Small Business Loan
A small business loan is a loan product planned for investment in a business loan. It can be a secured or unsecured loan depending on the required loan amount, and the connection between the borrower and the lender. It is also known as a commercial loan. The Indian government established many credits programs for MSMEs, startups, SMEs, and individuals.
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Benefits of small business loans
- Less paperwork needed.
- No collateral required if taking an unsecured loan.
- Speedy approval of the loan.
- Hassle free application process
- Flexible repayment option of up to 7 years.
- An applicant having a good credit score can have the benefit of a low interest rate.
Eligibility criteria for small business loans
- ITR should be filed for a minimum of 1 year.
- The age limit should be between 25 to 65 years of age.
- Minimum 3 years of business continuity.
- An applicant gets a loan amount ranging from Rs. 50,000 to Rs. 75 lakhs.
- Sales turnover must be audited by registered CA.
- Cash flow must be positive in the business.
Documents required for small business loans
- 2 passport-sized photographs.
- Bank statements of last 6 months.
- Identity proof: - Voter ID card, Passport, Aadhar card, PAN Card, etc.
- Address proof: - Passport, Electricity bill, PAN Card, etc.
- Certified Balance sheet displays profit and loss for the previous 2 years by chartered accountant.
- Sole proprietorship and partnership deed.
- Trade and establishment license for business proof.