What is Business Loan?

A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest.

Eligibility Criteria

Any person who is running a legitimate business with good earnings can go for a business loan. Banks have certain criteria to validate on how much and whom to give. This is on the basis on.

• Type of the business- Ie Proprietorship, Partnership, Pvt Ltd or Public Ltd.
• Turnover of the business.
• Profit of the business.
• Cash flow of the business.
• Track record and type of business.

Documents Required

• ID Proof
• Address Proof
• Proof of Continuity Of Business
• Bank Statement 6 Months
• Board Resolution (If pvt ltd co. is co-borrower/Partnership Authorization Letter {if partnership firm is co-borrower}
• ITR & Statement Of Computation of Income – for last 2 Years
• CA Certified or Audited P/L Acc Statement and for >40 Lacs cases Audit report along with schedules of P&L and Balance Sheet – for last 2 years
• Latest ITR of Co-Applicants – For last 2 Years
• Ownership Proof of Residence or Office