Planning to expand your business? Or planning to change the interior of your business? Or want to startup a new product in your office? So much to do but, short on finances? No worries as we have the right option for you. Introducing business loan, which comes under the category of unsecured loan which means it is provided to you, without any collateral or in which no security is required by the bank. Many banks and NBFCs provide you with this facility. The interest rates generally start from 10.99% and may go a bit higher as it is an unsecured loan. It is always recommended to have a business plan setup before applying for it, as you’ll have the idea of how much amount you require and how much you can repay, and for what all project or product you require the money for. The tenure for business loan can go up to 5 years depending upon the banks or NBFCs wherever you have applied. Now facilities like instant business loan has reached its peak. It has made it easy for the self employed or the businessman to avail these with proper documentation.
Basic documents required for business loan are

1. Proof of Business - Shop and Establishment Certificate/ Vat Registration Certificate/ Service Tax Certificate.

2. Last 3 years IT tax returns with profit and loss account and balance sheet duly audited by CA.

3. Existing Loans’ Sanction letters accompanied with repayment track.

4. Business profile on the letterhead of the company.

5. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.

6. Cheque of Processing Fee