Business Loan FAQ

This are the basics documents required for business loan:

• properly completed application form KYC corporate papers, such as PAN card, certificate of incorporation, partnership deed, and articles of association.
• documentation proving the company owners’ KYC.
• Last two years’ balance sheet and profit & loss accounts.
• latest two years’ worth of income tax returns.
• bank records for the business over the previous six months.
• GST reports over the previous six months.
• a report describing the intended usage of the business loan.
• For additional information, read about Business Loan Eligibility &.

Both professionals and non-professionals who are self-employed may apply for business loans from us. We only provide loans to physicians who are self-employed. These loans have rapid approval times and affordable interest rates. The following is a list of the client categories that Business Loans cover:

There is no need to provide collateral or security in order to qualify for a Business Loan.

You have the option of obtaining a loan for your online retail shop or e-commerce website from an online business lender. For a speedy acceptance of your application for an online business loan, you will need to satisfy the following criteria:

The CIBIL score need to be higher than 700.

Your company has to show a profit for the next three consecutive years of financial reporting.

Your revenue should be demonstrating an increasing trend.

Your financial sheet need to be audited by a CA.

Credit for both the owners’ businesses and themselves is available to them. One person’s personal credit history is required to guarantee a loan for a sole proprietorship or partnership firm. Therefore, a record of the loan will be included in your individual CIBIL report. If, on the other hand, your firm is structured as an LLC, the business loan will solely influence the CIBIL score of the company itself.

Any interest charged on a company loan is tax-free. This is because interest is considered a company expenditure rather than income. Registering as an MSME allows you to take advantage of business loan tax breaks on excise and other costs.
The principle amount, however, is not tax deductible.

A business loan is available to you if you:

Between the ages of 25 and 65
Have a business that has been profitable for the last three fiscal years.
Have a company with an increasing turnover trend
are able to provide a balance sheet that has been audited by a Chartered Accountant on file.

If you own a sole proprietorship, you are permitted to conduct business out of a personal checking account. But you need a business account if you’re a corporation or limited liability firm (LLC).For a loan, a company bank account is not necessary. Your business must be profitable for three consecutive fiscal years in order to qualify for a business loan.

You can take up to ₹ 75 lakhs and more depending on your credit score.

If you need more information regarding Business loan please contact us.