Apply For Business Loan in Delhi

Run hassel free business without worrying about money.

Apply For Business Loan in Delhi

"Run hassel free business without worrying about money"

An entrepreneur or businessman has various fund requirements for running the business operations. Business loan can be taken for adding stock, payment of dues, tax payments, expansion needs, addition of new machinery, creating new infrastructure, introduction of new technology etc. Business loan caters particularly to self-employed people where loan is granted based on business standing i.e. its assets and liabilities, turnover, bank statements and stability proofs. There are both secured and unsecured loan options for a business entity. Here we are dealing specifically with unsecured business loan that is not given against any collateral or asset. Unlike other loans where there is always securing of loan against another asset here there is no collateral or mortgage involved.

Different types of business loans that you can go for

Business needs are different and this means when you are looking to raise debt, there can be a range of options available to you. We list a few types of loans that you can consider when looking for money. The list is not exhaustive, but should give you a fair idea about the choices.

What are the documentation requirements for a business loan?

Since this loan is given based on business standing and credit worthiness of the business owner a bank or financial institute would need following documents for processing a business loan application-

  • One Passport Size Photograph
  • Firm Address Proof
  • Residence Proof - Proprietor
  • Business Stability Proof
  • Last 6 Months Bank Statement
  • Last 2 years Proprietor ITR
  • Directors Signature Proof (Pan Card)
  • Adhaar Card (if not included in above)
  • Month Wise Sales / Purchase of Last Financial year(Optional)
  • Last 2 years Audit Report (Optional)
  • Office Ownership Proof (Optional)
  • Residence Ownership Proof (Optional)

Get more specific document list based on your business entity type here- Apply for Loan

Please remember that though no one likes to provide too many papers it’s in your own interest to provide as much financial information from above as you can because the loan application is processed based on what assets and financial standing supporting you share along. If you will not share the required details then the bank/ financial institute wouldn’t know how secure the loan is with you as a borrower. So don’t hesitate and share as many positive supporting you can t address concerns and doubts that the lender may have.

What is the maximum loan amount I can get?

Your loan amount eligibility depends on your business credit standing. Your existing loan amounts and EMIs are also considered while processing any new loan application. The basic criteria followed by most financial institutes is that your Business P&L statement will be evaluated to determine your profit earnings and that will also be offset against any business liabilities you may have.

What is the minimum amount that one can apply for?

The lowest principal loan amount in case of a business loan is Rs50, 000/-

What are the criteria of deciding maximum business loan eligibility?

All financial institutes will try to ascertain that whether or not you will be able to pay back the loan taken and for that the maximum loan amount becomes very important. The criteria for maximum loan amount eligibility is different from bank to bank but some key factors that are commonly considered are as follow- Current Credit Score, Current Loans and liabilities status, credit history, credit card dues status. If your current liabilities are higher than your assets and income sources you will be eligible for a lower maximum loan amount. If you have less liabilities and higher income sources with good repayment track you will be eligible for a bigger maximum loan amount.

What is the rate of interest on Business Loan?

Since a personal loan is not given against any collateral or asset you will find interest rates higher in business loans but remember you are not pledging or blocking any of your assets to take a personal loan, which gives you more freedom and flexibility. Interest rate in a personal loan still will vary from 10.99 to 20 % based on business’s credit worthiness and other criteria like Current Credit Score, Current Loans and liabilities status, credit history, credit card dues status.

What Charges do I pay?

There are processing fee charges payable to lender (Bank or NBFC) by the loan seeker. This fee varies from 1% to 2.5% of principal amount approved for loan disbursal. (This is only charged in case of loan approval)

How will the Loan be repaid?

The loan repayment is through EMIs (Equated Monthly Installments). You can give an ECS mandate to your bank in favour of lender or make payments through cheque. This is dependent on bank policy while disbursal of your loan.

Can I make prepayment of loan?

Prepayment of loan is not advisable in case of personal loans as the penal charges are heavy. Instead you should plan your loan amount and tenure while applying for loan so that you make most out of your disbursed loan amount. However banks do allow prepayment after six months but there is little benefit in that option.

What should I expect from loan service provider?

Your loan service provider is your best friend in this case i.e. FIT - Finance India Trust. We will do everything possible to process your loan application with the right financial institute that will match your need in terms of business loan amount, interest rate and processing fee. We give you following support and advantages-

  • We work with utmost transparency and honesty in all our dealings to guard your interest first.
  • We provide Quickest Loan Service.
  • We provide Low Interest Rate Options.
  • No Collateral is needed from your end as we only need paperwork of your business supporting.
  • We give Hassel Free Loan and you don’t have to run after multiple offices or counters.
  • We give Door Step Service and you don’t have to step out anywhere or visit bank.
  • We give you Complete Guidance and Support at all stages so that your application is processed favorably.
  • Our representatives do Personalized Query Resolution for each customer to best of their satisfaction.
  • We don’t charge any Processing Fee for our services, you only pay processing fee to financial institute on successful processing of your loan application.
  • Access to Multiple Banking Partners
  • Free Financial Need Analysis
  • We are a new age company and give you full Online Support in processing your loan application.
  • We have latest updates on Bank guidelines and related circulars.
  • We give you access to an unbeatable liasoning across all levels to help process your case.
  • We ensure timely delivery at all stages.

What are few examples of businesses that are availing business loans?

All business from any field can avail business loans. No matter what is your unique business kind if you have the paper work and required supporting your loan application can be processed. Examples- Shopkeepers, Traders, Wholesalers, Petrol Pump Owners, Transporters / Logistics Companies Educational Institutes, Government Contractors, Exporters & Importers, Doctors, Hospitals, Drugs & Pharmaceutical companies, Jewelers, Fast Moving Consumer Goods Dealers, Factory Owners, Star-ups, IT Companies & Entertainment, Real Estate Developers, property Dealers, Automobile Workshop Owners etc. etc.

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