Nowadays business owners have more options to fund their business needs. Unlike before, the types of options one can choose in different ways. Government as well as numbers of other funding agencies has come up with entrepreneurs with lots of benefits and facilities. Here is a quick look on such business loan eligibility criteria and documentations to furnish.
Business loan eligibility criteria
The eligibility you need to meet for such loans may include –
You need to be between 25 and 55 years of age.
You should have a business vintage of a minimum of 3 years.
You also must have filed Income Tax Returns for your business for a minimum of past one year.
The previous year's turnover for your business also needs to be audited by a CA.
Documents to furnish
The document requirement to fulfil your is minimal. Here are the general documentation requirements you need to fulfil.
Identity proof like Aadhaar Card, PAN Card, Voter ID Card, Passport, etc.
Address proof like Aadhaar Card, Voter ID Card, Passport, Utility bills, etc.
Certificate for proof of the business's existence. In case of practising professionals, certificate of registration as a professional and certificate of practice.
Statement of bank account for the previous month.
Additionally, furnish any other documents as asked for by your lender during verification.
Interest rates applicable for a business loan
You may avail an unsecured business loan at an affordable rate of interest. Leading lenders offer business loan interest rates as low as 18%.
Know the process to apply for a business loan
The process of applying for a business loan in Udaipur and in numerous other Tier I and Tier II cities has been made easy with the introduction of online application procedures. Go to the application portal of your lender, fill in the online application form and submit. Furnish the documents required to complete the application.
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