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Empower your business with Bharatloansapp Business Loans. We offer competitive rates, flexible terms, and expert support for your growth.
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Business Loan
If you holds a true spirit of entrepreneurship and are looking for funds to start a new business, we’ll assist you. With a variety of private and government banks, you can apply for a business loan in Mohali with our simple documentation process.
Benefits of applying business loan with Bharat Loans App
- Fast disbursement: You may obtain a business loan without delay. In this manner, you may carry out plans for business development or efficiently manage operations.
- Improved cash flow management: The flexibility required to better manage cash flow may also be obtained with a company loan. Rather than paying for bills with all of the available cash, you can utilise a loan to spread out your payments over time. It may assist your company in controlling its cash flow and averting monetary problems.
- Easy and convenient: One major benefit of getting a business loan with us is that it doesn’t involve a lot of documentation. For company growth purposes, certain clients may be eligible for loans without collateral, guarantor, or security. Additionally, a lot of lenders provide doorstep services.
- Competitive interest rates: By lowering your borrowing expenses, business loans with competitive interest rates enable you to reinvest your savings in the development and expansion of your company. Additionally, a business may find it simpler to maintain financial stability and manage cash flow with the help of these low-interest loans.
- Better business credit: You may raise your company’s credit score with a business loan. You may prove to lenders that you are a good borrower and deserving of credit in the future by repaying loans on time.
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Business Loan Eligibility and Documents
Call to know the criteria required to apply for our Personal Loan
Business Loan Eligibility Criteria
Business Type: Sole proprietorships, partnerships, limited liability companies (LLCs), corporations, and more.
Credit Score: 700 or above (Preferred by most private and public sector banks).
Business Age: Ranging from a few months to a year or more.
Age Criteria: Min. 21 years at the time of loan application & Max. 65 years at the time of loan maturity.
Eligible Entities: Individuals, MSMEs, Sole Proprietorships, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders, manufacturers, and other non-farm income-generating business entities engaged only in the services, trading, and manufacturing sectors.
Business experience: Min. 1 year, business location to remain same.
Annual Turnover: Shall be defined by the Bank/NBFC.
Nationality: Indian
Additional Criteria: Applicants must own either a residence, office, shop, or Godown.
Documents required to apply for Business Loan
The list of documents to be submitted varies based on type of business entity. Submit the following documents to begin with the loan process:
- ITR for the past 2-3 years
- Current Bank Account Statement for the last 12 months
- Photocopy of PAN Card
- Address Proof for Residence such as Voter Card, Passport, Aadhar Card, Telephone Bill, Electricity Bill
- Address proof for Business such as the Telephone Bill or Electricity Bill
- Last Financial Year’s provisional Financials and future year’s projections.
- Company’s business profile on the letterhead
- 2 photographs of promoters and property owners.
- Sanction letter and Repayment schedule of existing loan
- GST registration certificate and GST returns of latest 2 years.
- D-Vat/Sale tax registration copy
- Udhayam Aadhar registration certificate
- Rent agreement copy of factory and residence (if property is rented)
- Business Continuity proof of 3 years (3 years old ITR/Company registration etc)
- Company PAN Card, Certificate of Incorporation, MOA, AOA, List of Directors, and Shareholding pattern for Pvt Ltd companies
- Partnership Deed, Company pan Card for Partnership Companies
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FAQ
A business loan is a financial product designed to provide funds to businesses for various purposes, such as expansion, working capital, or equipment purchase. It is repaid in installments with interest.
We offer a range of business loans, including working capital loans, term loans, equipment loans, and startup loans.
You can apply online through our website or contact our team for assistance. We will guide you through the application process.
Eligibility factors typically include your business's creditworthiness, financial stability, and the purpose of the loan.
Commonly needed documents include business financial statements, business plan, identity proof, address proof, and bank statements.
Loan amounts and tenures can vary, depending on the type of loan and your business's financial situation.
Interest rates may be fixed or floating, depending on the lender and loan terms.
Prepayment is generally allowed, and some lenders may have prepayment penalties. It's essential to check the terms before prepaying.
While processing fees and documentation charges may apply, a reputable lender will disclose these fees upfront.
If your business struggles to make payments, it's essential to communicate with the lender to explore alternative repayment options. Defaulting can have serious consequences, including legal action and damage to your creditworthiness.
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