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  #1  
Old 09-11-2017, 10:07 AM
capitaworld capitaworld is offline
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Join Date: Jul 2017
Posts: 10
Default How to get a business loan in India?

BUSINESS LOAN
The range of interest rate is in between 10-20%. Each bank has different criteria for approving of the business loan. Based on customer income, business activity, type of business, CIBIL score etc final eligibility is calculated.

You should compare Processing Fee, Per Month's EMI, Prepayment Charges, and Foreclosure Charges etc before availing a loan.

FACTORS AFFECT FINAL ELIGIBILITY
• Collateral
• Credit Score
• Time in Business
• Monthly Revenue

FASTEST WAY TO GET A LOAN
For Gujarat & Maharashtra: You can get Business Loan while sitting at home with CapitaWorld. Call us at 95120-15768 or visit our website www (dot) capitaworld (dot) com
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  #2  
Old 11-07-2017, 03:21 AM
Banknomics Banknomics is offline
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Location: 56, Akashneem Marg, DLF Phase 2,Guragaon, Haryana, India
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Smile Re: How to get a business loan in India?

Here is the step by step process of getting a business loan easily:

•Clarify the reason behind your business and also amount for which you are Appling.
•Judge your needs and decide the actual amount for your business. At the start level small businesses never ask for a big budget and banks also never allow such kinds of loan amount.
•After all of this review your CIBIL Score and credit History. Bank and other lenders check the CIBIL score and credit history to judge the applicant.
•List out the best Banks and NBFCs available in the market. Make a research on the lenders which provide best business loan at low-interest rate and fulfill your business needs.
•Loan Documentation or Loan application package. Provide detailed Information of your business and yourself as well for a successful loan approval. List of Documents include:


Name of Business
Financial statement of past 3 years
Federal Tax ID
Projected Financial statement
Legal structure of business like LLC, S corporation or C corporation
Personal financial information of the business owner
Amount of loan requested
Credit History of Business
Bank Statement of the business

•At last the final step is waiting for the response of the Bank. Normally it takes two to four weeks. It may be possible that the lender asks for some additional documents later.
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  #3  
Old 11-10-2017, 04:59 AM
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loaninpune loaninpune is offline
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Join Date: Nov 2017
Location: Pune Maharashtra India
Posts: 1
Default Re: How to get a business loan in India?

Business Loan is an unsecured loan available to small and medium enterprises businessmen.
Ideally used for working capital needs.
You can raise funds without any security.
Therefore, Rate of Interest on business loan is higher.
Currently, rate of interest on Business Loan starts at as low as 12.99%.

Procedure
Submission of complete application form with photograph.
Submission of all required documents.
Internal verifications.
Personal interview with a bank official.
Sanction of the Loan
Collection of pre-disbursement documents
Loan disbursement

Last edited by loaninpune; 11-10-2017 at 05:04 AM.
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  #4  
Old 11-14-2017, 09:02 AM
Jyoti Jyoti is offline
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Posts: 2
Default Re: How to get a business loan in India?

Business loan is the need of every small business holder to grow their revenue. But you need a financial base to improve the revenue. When you have finance available, you can easily grow your business. But, what if there is lack of finance and more opportunities waiting to improve your business?
To opt for a business loan you need to have a valid reason. As banks verify the need for the loan and then process your loan application.

The below points define the process for loan application and approvals.

Loan Application: The first thing you need to do is fill up the loan application form. It is then submitted to the lending officer/company. The loan application would specify your entire details of personal and professional presence.

Loan Eligibility/Credit History:
Majorly all the loan applications need to have a credit check. The credit history is the record of the borrower’s credit details received from various sources like, banks, credit card companies and agencies.
Any previous unpaid loans or any credit card debts will report to a bad credit history. A score of 750-850+ is said to be a good credit score.

Documentation:
Once your eligibility for the loan is checked, and you are eligible for the loan, you need to go ahead with the documentation.The loan officer will provide a list of documents to be submitted. Once, you submit the documents the loan application process would be taken further. The documents will include your business documents like ITR, Profit and Loss Statements, Shop Registration Certificate, Property Lease Agreement if any, and also your personal documents like PAN Card, Bank Passbook etc.

Verification:
Once all the documents are submitted, the banking officers will have a background check, where your business existence will be verified.

Final Process:
After the verification,the loan offer letter is provided to you, which mentions the loan eligibility amount, EMI and tenure of the loan. Once you agree with the entire structure, the loan approval letter is provided and the final amount is sanctioned to you.
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