Business Loan
A business loan is meant mainly for business purposes. It involves forming a debt, which will be repaid with interest, as with other loans.
TYPES OF Business LOANS WE PROVIDE
- Bank Loans
- Mezzanine Finance
- Asset-Based Financing
- Invoice Financing
- Microloans
- Business Cash Advances
- Cash Flow Loans
Apply For Loan
Get a business loan eligibility:-
Prepare a business strategy, know your credit score, do some market research on accessible business loan alternatives, and keep the paperwork ready before applying for the loan.
Common documents required:-
Business proof, income proof, partnership deed for partnership firm, articles of association, memorandum of association, board decision, PAN card, etc.
Criteria for business loan approval:-
Applicants must be between the ages of 21 and 65 according to the ITR, a minimum business turnover and a minimum yearly turnover will be required.
Features and Benefits Of Business Loan
Here are a few significant advantages and benefits of a business loan that everyone must know about.
1. A Loan for a Variety of Customers
The business loans at Insta Loan Services are not restricted to a certain client or professional category. Everyone can get a new business loan, whether employed professionals, future business tycoons, or self-employed non-professionals. Furthermore, our business loans can be a kickstart if your business has a foundation. Otherwise, you can build it from scratch with our financial support.
2. Uncomplicated Business Loan
At Insta Loan Services, we guarantee a loan process in which you won’t have to scurry from one office to the next to comprehend the terms and circumstances and get it approved. Our experienced and trained professionals will handle all of the procedures for you and will be waiting for you at your home. So prepare ahead, apply, and rest easy knowing that we’ve got your back!
3. Get the Most Out of Your Money
Value for money is a common desire for everyone. Therefore, we ensure that you get a satisfying experience and total value. Furthermore, we do everything we can to make the procedure as easy as possible. Moreover, you can acquire the maximum amount if you have high eligibility.
4. Comfortable Process
We not only work hard to find you the best financing possible, but we also value your time and comfort. This is why we make sure that none of our customers has to bear the hardship of rushing to several offices and proceeding with incomplete information. You can take assistance from our professionals regarding any process of payments, interest rate, MSME loan, and others.
Eligibility
When you apply for business loans, ensure you meet all of the eligibility factors. This will help you get your loan application and verification process through. Also, the criteria are similar for both salaried and self-employed individuals.
Salaried and Self-Employed Individuals
Age: The minimum age for the person applying for a business loan must be at least 21 years old. If you work for a private company, then you can only use it until you reach the age of 60.
Employment: You can apply for business loans if you work for a public sector undertaking company, government institution, private limited companies, and limited companies. Furthermore, you can apply if you work for a proprietorship firm such as an individual proprietorship or a HUF, a partnership firm such as an LLC, a multinational corporation, or an institution administered by a proprietorship firm.
Documents: You’ll need to provide your application form with attested passport-size photos. Identity proof(copy of passport/ voter ID card/ driving license/ Aadhaar card). Another identity document for address proof. In addition, you have to provide KYC documents, the last 6 months’ bank statement, and a business incorporation certificate.
Credit score: 750 and above to have a positive probability of getting a business loan.
Self-Employed Individuals
- Age: When applying for a housing loan, you must be at least 23 years old and no more than 70 years old. Furthermore, you can seamlessly apply for a house loan if you are a CA, a qualified doctor, and an architect. Plus, if you are a business owner, a partner in a partnership firm, a corporation director, or a sole proprietor.
- Documents: You must provide your application form, KYC documentation, bank statements from the previous six months, ITRs from the last two years, and collateral documents.
Query Related to Business Loan :-
The following are some of the most common business loan eligibility criteria:
- The applicant or the business’s promoters must be between the ages of 21 and 65 years old.
- Self-employed individuals/professionals engaged in manufacturing, services, or trading and proprietorship/partnership firms and Pvt Ltd corporations.
- A three-year business vintage is required.
- According to the ITR, a minimum business turnover and yearly turnover will be required. The size of the demand will differ depending on the lenders.
- For a minimum of one year, the firm/company should be profitable.
Document Type | Documents Acceptable |
Identity Proof |
|
Address Proof |
|
Proof of Business |
|
Income Proof | Balance sheet and profit & loss account audit report from the auditor. |
Other Documents |
|
Business loans should be repaid in Equated Monthly Instalments (EMIs), which require auto-debit instructions.
- Prepare a business charter with the specifics of your long-term business plans.
- Before approaching a lender, learn about the promoters’ and company’s credit scores.
- Decide on the loan amount, as understanding the correct loan amount is also a must.
- Do some market research to learn about the different types of Business Loans available.
- Shortlist the options that best meet your needs, and make sure to verify the loan’s interest rates and other fees.
- Look for a lender that doesn’t have any complicated approval processes.
- Before applying for a business loan, be aware of the documentation that will be necessary and keep them ready.
Poor credit score, late loan repayment, credit report error, the employer not falling into the lender’s lending category, frequent job changes, incomplete documentation, borrower’s age, property issues, not obtaining No Dues Certificate from previous lenders, high level of debt, and so on can all cause your home loan application to be rejected.
To avoid being rejected for a home loan, ensure that:
- Your business or job is stable (from the last two years at least.)
- You have a good credit score (650 or above.)
- Your documentation is accurate and complete.
- The property you want to buy is on the lender’s list of approved properties.
- Your previous lenders provide you a ‘No Dues Certificate.’