Features of Business Loan

Some of the important features of business loan are listed below

• The rate of interest charged by the financial institutions are fixed in nature which means rate of interest will not change for the entire tenure.
• Flexible repayment options are there for business loan, loans can repaid monthly, weekly or daily.
• In business loan there is no collateral required which means the applicant don’t have to put his valuable asset under risk.
• Business loan can be funded up to 2cr based upon the turn over, nature of the business and profitability.

Benefits of Business Loan

• It helps the business person to increase the cash flow of his organization
• Business Loans offers low rate of interest as compared to other forms of credit such as credit card
• It’s a collateral free loan
• Business person who is taking loan in the name of his organization will be eligible to enjoy tax benefit because the ratio of profit is used for paying the loan amount.
• Business person can enjoy multiple loan options. There are many financial institutions which provides various schemes and programs to encourage entrepreneurs
• Business person can avail pre-approved loans from certain financial institutions
• Minimal paper work
• Quick disbursal

Business Loan Eligibility criteria

• The minimum age of the application should be 18 years and maximum should be 65 years.
• Business Loan can be availed by self-employed professionals, self-employed non-professionals, and entities.
• Self-employed professionals includes doctors, chartered accountants, company secretaries, architects, etc. This is subject to the applicants who have proof of qualifications and also are practicing their profession.
• Self-employed non-professionals include traders, manufacturers, etc.
• Entities include partnerships, limited liability partnerships, private limited companies, closely held limited companies, etc.
• The business may be required to have an established business that has been in operations for more than 6 months.
• Minimum Annual Income (ITR) of Rs.1.5 lakh per annum is required.
• The IT returns for the last 1 year should have been filed.
• Lenders may offer business loans to only certain cities and towns.
• An established business that has been in operations for more than 6 months.
• The business should not fall under blacklisted / excluded list for any financial institutions.

Documents Required for Business Loan

To apply for a business loan, you will require to submit the below list of documents

• PAN Card for company, firm or individual
• Proof of ID such as copy of Aadhar Card, Passport copy, Voter’s ID copy, driving license.
• Proof of address such as copy of Aadhar Card, Passport copy, Voter’s ID copy, driving license.
• Bank statement (last 6 months or 1 year) depending upon the financial institutions
• Latest ITR along with computation of income, balance sheet and P&L account for the last 2 years. All financials must be CA certified or audited.
• Proof of continuation like ITR/Trade License/Establishment/Sales Tax Certificate or GST Certificate
• For Sole Proprietorship Declaration is required or certified copy of Partnership Deed is required
• For private limited or LLP or limited company Certified true copy of Memorandum and Articles of Association is required

Business Loan for Women

India is witnessing a potential growth in its small and medium enterprise sector. A part of this success story is being written by our women entrepreneurs. Moreover, female entrepreneurs can also benefit from the consulting, training, and counselling offered by several financial institutions to help them learn about various aspects of the market and industry. But these loans are only available to those women entrepreneurs who hold more than 50% shares of a company. There are few financial institutions which allows you to repay the loan in full, any time after servicing the first EMI. There will be no charges, fees or penalty amount for doing so.

At current scenario business loans for women are also creating many self-employment opportunities in rural and urban India.

How to apply Business Loan at Capsure Marketing Services

We have a very simple, short and easy to fill online application. If you are looking for business loans without collateral, you can simply apply online at capsure marketing services, a one-stop solution provider for all business loan requirements.

You can compare different Business Loan offers and the interest rate at which loan is offered from various banks. Once you fill your basic personal, business details, you will get a list of best bank business loan offers. Once we receive your details and also the bank offers you are interested in, we will work closely with our partner banks to ensure that you get best business loans at cheapest rates. Our team provides to you end to end assistance along with doorstep service for smoother processing and disbursal of your business loan.. The entire process is completed while sitting at home.

Why you should apply for a Business Loan

There are lots of reasons for applying a business loan by an entrepreneur. But, you should opt for this loan only when you have certain reason. Below are the list in order to apply for Business Loan.

• You must have a strong business plan
• You must foresee or predict a decent cash flow in the future through the business
• The capital return of your business must be greater than the interest of the loan which you have borrowed from the financial institutions