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Business Loan

Business loans (BIL – Business installment Loan) are offered to small and medium enterprises towards working capital, expansion, or modernization of existing business. It could be either secured or unsecured. The idea is that if there is opportunity for growth at acceptable risk levels the banks will finance. Unsecured Loan amount could vary between Rs.5 lakh to Rs.50 lakh.

Secured Business Loans could be against Property (movable /unmovable), Stocks or co-laterals like fixed deposits etc. Since the loans are secured the rate of interest likely would be lower than unsecured loans. Unsecured loans could be in the form of short, medium or long term loans for temporary/ bridge loans, Working capital or for purchase of machineries or other fixed assets.

The interest factor depends on the perceived risk factor by the banks, past track, growth and profitability trends and the industry profile. Rates could vary from 16% to 24 % for unsecured BIL. Enterprise should have a minimum turnover of Rs.1 Crore p.a.

Business Loans (BIL) are used for expanding, modernizing or improving small to medium scale businesses. It can be secured or unsecured.

Unsecured Business Loan (BIL) doesn't require a collateral. It is available at a relatively higher rate of interest being unsecured. Loan amount from Rs.5 lakh to Rs.75 lakh. Business loans are available to small and medium enterprises, Self employed individuals / professionals, Sole proprietorship firms Partnership firms, Private limited companies and closely held limited companies. It could be either for a short term, medium term or long term period.

Eligibility...

Some Basic Requirements:

Should have business vintage of at least 3 years.
Should be profit making for the past 2 years
Co-applicant required as a Guarantor:
Age Limit 25 yrs Minimum to 65 yrs maximum.

Basic documents required for applying are as follows :

4 Photographs of all applicants.
Bank Application form with photograph duly signed by all applicants.
Identity Proof of all applicants (copy of Pan Card, Passport, election ID).
Residence Proof. (Copy of Ration Card, Electricity bill, Tel. bill, Gas bill, LL Agreement).
If any Loan running then please Provide Loan Repayment Track Record.
Business Proof along with Company Profile. (BMC Property Tax paid bill and Receipt, Shop & Establishment, society maintenance.
Audited Latest 3 years balance sheet and IT return with audit report.
Latest 6 Months Updated Bank statement of Current and saving a/c.