What is a Business Loan?
It is a very good product for all Traders, Businessmen and Professionals to start or expand their business by length and breadth. The Business Loan is an unsecured loan given on the capacity of ITR and Financials of the Businessmen. It can be availed without any security.
BUT ALL THE HAPPINESS AND GROWTH OCCURS WHILE YOU'RE CLIMBING IT
Perpose of a business loan
Business Loan can be availed for all business purpose like…
Working Capital Requirement
Purchasing of Fixed Assets
Capacity Expansion / Modernization
Research and Development
Any Other Short-Term Requirement
Loan Service Providers associated with 3M Balance Transfer
Some of the prominent and big providers of Business Loan in Mumbai, we are associated with, are HDFC Bank, Fullerton India, Bajaj Finserv, ICICI, CITI bank, Standard Chartered, Magma, Sriram Finance, Kotak Mahindra etc.
The loan amount will depend on Profit and Years of Business and cash flow. Eligibility for Business Loan will vary from bank to bank and will depend on various factors. Your repayment capacity of loan will be checked by the bank on the basis of your industry margin, profitability, financial statements, running tracks of existing loans etc.
Self-employed individuals / business owners in the age group of 21 to 65 years can apply for Business Loan. The annual turnover of the business will vary from bank to bank. The business needs to be in continuity for the last 3 years showing positive trends in turnover and profit for the last 2 years.
- Indian Resident
- Minimum 21 years of age
- Salaried or Self Employed Professional / Non-Professional
- Permanent employee of the organization, if salaried
- Continuous source of income to service the loan
Business Loan can be availed for a fixed term (12 - 48 months). Any time after 6 months you can repay the loan, however the foreclosure charges vary from lender to lender. Repayment would be on a fixed amount of EMI on monthly reducing rate of interest.
Processing Fee varies from bank to bank in the range of .50% to 2% of the loan amount. Foreclosure charges are applicable in almost all the banks for individuals and firm or company.
The Document required for processing of Business Loan are:
- PAN Card – For Company / Firm / Individual
- Proof of Identity: Copy of Aadhaar Card / Passport / Voter ID Card / Pan Card / Driving License
- Proof of Address: Copy of Aadhaar Card / Passport / Voter ID Card / Driving License
- Bank Statement (latest 6 months)
- Latest ITR along with Computation of Income, Balance Sheet and Profit & Loss A/C Statement for the last 2 years. Financial Documents should be CA Certified / Audited
- Proof of Continuation (ITR / Trade License / Establishment / Sales Tax Certificate)
- Other Mandatory Documents (Sole Partnership, Declaration or Certified Copy of Partnership Deed, Certified True Copy of Memorandum & Articles of Association (Certified by Director) & Board Resolution (Original)
As per your Category or Line of Business our consultant will provide you with the list of documents needed.