Apply Business Loans

What is a Business Loan?

A Business Loan is a special kind of a personal loan, wherein the applicant wishes to expand his/her business, and naturally needs financial assistance for the same. Business loans are unsecured loans and are granted on the basis of organization’s history and the feasibility of its expansion.

Who can avail a business loan?

Anyone who is the Proprietor/Partner/Director of any organization can apply for Business Loans. Furthermore, banks impose certain eligibility criteria of their own on the basis of which banks decide the amount to be granted and whether or not the applicant is capable of paying back the amount.

  • Type of organization – i.e. Proprietorship, Partnership, Pvt. Ltd. or Public Ltd.
  • Turnover of the business.
  • Profit of the business.
  • Cash flow of the business.
  • Track record and type of business.

 

Banks Providing Business Loans

A number of Business Loan Banks in Delhi provide decent interest rates and special festive offers. The list is as follows:

 

Which Bank to choose?

Deal4Loans has put together a combined table depicting the banks and their respective charges, helping you Compare Business Loans of all the banks. Choose the one that suits you best.

Bank Name

ROI

Processing Fee

Loan Amount

HDFC Bank

17% - 22%

2% - 2.5%

75K - 15 Lacs

ING Vysya Bank

15.25% - 19.25%

2% - 2.5%

2 Lacs - 20 Lacs

Bajaj Finserv

19% - 20%

2%

1 Lac – 45 Lacs

ICICI Bank

15% - 19%

2% - 2.5%

2 Lacs - 25 Lacs

Fullerton India

21% - 28%

2% - 3%

1 Lac - 20 Lacs

 

Documents required for business loan

  • ID Proof
  • Address Proof
  • Proof of Continuity of Business
  • Bank Statements of previous six Months
  • Board Resolution (If applicant’s firm is co-borrower)
  • Partnership Authorization Letter (If Partnership firm is co-borrower}
  • ITR & Statement Of Computation of Income – for last 2 Years
  • CA Certified or Audited P/L Account Statements. For all businesses worth 40 Lacs (or more):  Audit report along with schedules of P&L and Balance Sheet – for last 2 years.
  • Latest ITR of Co-Applicants – For last 2 Years
  • Ownership Proof of Residence or Office

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