Business Loan in India

India is home to a variety of businesses. You can say that the enormous population of 1.2 billion has contributed to this fact. However, finances to set u such businesses are hard to come by. Therefore, several schemes have come up to assist users in getting assured finances more conveniently. However, this convenience is not easy to come by and most often, there are going to be issued with that in the form of legal hurdles and hard-to-come-by documents.

However, you can get access to such documents and our team of Registrationwala is fully dedicated to making sure that you get such finances with the added benefit of less paperwork, quick approval, and low-interest rates. With us, not only you will be able to check your eligibility for the loan in a minimum amount of time, but you will also be able to get the best business loans adhering to your own standards.

Advantages of Business Loan

The business loans that we provide are secure, approved, and have the added benefit of being legal. While the unsecured way of accessing finances has been pretty easy as well, we make sure that the loans you get emphasize the following factors:

1. The loans will be flexible:  As the loans are flexible, so are the eligibility and EMI, with low rates such as these, you will definitely be able to start your endeavors fast. 
2. The loans, as they are being availed by the government, do not require any sort of collateral: With no security deposit, you won’t have to worry about bearing extra costs.  
3. The business loans that we provide have speedy approvals which are as short as one minute: With the fast eligibility check of one minute time, you can furthermore get approvals for the loans are get access to finances faster. With these advantages of asking for financial aid via Registrationwala, you will have a winning ticket on your hands if you choose us. 

Eligibility Criteria for Business Loan

In order to get access to the business loan, you need to follow through with the following criteria:

1. Your minimum turnover should be INR 40 lakhs
2. You should have a minimum experience of 3 years
3. You should have a total of 5 years of business experience. 
4. Your business should be making a profit for at least 2 previous years from the day that you request a loan. 
5. Annual income should be around 1.5 lakhs per annum. 
6. You should have a minimum age of 21 years. 
7. You cannot get the loan if you are beyond 65 years of age. 

Process of Applying for a Business Loan

1. Check your eligibility before applying for the loan. 
2. Research the bank that you are interested in getting the loan from. 
3. Accumulate all the documents necessary to get the loan. 
4. Fill out the application. 
5. If your eligibility is right, and your application is without any error, you will get access to the business loan. 

Required Documents for Business Loan in India

The following documents are needed if you want to access the loan completely: 

• The PAN Card belongs to the company, the firm, or the individual. 
• ID proofs can either be Aadhar Card, Passport, Voter’s ID, or driving License. 
• Bank Statements of the last 6 months. 
• The latest ITR to consists of the computation of income, balance sheets, and P&L accounts for the last 2 years, 
• Proof of Continuation that can either be an ITR/Trade License/establishment/Sales Tax Certificate
• Sole Proprietorship Declaration or a notarized copy of the partnership deed. 
• A true copy of MOA and AOA.