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The term Business Loans is fairly generic and there is a vast spectrum of the different types of finance options that a business can access. However, in the current context, under Business Loans we are largely referring to unsecured income-based loans for self-employed individuals or companies.

Unsecured business loans have no requirement for a security or collateral to be submitted and are offered purely on the current financial strength and past credit record of the borrower.

Such loans can extend from Rs. 50000 to Rs. 3crores and have a repayment period of 1-5 years. They are ideal for businesses looking at funds for capital expenditure, business development, expansion, short-term cash flow mismatches etc.

They are not as flexible as overdrafts and other credit lines which usually support day-to-day working capital requirements but given the unsecured nature of the product, they are relatively easy to avail with simple paper work and speedy processing. Most importantly the borrower does not need to lock in any asset or security as collateral. However, that also means that Business Loans are usually costlier than other forms of secured business finance.

Eligibility for a Business Loan

Your eligibility is determined after looking at the following:

    • Last 2-3 years business financials.
    • Years in business and current level of business activity.
    •  Nature of the industry the business operates in and how that industry has fared in recent times.
    • The current level of obligations of the borrower i.e. the other installments (EMI’s), credit limits and other types of finance the business entity may have.
    • The borrowers credit history.

Some basic documents required for business loan application are:

    •  Filled / Completed Application on Bank / NBFC / Private Financer format
    •  Form 16 (for salaried)
    •  3-4 Passport sized photographs
    •  Recent Bank statement (as per profile)
    •  3 months’ Salary Slips (as per profile)
    •  Bank statement (in case of self-employed, business owner etc)
    •  Income Tax Return (especially for self-employed; current – past 2-3 years)
    •  Residential Proof (self-attested photocopy) (Bank passbook, electricity bill, passport, LIC Policy receipts etc)
    •  Proof of Identification (e.g., Aadhaar Card, Driving License, Passport, Voter ID etc)
    •  PAN Card (self-attested photocopy)
    •   Any other supporting documents (if required) as per need of Financer, such as property or asset papers for security

What you need to know about the Business Loan application process?

    •  Determine your Loan requirement and your eligibility – This differs from lender to lender and depends on various factors like your age, income, profile, past credit performance etc.
    • Apply for the Loan with the lender of your choice by filling the application form of the lender and provide all requisite documents. Our team will meet you at your convenience and help you choose the lender best suited for your requirements, completing all documentation requirements and getting your application logged in with the lender. All this at NO COST to you as our partner banks pay us for our efforts in this regard.
    • Verification/Credit Appraisal Process – The lender will verify the information and documentation provided along with checking your credit history. The lender can also ask for additional documents.
    •  Accept the terms and conditions of the approved business loan before proceeding to the next step.
    • Sign the Loan Agreement and provide repayment instructions.
    •  Loan Offer letter – Post submission of all requisite documents and completion of the credit appraisal process, the lender sends an offer letter with details like loan amount, tenure, rate of interest and other terms and conditions.
    •  Disbursal of Loan– Our Personal Loan specialist will assist you all the way. No need to worry, as we are just a phone call away at all times. We will be happy to hear from you even after the loan has been disbursed, if you would like any help or clarification regarding your loan.

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