Getting into business would mean a lot of hard work and the desire to make it big in a small period. It may be difficult for a businessman always to invest his own capital to grow his business. If you are a businessman who wants to make it big, either expand your existing business or having a tough time running it, you can opt for a Business finance from various financial institutions. You can take a business loan at a low rate of interest; borrow capital without any asset holding.
Not everyone can apply for a business loan, for that you need to have specific criteria, which are mentioned below:
• You should be between 25 to 55 years old.
• You should have a running business for three years at the least.
• Income tax return files are a must for the business you are doing for the past year.
• The business you are running should have its previous year’s turnover duly audited by a CA.
Identity Proof, Address Proof, Income Proof, Financial Documents, Business Ownership Proof and last three years audited financials.
The rate of interest depends on the loan amount and the tenure of its payback. You can pay the loan amount before its due date at once or may choose to pay through EMI within a stipulated period. The disbursement of the loan is a quick process once the documentation is cleared.