Business Loan
What is a Business Loan?
It is a very good product for all Traders, Businessmen and Professionals to start or expand their business by length and breadth. The Business Loan is an unsecured loan given on the capacity of ITR and Financials of the Businessmen.It can be availed without any security.
Purpose of Loan
Business Loans can be availed for all business purposes like Working Capital requirements, Purchasing of Fixed Assets, Capacity Expansion / Modernization, Technology Up-Gradation, Research, and Development or Any Other Short-Term Requirement.
Business Loan Eligibility
The loan amount will depend on profit and years of business and cash flow
The loan amount will depend on Profit and Years of Business and cash flow Eligibility for Business Loan will vary from bank to bank and will depend on various factors. Your repayment capacity of loan will be checked by the bank on the basis of your industry margin, profitability, financial statements, running tracks of existing loans etc.
Self-employed individuals / business owners in the age group of 21 to 65 years can apply for Business Loan. The annual turnover of the business will vary from bank to bank. The business needs to be in continuity for the last 3 years showing positive trends in turnover and profit for the last 2 years.
Apply To Us With.
Document Check-list
- PAN Card For Company / Firm / individual.
- Proof of your identity: Copy of Aadhaar Card / Passport /
- Voters ID card / Pan Card / Driving License.
- Proof of your address: Copy of Aadhaar Card / Passport / Voter ID-Card / Driving License.
- Bank Statement (latest 6 months)
- Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified / Audited.
- Proof of continuation (ITR/Trade license / Establishment / Sales Tax certificate)
- Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
- As per your category or line of business our consultant will give you list of documents.
Loan Service Providers with RVOM
Some of the prominent and big providers of Business Loan in Mumbai, we are associated with, are HDFC Bank, Fullerton India, Bajaj Finserv, ICICI, CITI bank, Standard Chartered, Magma, Sriram Finance, Kotak Mahindra etc.
We know the value of money for you We help you to borrow some
Fees and Charges
Processing Fee varies from bank to bank in the range of 1% to 2.5% of the loan amount. Foreclosure charges are applicable in almost all the banks for individuals and firms or companies.
Repayment
Business Loans can be availed for a fixed term (12-48 months). Any time after 6 months you can repay the loan, however, the foreclosure charges vary from lender to lender. Repayment would be on a fixed amount of EMI on a monthly reducing rate of interest.
