Business Loan

To meet the financial requirements of the business, including the purchase of new plant and machinery, to replace the existing plant and machinery, building infrastructure, expanding the business, etc. required to take the business to a greater level. Also, working capital finance is extended to provide for the day to day operational cost of the business

Loan Requirements

 OccupationSalaried employees, self-employed professionals, self-employed non professionals, and business owners
 AgeMinimum 21 years at loan application and maximum 65 years at loan maturity 
 Monthly income20,000 
Job/business continuity2 years continuous job or 3 years continuity in business
ITR Last 2 years IT returns
Credit score700 & above

Loan Requirements

  • KYC Documents
    • PAN Card
    • Aadhar Card
    • Driving Licence
    • Voter ID
    • Passport
    • Registered Rent Agreement
  • Income Documents - Salaried
    • Salary slips for the last 6 months
    • IT Return along with Form 16 for the past 2 years
    • Bank account statements of previous 3 months that reflects your salary credits and other income
    • Employment certificate from current employer
  • Income Documents - Self-employed
    • Financial statements that include Balance Sheet and Profit and Loss Statement
    • IT Returns for the last 2 years
    • Proof of continuity of business income such as Bank Account Statement
    • Evidence of doing business like GST Registration
  • Other Documents
    • Business loan application form
    • Recent passport-sized photographs
    • Processing fee cheque
  • You can consider applying for a business loan for a marriage in your family, to bear educational expenses, for vacation abroad, debt consolidation, home renovation, or any other purposes.

  • Generally, the minimum loan amount is around 50,000,and the maximum amount can go up to 50 Lakhs depending on your eligibility. The banks like to have a personal discussion with borrowers before approving higher Business Loan limits.

  • The banks do not have any collateral to fall back on in case of default. The only recourse available to the banks is to file a civil suit in the court of law.