What is Business Loans?
In every business, there comes a time when the owner feels the need for some extra funding to expand his business. And, this is when one should opt for Business Loan. It helps not just in the expansion but also gives a much-needed boost to your start-up or a well-established firm. The good part is that the process of availing business loan is not that difficult as it includes a few simple steps, especially if you are with Rupee Station. In most of the cases, availing the quick business loan in India is advantageous as the borrower hardly needs to show any collateral. And, therefore, you can enjoy unsecured business loan at low-interest rates.
As business loans are mostly taken in an emergency situation, it is apt that you receive the fund as soon as possible. However, at times, the borrower gets stuck in the formalities and documentation work. As a result, they don’t get the fund on-time. So, we at Rupee Station, ensure that the process of taking the loan gets simplified and fastened for you. We have our collaboration with all the major and minor financial institutions of India, and we tend to increase the chances of your loan application getting approved as soon as possible at low-interest rates.
Before you apply for business loans, make sure that you have checked the business loan eligibility criteria. Also, to check the eligibility criteria for business loans, you need to use our financial tools like EMI calculator and CIBIL score checker. However, if the tool shows that you have a low CIBIL score, you should not panic as we also offer business loans for a poor credit score.
Why Choose Business Loan?
We all know that our business needs an extra financial push at times to run smoothly. And, for that economic boost, the business loan can be of your great help. And, in today’s time availing the business loan from banks, non-banking finance companies (NBFCs), government institutions, and even from the ventured capitalists is quite complicated. However, obtaining a business loan from any source of institutions has become breakthrough for any entrepreneur, and it helps to nurture the expanding in the market as well. And, if you are confused before applying for the business loan, make sure that you have read the following benefits.
Well, owners have the options to avail different types of loans to fulfill the specific business requirements. Borrowers can also choose the tenure of repaying the loan interest as per the need and demand. Once you have selected the tenure, be it the short or long term, you have all the rights to make payments accordingly.
Easy to Avail:
Several leading banks and financial institutions offer business loans with guarantee or collateral which make it sufficient for small business owners to avail loans easily. Some banks offer interest-free loans until capital is not used. However, an online process has made much more relaxed than before for all the borrowers to keep track record and history of loan repayment.
Competitive interest rates:
Today, not only banks have been providing sufficient capitals, but also NBFCs and other companies are offering the same at very competitive interest rates. While charging very nominal fees and no hidden costs, the process of paperwork and documentation has also been simplified to a large extent.
Sustainable Business Growth:
The Business Loan helps the business owners to sustain their business from falling apart or going in a loss. So, for the sake of giving a new life and fresh air to your business tree so that it grows well in the future, business loans do play an important role.
Documents Required for Business Loan
Only after you have got the approval for the business loan, it is time for the submission of the documents. At times, to check your eligibility criteria, you might be asked to show the required documents even before the approval. All banks, NBFCs, VC firms have personalized requirements of the documents from the borrower. The paperwork for submitting the documents is essential in the process of obtaining the business loan or any loans. From the borrower side, it is mandatory to show and submit all the valid and proper documents like PAN cards, address proof, bank statements, sales turnover proofs (If there are any business enterprises), and much more.
Sole-Proprietor, partnership firms, MNC companies, etc., requires different types of documents. Once you are done with this process, you can access the funds in your account within minutes or a couple of days.
Common Documents Required for Business Loan
- Proof of a business entity
- Proof of individual’s identity like passport copy, voter ID card, driving license, PAN card, and Aadhaar Card
- Address proof like Ration card/ Telephone Bill/Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License
- Date of Birth proof like driving license, PAN card, birth certificate, 10/12th mark sheet, passport copy
- ITR for at least Rs.3-4 Lakh
- Any form of ownership
- Even P&L statement for last 2/3 years.
- According to the different size of enterprises,it requires sales turnover accordingly.
- The processing fee check is required
In the case of a partnership firm, a proof of identity of the partnership firm requires along with evidence of the individual identification of all the partners with the balance sheet of the last two/three years. All these documents need to be submitted with a copy of the partnership deed. If you are looking to apply business loan for a limited company, then proof of the limited company along with copies of memorandum and articles of association, certificate of incorporation, board resolution, and the copy of annual return establishing the shareholding pattern need to be submitted at the time of applying.
Business Loan Eligibility Criteria
Before anybody apply for business loans, it is important to check the eligibility criteria. Only after you meet the eligibility criteria for the business loan, you can apply for the business loan. Though different financial institutions have their specific eligibility criteria, in most cases, they are same. Here, we have mentioned some of the basic Business Loan Eligibility, you can check them easily.
- Age Limit: 25 to 65 years
- The business needs to be profitable for at least a year
- Annual business turnover should be over Rs.1 crore, or CA audited financials.
- Your business should have its Income Tax returns filed for at least the past one year.
How to apply for Business Loan?
With Rupee Station, the entire process of loan-taking has been simplified to a large extent. You can get the loan amount in your account by just following a few simple steps:
- You need to check the eligibility criteria
- Check your credit score
- Submit us your form after filling it up.
- All the documents would be picked up in a day
- We will verify the documents the same day itself
- After a quick approval, you will receive the credit funds in your account
Why choose Rupee Station for Business Loans?
- We offer a simplified and easy loan-taking process
- We provide instant approval for loans
- We provide loans with a poor credit score
- We offer loan tracking option