Business Loan
   
 

Business loans are offered to small and medium enterprises towards working capital, expansion, or modernization of existing business. It could be either secured or unsecured. The idea is that if there is opportunity for growth at acceptable risk levels the banks will finance. Loan amounts offered could vary between Rs.5 lakh to Rs.500 lakh.

Secured loans could be against Property (movable / unmovable), Stocks or co-laterals like fixed deposits etc. Since the loans are secured the rate of interest likely would be lower than unsecured loans. Unsecured loans could be in the form of short, medium or long term loans for temporary / bridge loans, Working capital or for purchase of machineries or other fixed assets.

The interest factor depends on the perceived risk factor by the banks, past track, growth and profitability trends and the industry profile.

 

Business loan can be availed by self-employed individuals, Partnership firms, Private limited and Limited companies. The funds can be used for business expansion, working capital, renovating your office, buying new property or equipment or personal requirements like child's education, marriage or home renovation, etc.

 

 

Business loan could be either

 

Unsecured Business loan.
Secured Business loan.

 

Unsecured Business loan :

 

Unsecured Business loan on Financials
Unsecured Overdraft facility
Loan against Rental Income
Loan against Car loan Track
Loan against Home loan Track
Loan against Credit Card Limits
Loan against Life Insurance Policies
SME loans
Loan To Self Employed Professionals- Doctors, Architects, Chartered Accountants, Engineers, MBA.
Cash Business Loan

   
 

Secured Business loan :
Cash Credit Facility
Overdraft Facility
Drop line Overdraft
Lease Rental Discounting
Term loans
SME Loans
Loan against property without income
LC Limits

 

 
Process...
  • On complete set of documents being provided as per check list forwarded documents are sent to the respective bank/institution for processing.

  • On acceptance of the documents by the bank/institution a physical verification of residence & office and documents is initiated along with current credit history report as maintained by Cibil.

  • Post positive verification of residence and office and acceptable credit history as captured by Cibil a personal interview /discussion is arranged at the customer's office by the bank/institution.

  • In case of fresh projects the process is stretched as the bank has to analyse the back ground of the applicant/firm/company and the Technical feasibility/financial viability of the project based on various parameters and existing market conditions.

  • Based on and subject to credit comfort and mitigation of any further queries the file is forwarded for sanction to the appropriate authority.

  • On sanction loan agreement is executed and all additional documents as required post personal discussion including original title deeds etc. has to be submitted along with either post- dated cheques or security cheques in case of repayment through electronic clearance (ecs).

  • The loan is disbursed subsequently.

Documents Required.


  • Photograph (Applicant and Co-applicants).

  • Pan card (Applicant and Co-applicants).

  • Pan card of firm/company if applicable.

Residence & Office address Proof :


Latest Electricity bill or Receipt of Maintenance Charges or valid Passport or Purchase/Lease Deed/Leave & License Agreement of Residence or Office Premises. (Either residence or office has to be self or family owned as per current policy)


Business Existence Proof:


VAT/CST/Service tax Registration certificate or SSI Permanent Registration Certificate or Warehouse Receipts or Shop & Establishment Certificate.


  • Business Profile on Company's Letterhead.

  • Partnership deed / Memorandum and Articles of Association with certificate of incorporation as the case may be. (Amended / Reconstituted partnership deed or Form 32 where ever required)

  • Last three years complete set of IT papers including Computation of income, Profit & Loss A/c. and Balance Sheets with all schedules, annexures, Auditor's / Director's report, Form 3CA/3CB, & 3CD as the case may be (duly certified by a Chartered Accountant wherever applicable).

  • Latest 12 months Bank statement of the Firm of all accounts.

  • Sanction/Closure letter of all existing loans including CC/OD etc.

  • Individual Income Tax Returns of the Individual/Partners/Directors for last three years.

  • Latest 12 months Bank statement of Individuals, Partners, Directors.

  • List of the Existing Directors & Share Holding pattern of the company on letter head duly certified by Chartered accountant or latest copy of ROC to substantiate the same.

  • Property papers- Complete set -chain of agreements where applicable, Share certificate copy (Front & Back), Approved plans, CC & OC.

 
Eligibility...

Some Basic Requirements :

  • Should have vintage of at least 3 years.
  • Should be profit making for the past 2 years.
  • Co-applicant required as a Guarantor.
  • Age Limit 25 yrs Minimum to 65 yrs maximum.

 

 
FAQ...

Q. What are the prepayment Charges?


Pre payment charge of 4% to 6% is levied on balance principle outstanding. For what Purposes are Business loans given? Business loans are given towards Working Capital, Short Term Cash Need, Business Expansion, New inventory, Buying Machinery/equipment etc.

Q. What are the Eligibility Criterias?

 

Should have vintage of at least 3 years.
Entity should be Self Employed with Min Age 25 yrs & Max Age 65 yrs.
Should be profit making for the past 2 years Co-applicant required as a Guarantor:

Q. Who can aval a Business loan?


  Business installment loan can be availed by :

Self employed individuals / professionals Sole proprietorship firms Partnership firms Private limited companies and closely held limited companies.

Q. What are the benefits of Business loans?


Speedy loan processing - 4 to 7 business days Fast and easy documentation . Hassle-free loans Loans From 5 lakh to Rs.3 cr Repay with easy equated monthly installments.

Q. What is the minimum annual turnover eligibility?


Minimum turnover required is Rs.1 crore.

Q. What is the interest rate charged on BIL?


Rate of interest varies from 16 % to 22% depending on loan amount,credit assessment and other parameters.

Q. What are the basic documents required for applying?


Photographs Identity,Age & Signature verification proof Business Bank statements for last 6 months 2 year audited financials including Profit & Loss,Balance sheet and IT returns 3 years Business existence Proof Address proof - Residence and Office.

Q. What is the turnaround time for the disbursal of the loan?


Disbursal of the loan may take a minimum of 7 working days from the time of submission of loan related documents as requested by the Bank.

Q. What prameters are looked into before sanctioning a BIL?


  • Liquidity
  • Solvency
  • Profitability
  • Asset Owned
  • Track record
  • Management
  • Business model
  • Industry and product/service
 
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CIBIL- ALL YOU WANTED TO KNOW
CIBIL is an acronym for Credit Information Bureau India Limited. It is India's first credit information bureau, a storage bank of information, which contains the credit history of commercial and consumer borrowers. CIBIL provides information to its Members in the form of credit information reports.
CIBIL creates value for financial institutions by providing objective information that helps them manage risk and devise appropriate lending strategies, thus reducing cost and maximizing portfolio profitability. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of millions of consumers and businesses. With information from CIBIL, credit grantors are empowered to make sound and informed credit decisions.
TO WHOM ALL IS CIBIL APPLICABLE?
CIBIL is applicable to anyone applying for any credit facilities such as Personal loans, Home loans, Business loans, Mortgages, Loan against property, Auto loans, Secured and Unsecured loans, Credit cards, any type of finance or credit facility from banks, financial institutions, non-banking financial companies, housing finance companies, state financial corporations and credit card companies etc.

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  • SME loans
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  • Cash Business Loan

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  • Cash Credit Facility
  • Overdraft Facility
  • Drop line Overdraft
  • Lease Rental Discounting
  • Term loans
  • SME Loans
  • Loan against property without income
  • LC Limits
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  • Lease rental discounting
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