Stepping stone for your business
The bare fact of the society is that there is no work could be done without the backup of money. If you have good business plans, then you can get lots of people who share ideas with you and may be ready to work with you. But when the matter of finance comes everyone goes to back step. Money is not such a big problem which can demolish your dreams. Almost every bank is providing the facility of business loans for startup expenses or pay for expansions. With a business loan, you are lent a certain sum of money over a period of years and the interest rate and monthly payments are fixed over the term. No matter how big or small your business is, any firm is entitled for applying business loans if they meet norms of the banks.
Eligibility Criteria & Documentation for Business Loan
Document requirements vary from bank to bank, but the basic documentations are almost same for every bank.
Criteria for Business Loan:
- Minimum Turnover of Rs. 40 Lakhs.
- Years in business: Minimum of 3 years in current business and 5 years total business experience
- Business must be profit making for the last 2 years
- Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a.
- Age of Applicant: Min 21 years & Max. 65 years at the time of loan maturity.
Documents for Business Loan:
- PAN Card – For Company /Firm/ individual.
- Proof of your identity: Copy of Aadhar Card/Passport/Voter's ID card/Pan Card/Driving License.
- Proof of your address: Copy of Aadhar Card/Passport/ Voter ID-Card/Driving License.
- Bank Statement (latest 6 months)
- Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
- Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
- Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)