: These loans are unsecured loans offered without any collateral or security. However, before sanctioning the loan, the banks check your credit report and score, age and income of the past few years.

Fixed Interest Rate: The rates of interest on the business loan are fixed, which implies that the rates of interest remain constant across the tenure. The rate of interest on business loan is around 14-24% a year.

Flexible Repayment Tenure: Business loans come with flexible repayment tenure. This is a key feature of business loans that makes them an attractive funding option for businessmen.

Loan Amount: An individual or non-individual can avail a maximum business loan of Rs 50* Lakhs provided it has a good credit score and a steady source of income. Banks check the financial credibility of the borrower before sanctioning the business loan.

Fast Processing: Once you submit the documents, banks scrutinize them and approve the business loan. The loan approval is followed by the disbursal process. Expect fast processing of the business loan.

Your eligibility is determined after looking at the following:

• Last 2 or 3 years business financials.
• Years in business and current level of business activity.
• Nature of the industry the business operates in and how that industry has fared in recent times
• City of Business& Current obligations (Any existing EMI’s being paid , credit card outstanding & Credit limit available )
• Your Financial history & track record including CIBIL scores if available

Listed below is the list of documents that must be submitted by the applicant in order to avail a business loan:

• Bank account statement.
• Income tax returns of the last 3 years.
• Proof of business registration.
• Proof of ownership of the possessions that are used in the business.
• Identity proof like PAN card, Aadhaar card, Voter ID card.
• KYC documents of co-applicant (if any).
• Proof of residence.
• GST Returns (if applicable )