How To Get Business Loan From Bank ?
Business Loan can help you to continue to stay ahead of your competitor. Easy to scale your business in a hassle free environment. Take it to new heights with additional financial help using Business Loan.
Eligibility For Bank Loan
Yes, every bank have some rules and regulation for business loan.
The following business are eligible to apply for a Business Loan:
- Your business should make profit from past 2 year.
- Self employed individuals, Proprietors, Private Ltd, Partnership Firms involved in the business of Manufacturing, Trading or Services.
- it’s required to have citizenship of country where you want to take loan.
- Business should have a minimum turnover of Rs. 50 lakhs
- Minimum of 3 years total business experience required.
- Your company should have a average annual Income of Rs. 1 lakhs per year.
- Business owner age should be at least 21 years at the time of applying for the loan.
Business Loans Documents Required
- Your full Business Plan
- Passport-sized Photographs
- KYC Documents of the business owner, including PAN card, Aadhar Card, Driving License, Voter ID card, Passport.
- Last 2 years’ bank statement
- Proof of continuation.
- Any additional document required by the lenders
Steps for get Loan
Write down how much money you need
When bank asks you How much loan do you want, that time you can not give answer like “as per your wish”. Bank want to see that you’ve carefully thought through your business goals, know how much you need to achieve them and have a specific plan to use the money in right way.
Find what type load do you need
There are many types of business loans available so you need to figure out which is best business load that suit your business to grow.
Bank Give you option to choose from simple bank loan, SBA guaranteed loan, Microloans, Equipment loans, Business line of credit, Accounts receivable financing and more.
Best Bank To Get Loan
- AXIS BANK
- ICICI BANK
- BANK OF BARODA
- Wells Fargo & Co
- Citigroup Inc
- TD Group US Holdings LLC