A business loan is meant mainly for business purposes. It involves forming a debt, which will be repaid with interest, as with other loans.
Here are a few significant advantages and benefits of a business loan that everyone must know about.
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.
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!
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.
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.
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.
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.
The following are some of the most common business loan eligibility criteria:
Proof of Business
Balance sheet and profit & loss account audit report from the auditor.
Business loans should be repaid in Equated Monthly Instalments (EMIs), which require auto-debit instructions.
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: