The business loan is a type of unsecured loan which is offered to self-employed individuals and companies. This includes private organizations, private limited companies, proprietors and partnership firms. A business loan is provided on the basis of total turnover and Income Tax Return filed for a few years. It is specifically meant for investment in a business. Once you apply for such a loan, you are lent a specific amount of money for a few years. The bank fixes the EMIs and interest rates over a specific period. An applicant must be in the age group of 25-65 years and have a profitable business over 2 years.
A limit is offered in current account on the amount which you as a client can withdraw. The loan is offered to meet your organization’s working capital needs based on stock value and annual turnover. You won’t require any security or collateral to acquire a business loan. We will ensure that the documentation takes place in a smooth manner to ensure quick processing of the loan. The time period for loan repayment can vary between 12 to 60 months. Interest will be calculated on the basis of monthly reducing balance.