A Business Loan is an amount of money borrowed from a Bank or any other Financial Institution for business purposes. It can be secured or unsecured. A business loan gives financial leverage to the business to aim for a vaster horizon. The terms and conditions vary from bank to bank . So the customer should be careful in choosing the best option for reaping maximum benefits . We at Fin Lounge offer the best options for business loan in Trivandrum.
Generally, a Proprietorship, Partnership, Private Ltd Company or a Public Ltd Company with last two year ITR documents and a minimum five year vintage will be eligible for a Business Loan. Nevertheless, the criteria may vary from Bank to Bank. Some Banks and Financial Institutions provide non ITR customers with GSTR/Banking surrogate products.
Business loan disbursal is a bit quicker when compared to other loans and the documentation is also minimal. Besides, thanks to the growing competition between banks, interest rates are competitive too. Being a prime business location, most banks and NBFCs offer competitive rates and attractive offers for business loan in Trivandrum.
Necessary Documents For Businesss Loan
- Valid proof of existence of Business ( GST Registration Certificate/Udyog Aadhaar/Import-Export License etc .)
- Valid address proof for the firm. ( Rental Agreement/Utility Bills/Land Tax receipt or Building Tax Receipt/Bank Account Statement etc.)
- PAN card copy of the firm.
- Latest two year ITR full set including schedules.Last one year statement of firm’s current account.
- KYC documents of the Proprietor, Partners, Directors, whichever is applicable.