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A business loan is a type of loan specifically designed to provide financial support to businesses for various purposes. It is a borrowing arrangement where a business entity borrows a specific amount of money from a lender, which is typically a bank or a financial institution. The borrowed funds can be used for different business-related needs such as expanding operations, purchasing equipment or inventory, hiring employees, managing cash flow, investing in marketing campaigns, or any other business-related expenses.
Right now we are not having an online loan application platform, so customers can apply through e-mail or telephone call or walk into the office.
The eligibility criteria for a business loan can vary depending on the lender and the type of loan you are applying for. However, with us eligibility requirements are:
The interest rates you can expect for loans or financial products will vary based on CIBIL score and financial discipline. Generally, it varies from 14% to 21%
We provide loans immediately upon completion of documentation and assessment of eligibility criteria. Generally, it takes 1 or 2 days after submission of all documents.
KYC Cum Application form duly filled along with PAN & UID (Aadhar) Card, All Bank statements, and Audited Financial Statements.
Yes, but after passing 50% of the total loan tenure with successful repayment as per the repayment schedule. Within the first half of the tenure, there is a very nominal foreclosure charge of up to 2% of the loan outstanding amount.
EMI shall be collected through NACH and early repayment can be done through net banking, NEFT/RTGS, or by submitting a cheque to the office.
The loan can be in the form of a Cash Credit Limit or Term Loan repayable in EMI’s
Apart from the security cheques, it will depend on case to case basis but for loan amounts more than Rupees five lakh, you have to provide collateral security which can be in the form of a pledge of Swastika-approved listed companies shares, Mutual Funds, Bonds or mortgage of immovable property as per the policy of Swastika.
It will depend on case to case basis. Generally, we provide loans for 1 to 5 Years.
Those whose company has generated profits during the last two years.
A minimum annual income (ITR) for the company should be Rs. 1.5 lakhs. When applying for a loan, the applicant must be at least 21 years old, and at the time the loan matures, they cannot be older than 65.To avail a business loan from a lender, you will need to check if you meet the eligibility criteria listed by the lender.
1. The loan can be availed by self-employed professionals, self-employed non-professionals, & entities.
2. Self-employed professionals usually include doctors, chartered accountants, company secretaries, architects, etc. This is subject to the applicants who have proof of qualifications and also are practicing their profession.
3. Self-employed non-professionals include traders, manufacturers, etc.
4. Entities include partnerships, limited liability partnerships, private limited companies, closely held limited companies, etc.
5. The business may be required to have a minimum turnover of Rs.40 lakh
6. Minimum of 3 years’ experience in the current business is required.
7. Minimum 5 years of total business experience is required.
8. The business should be making a profit for the last 2 years.
9. Minimum Annual Income (ITR) of Rs.1.5 lakh per annum is required.
10. Applicants should be between the ages of 25 and 55 years.
11. The IT returns for the last 1 year should have been filed.
12. Lenders may only offer business loans to certain cities and towns.
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