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. 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.
Benefits of Business Loan:
Loans for self-employed individuals & professionals.
- Special loans for doctors, chartered accountants, engineers, architects, company secretaries, and ICWAI graduates.
- Loans are available from Rs. 1 lakh to Rs. 30 lakhs for any purpose depending on your requirement.
- Flexible repayment options, ranging from 12 to 36 months.
- Hassle-free loans – No security/guarantor/collateral required.
- Repay with easy EMIs
- Balance transfer facility to retire any higher cost debt.
- Simple procedure, minimal documentation, and quick approval.
Who is Eligible for Business Loan?
A person with stable monthly income is eligible for Business Loan.
- Business Person with stable income & business.
- A partnership or a Pvt. Ltd. company.
- Professionals with stable income & business.
