Business Loan

Business Loan

A business loan is borrowed money that companies apply towards expenses that they are unable to pay themselves. If you are a business loan eligibility person and an entrepreneur interested in expanding your business, don't let the shortage of money stop you. Financeseva is here to help you. We have a very competitive interest rate of 15% annually. We have a very simple process to apply for a business loan. Let's talk about some simple steps and the eligibility criteria.

Eligibility Criteria for A Business Loan

  • You must be citizen of India
  • You must attain a minimum age of 23 years and a maximum of 65 years
  • Your business must be running from at least 3 years
  • Previous year ITR copy must be present at hand
  • Audit report of annual turnover

Note: You can get a minimum of 1 Lakh to 5 crores as a loan amount.

Documents Required

- KYC documents (Aadhar card, voter id, PAN card, Passport)

- Proof of business ownership

- Other financial documents

Factors affecting Business Loan Eligibility

- Type of business- If your business falls under the category of risky business then it is little difficult to get a loan approved. Don’t worry, a clear goal and vision will help to establish trust.

- Age of the business matters- The older business is generally understood as financially secure business.

-Credit score- Higher the credit score is reflected as a good credit history.

-Profitability- the older business is considered as profitable. In the case of new start-ups, focus on growth instead of money.

-Collateral- Many banks and financial institutions approved loans quickly if you show some assets or stocks of the company.

How To Increase Your Business Loan Eligibility

You just need to focus on some simple steps to increase your business loan eligibility:

  • A clear vision of business plan- Be very focused on your short-term and long-term goals. Make a clear and reliable plan so that the investors trust your application.
  • Improve your credit score- credit history plays a vital role in your loan application. It reflects your ability to handle the finances of the company. A good credit score indicates how responsible you are for your business loan.
  • Keep all necessary documents at hand- Keep all the needed documents related to your business ready. E.g., KYC documents
  • Proper cash flow- Try to minimize unnecessary expenses of your company.  
  • Create a proper repayment plan- make a proper financial strategy or backup plan to build the confidence of your creditors.

Apply A Loan with Us

Need a business loan? Let Financeseva help you! Take advantage of the most experienced staff.  An overdraft facility is available with us. We provide you with the most simplified documentation process. So, what are you waiting for? Contact us for door step assistance. We also provide online services.

 
Posted in Business News on November 23 at 10:55 AM

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