Many times businessmen find themselves in need of credit to expand or fund their business for multiple reasons. They need the funds to buy some equipment, working capital gap, payment to creditors, pay off business dues, pay employee’s salaries, to expand, etc. Businessmen can’t put the funds in line from their savings. Thus they opt for business loans. The business loan works as the perfect financial aid for such situations. Taking a business loan is always a safe and easy way to tackle your business-related financial needs. You can also apply for a business loan if you want to start a new business. The terms and conditions to avail such a loan are different than the loan taken for already running businesses. Each business is different in various aspects thus it requires different documents and is applied to different criteria. That’s why banks and NBFCs offer customized business loan plans as per the requirement of applicant/s. These plans are applicant/s centric and made with keeping financial alternatives in mind. Banks and NBFCs also offer special loans for women entrepreneurs. They are customized business loan plans for women to service their needs and give them a chance to build a competitive business in the market.
Why should I take a Business Loan?
Even in an ongoing business, businessmen require an ample amount of funds to sustain and fund their daily operations. These loans help them to be sustainable soon and it can be paid off once the business starts to grow. This type of loan comes handy in a situation when the business earnings are not adequate.
Having a well built exquisite infrastructure is one of the key points of a business. Your clients many times judge you from the infrastructure you work within. Also, it is easier for many businesses to have a well-sorted customized infrastructure for smooth day to day affairs. Having any kind of infrastructure, small or large, does not come in cheap. Thus businessmen opt for this type of loan.
Almost all types of businesses need specific machinery or equipment for smooth functioning. Many times these types of equipment are higher in price. Thus businessmen opt for this type of loan to buy such equipment and pay it off with profits which will come from the use of this equipment or by putting them out on lease later.
What are the Documents Required to avail a Business Loan?
- Passport-size photographs.
- Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
- Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
- Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
- PAN card requirement for Companies/Firm/Individuals.
- Copy of details of all existing loans.
- Bank statements of last 6 months from application date.
- Business proof (registration of business).
- Copy of ITR/Assessment Orders of 3 years.
- Copy of challans proving that Advance Income Tax has been paid.
- Balance sheet and Profit & Loss details of business from last 2 years. These details should be certified by CA.
- Proof of continuation which will include ITR, trade license, establishment and sales tax certificate.
Why Choose Loansneed To Apply For Business Loan?
Frequently Ask Questions
We have developed an efficient, smooth and easy process for our consumers to get a business loan. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle-free process.
We value our consumers and are always on our toes to give them the benefits of our expertise. Applying for a business loan with us gives you a chance to avail the best offers and deals from our partner banks and NBFCs.
You can compare interest rates, offers, and services on our online portal. This will guide you to make the right choice and choose the right lender for your loan as per your budget.
Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime.
We, at Loansneed, are there to understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency.
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