A business loan is a loan specifically intended for business purposes.
Self Employed including Individual Proprietors, Private Ltd. Co. and Partnership Firms involved in the Business of Manufacturing, Trading or Services.
- Minimum Turnover of Rs. 40 Lakhs.
- Years in business: Minimum of 3 years in current business and 5 years total business experience
- Business must be profit making for the last 2 years
- Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a.
- Age of Applicant: Min 21 years & Max. 65 years at the time of loan maturity.
Documents you will need to submit:
- PAN Card – For Company /Firm/ individual.
- Proof of your identity: Copy of Aadhaar Card/Passport/Voter's ID card/Pan Card/Driving License.
- Proof of your address: Copy of Aadhaar Card/Passport/ Voter ID-Card/Driving License.
- Bank Statement (latest 6 months)
- Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
- Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
- Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
Loan Eligibility is calculated after considering various factors including monthly income, fixed monthly obligation, current age, Income tax, retirement age etc.