We understand that expanding and growing your business is the dream of every entrepreneur. At times, you may require an urgent flow of finance to fuel the growth of your enterprise. Our Business loans are designed just for that. Customized with Flexi EMI options, that let you pay as you grow.
Depending on whether you are salaried, or a self-employed professional, or a self-employed businessman, banks ask for different set of documents when offering an LAP.
The documents to be submitted when applying for an LAP are as follows:
BUSINESS LOANS ARE USUALLY SANCTIONED FOR A FIXED TENURE OF UPTO 60 MONTHS. SOMETIMES, IT MAY INVOLVE A REVOLVING LINE OF CREDIT OR IN THE FORM OF AN OVERDRAFT. ANOTHER TYPE, IS A TOP UP ON YOUR EXISTING LOAN TO GET AN ADDITIONAL AMOUNT /FOR AN EASY EMI.
AS A STANDARD PRACTICE A FEE UP TO 2.50% IS CHARGED OF THE TOTAL LOAN AMOUNT.
Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a business loan.
Loan eligibility for business varies on several factors. The ability to repay the role needs to be verified with the financial institution through profitability, statements etc.The secured Business Loan is granted against collateral like property, gold etc. while the unsecured business loan requires no such validation, however turns out to be more expensive than the secured business loan.
Taking a business loan is a good option for self employed persons; Finance is available from leading Banks without giving a co-lateral. Purely on the basis of your income, documents & profile. Unsecured loans available to Self Employed Customers.
Loan Amount ranging from 5 lacs to 200 lacs.
Tenure up to 60 months. (Can be used for Business or personal Use)
Maximum age of applicant at loan maturity: 60 years
Minimum Net Monthly Income: Rs 15,000
Applicant should have the bank specified credit score.
