Loanmart Financial Solutions Pvt Ltd

Commercial Loan

Business loans are fairly generic term used for different types of finance options that a business can access. In the current context, under Business loans we are largely referring to unsecured income-based loans for self-employed individuals or companies. Unsecured business loans have no requirement for a security or collateral to be submitted and are offered purely on the current financial strength and past credit record of the borrower. They are not as flexible as overdrafts and other credit lines that support day-to-day working capital requirements but given their unsecured nature, they are relatively easy to avail with simple paper work and speedy processing. However, that also means that Business loans are usually costlier than other forms of secured business finance.

BUSINESS LOANS MAY BE USED FOR:

Business Expansion
They come at an attractive rate of interest.
New Office SetupMarketing & Branding
Business Improvement

Documents Eligibility & FAQ's Banks

THE GENERAL LIST FOR OBTAINING A PERSONAL LOAN ARE AS FOLLOWS:

Photograph

Identity proof

Address proof

Income proof

Bank Statements

Continuity Proof

Qualification proof( applicable only for Self Employed Professionals)

Eligibility & FAQ's

Your eligibility is determined after looking at the following:

Last 2 or 3 years business financials.

Years in business and current level of business activity.

Nature of the industry the business operates in and how that industry has fared in recent times

City of Business& Current obligations (Any existing EMI’s being paid , credit card outstanding & Credit limit available )

Your Financial history & track record including CIBIL scores if available

WHO CAN APPLY FOR A BUSINESS LOAN?
Any individual who has got a source of income from business can apply for a business loan.

WHEN CAN ONE APPLY FOR A BUSINESS LOAN?
You can apply for a business loan in order to fulfill any of your business needs which requires financial assistance.
WHERE CAN I GET A BUSINESS LOAN FROM?
Business Loans are offered by nationalized banks, private banks , foreign banks and a few Non Banking Finance Companies.

IS THERE ANY SECURITY OR COLLATERAL FOR A BUSINESS LOAN?
Business loans does not require any collateral or security.

WHAT IS THE MAXIMUM ONE CAN GET AS A BUSINESS LOAN?
Business loans are available in the range of Rs. 1 lac to Rs.30 lacs depending on the income eligibility of an applicant. However banks also have specially designed products to offer higher loans.

WHAT IS THE MAXIMUM TENOR FOR A BUSINESS LOAN?
The tenor of business loan ranges from 12 months to 60 months. However it should be noted that tenor is the discretion of the bank and also in most of the case, the tenor is restricted to 36 months.A few banks offer 60 months tenor to professionals like Doctors, CAs etc.

IS THERE ANY FEE FOR AVAILING A BUSINESS LOAN?
Yes, you have to pay processing charges as decided by the bank from time to time.

WHAT IS THE MAXIMUM TENOR FOR A PERSONAL LOAN?
The tenor of personal loan ranges from 12 months to 60 months. However it should be noted that tenor is the discretion of the bank and also in most of the case, the tenor is restricted to 36 months.

WHAT IS THE MAXIMUM ONE CAN GET AS A PERSONAL LOAN?
Personal loans are available in the range of Rs. 50,000 to Rs. 50 lacs depending on the income eligibility of an applicant. However banks also have specially designed products to offer higher loans.

IS THERE ANY SECURITY OR COLLATERAL FOR A PERSONAL LOAN?
Personal loans does not require any collateral or security. Exceptionally in some cases, a Co-applicant is required if certain norms are not met by the applicant.

BANKS PROVIDING PERSONAL LOAN