Business Loans
Loan given to self-employed, professionals or company without any collateral security is called a business loan. The sanction of business loan is based largely on the creditworthiness of the borrower and the firm. The bank or the financial institutions will first take a look at your firm’s and your credit score and analyze your credit rating before offering loan.
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Overview of Business Loans
They will also look at your financial statements for the past 3 years, bank statements, Nature of business, its current and expected returns and the market trend. The loan amount could be from Rs. 50000 to Rs. 75 lac and the tenure would be between 1 to 3 years. At SME Consultancy, we are the experts in helping you avail the best business loan with customer friendly terms. Businesses need money for several reasons, right from working capital needs to expansion plans to opening up a new branch or for innovation in the existing business.
Who can get Business loans
- Self Employed Individual
- Professional Individual
- Company
Why Business Loan?
- Working Capital requirement
- To fill short term financial requirement
- Business Expansion
- To set up new business
- Launching a new Product
- Advertising & Marketing of Products & Services
Loan Amount & Loan Tenure
- 50k to 75 Lac
- 1 to 3 yrs
Standard Documentation
Proprietary Firm
Partnership / LLP Firm
Private Limited Firm
KYC’s
2 passport size photo of Proprietor
2 passport size photo of all the partners
2 passport size photo of all the directorsc
PAN card &Aadhar Card of proprietor
PAN card & Aadhar Card of all the partners
PAN card & Aadhar Card of all the directors
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PAN Card of the Firm
PAN Card of the Firm
Residence proof of proprietor
Residence proof of all the partners
Residence proof of all the directors
Latest office addressed proof
Latest office addressed proof
Latest office addressed proof
Shop & Establishment /Msme Certificate/ GST registration Certificate (as applicable)
Shop & Establishment /Msme Certificate/ GST registration Certificate (as applicable)
Shop & Establishment /Msme Certificate/ GST registration Certificate (as applicable)
Financials
Last Three Years financial with CA Certificated.
Last Three Years financial with CA Certificated.
Last Three Years financial with CA Certificated.
latest provisional financials statement
latest provisional financials statement
latest provisional financials statement
GST return latest 12 Months
GST return latest 12 Months
GST return latest 12 Months
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Partnership Deed with registration certificate
MOA- AOA with certificate of registration
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Current dated Share holding pattern & list of Directors on company’s letterhead with CA & Directors sign & Stamp
Company Profile on company’s letter head
Company Profile on company’s letter head
Company Profile on company’s letter head
Existing Loans
Sanction Letter / Loan Schedule of all the existing loans – if any
Sanction Letter / Loan Schedule of all the existing loans – if any
Sanction Letter / Loan Schedule of all the existing loans – if any
Last 18 months bank statement reflating EMI debits or Loan Account Statement
Last 18 months bank statement reflating EMI debits or Loan Account Statement
Last 18 months bank statement reflating EMI debits or Loan Account Statement
Banking
Last 6 months to till date all the bank account statements as shown in balance sheet.
Last 6 months to till date all the bank account statements as shown in company & partners balance sheet
Last 6 months to till date all the bank account statements as shown in company & directors balance sheet
Other Documents
- Application form & formats to be signed by Applicant & Co-Applicant
- Initial Processing Fee cheque
- Initial Processing Fee cheque
Please note * All the property owner need to submit KYC’s
Business Loans
Business Loan FAQ
The word Unsecured Business Loan means when a self-employed person applies for a loan based on his income not providing any kind of security against the loan.
It takes 7 working days once documentations are completed
No in unsecured loan generally banks don’t allow joint application
No need of giving any security apart from security cheques
Processing fee in business loan varies bank to bank, normally it’s start from 2.00% to 3.00% of loan amount
EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. EMI is based on the loan amount, rate of interest and the repayment period
In business loan bank do offer loan for 1 year to 3 year.
Surly prepayment can be done after 6 months from the date of loan taken & bank will charge 3.00% to 4.00% penalty. Part-payment is not allowed in business loan.
Taking a business loan fulfills your urgent requirement of working capital in business.
