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Business Loan

Check Your Own Installments

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Business loan eligibility criteria

Age

Minimum 21 years at the time of loan application & Max. 65 years at the time of loan maturity.

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Nationality

Indian citizens 

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Business Vintage 

minimum 1 year or above.

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Business Experience

Minimum 1 year, business location to remain the same.

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Annual Turnover

Shall be defined by the Bank

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Credit Score

700 or above( preffered by most private and public sector banks)

Note: Applicants must possess a residence, office, shop, or godown.

Documents Required for the Business Loan

  • Business registration documents.

  • Financial statements.

  • ID and address proof.

  • ITR for the past two to three years

  • Photocopy of PAN Card

  • Current bank account statement for the last 12 months

  • Company’s business profile on the letterhead

  • Address proof for residence such as Voter Card, Passport, Aadhar Card, Telephone Bill or Electricity Bill.

  • Two photographers of promoters and property owners.

  • D-Vat/Sale tax registration copy

  • Business Continuity proof of 3 years ( 3 years old ITR/Company registration etc)

  • Rent agreement copy of factory and residence ( if property is rented)

  • Udhayam Aadhar registration certificate

  • Company pan card, certificate of Incorporation,MOA,AOA,List of Directors, and Shareholding pattern for Pvt Ltd companies

  • Partnership Deed, Company Pan card for partnership companies

  • GST registration certificate and GST returns of latest 2 years

  • 2 photographs of promoters and property owners.

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Features and Benefits of our Business Loan

  • Customized loan solutions.

  • Competitive interest rates.

  • Flexible repayment options.

  • Quick processing and disbursal.

How it works

Application:

Apply online or visit a branch.

 

Approval:

Loan approval is provided.

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Documentation:

Submit the necessary documents.

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Disbursal:

The loan amount is credited to your account.

Terms and conditions of the loan

  • Loan Amount Limits:

    • The approved loan amount is subject to business requirements and financial assessment.

    • Maximum and minimum loan limits may apply based on the nature and scale of the business.

  • Collateral Requirements:

    • Acceptable forms of collateral include business assets, property, or other specified assets.

    • Collateral valuation will be conducted by the bank's appointed assessors.

  • Financial Reporting:

    • Regular submission of audited financial statements and business performance reports may be required during the loan tenure.

    • Non-compliance with financial reporting may result in penalties or adjustments to loan terms.

  • Insurance Mandate:

    • The business may be required to maintain insurance coverage on key assets or business operations.

    • The bank may need to be listed as a loss payee on insurance policies related to the loan collateral.

  • Prepayment Conditions:

    • Prepayment of the loan is allowed, subject to applicable charges.

    • Prepayment conditions, including notice periods and penalties, will be specified in the loan agreement.

  • Interest Rate Adjustments:

    • Interest rates may be adjusted based on changes in market conditions or the business's credit risk profile.

    • Any adjustments will be communicated in accordance with the terms outlined in the loan agreement.

  • Covenants and Compliance:

    • The business is expected to comply with financial covenants specified in the loan agreement.

    • Non-compliance with covenants may result in penalties or default consequences.

  • Business Ownership Changes:

    • Any significant changes in business ownership or management must be promptly communicated to the bank.

    • The bank reserves the right to reassess the loan terms in light of such changes.

  • Business Continuity:

    • The business is expected to maintain continuous operations throughout the loan tenure.

    • Any disruptions to business operations may trigger a review of the loan terms.

  • Legal and Regulatory Compliance:

    • The business must adhere to all applicable laws and regulations.

    • Any legal actions against the business may impact the loan terms, and the bank should be informed promptly.

These additional terms and conditions aim to provide a comprehensive framework for the business loan, covering various aspects to ensure clarity and compliance throughout the loan tenure. It's crucial for applicants to thoroughly review and understand all terms before entering into a business loan agreement.

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