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.
-> 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