Business Loan

Business Loan FAQ's

What is the need for a business loan?

Money is the life blood of every organization. There is a huge amount of working capital required to start up a new business and for the rapid growth of existing successful business.

Who all can avail a business loan?

• Self Employed Individuals/Professionals
• Sole Proprietorship Firms
• Partnership Firms
• Private Limited Companies

Who can apply for a business loan?

• Minimum Age (24 Years)
• Maximum Age (65 Years)
• Current Business Exp. (Min.3 Years)
• Total Business Exp. (Min.5 Years)
• Minimum Annual Income: Rs.1,50,000 p.a.(For working professional Rs.1,00,000 p.a.)

What all documents are required for applying for a business loan?

• Identity Proof
• Address Proof
• Bank Statement (Latest 6 months)
• Latest ITR along with other relevant docs like Balance Sheet, P&L, Audit Report (Certified by a CA)

What are the stages involved in availing a loan?

• Application
• Processing
• Documentation
• Sanctioning of the Loan
• Disbursement

What are the tenure options available for the repayment?

Business loans range from min. of 1 year up to a max of 4 years and (For working professional max of 5 years.)

How much time does it take for the disbursement of the loan?

The processing of the loans usually takes 4 working days after all the documents are submitted.

Can I make part pre-payment?

You can make a part pre-payment with a min. amount of Rs.50, 000 after 6 months from the date of disbursement of the loan. This part pre-payment can be made only once in a financial year. All are related to bank term condition.

What are the options available for repayment available of the loan?

The loan can be repaid through Electronic Clearing System (ECS) or Post Dated Cheques (PDC).

Can I pre-pay my loan?

Yes you can pre-pay the loan after repaying a min. of 6 EMI’s. Foreclosure charges would be applicable as per the banks term and condition.