What is needed to apply for a business loan? - Letsdiskuss
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Anonymous

Posted 23 Jan, 2019 |

What is needed to apply for a business loan?

Ashish Gupta

Finance | Posted 20 Nov, 2020

With Minimum documentation like a future business plan, IT returns, Balance sheet, P/L Account statement, KYC and bank documents, PAN Card, and Address proof, you can easily apply online with various NBFC's like Lendingkart, which provide quick and collateral-free business loans.

Ashar Siddiqui

@letsuser | Posted 14 Apr, 2020

In basic terms, a business advance can be characterized as the assets obtained from the moneylender (banks, NBFCs or some other monetary foundation) for business purposes. Be that as it may, it isn't so natural to comprehend it in basic words. The advance has numerous assortments and various criteria for each section of the business world.

Business advance, as the world knows, is for the most part of a higher sum if your business if entrenched while a littler measure of business credit can likewise be taken to satisfy independent venture needs.

We should take a gander at what everything is required to get a business advance:

Why Business Loan?

A Business credit is, no uncertainty, required to give a trip to your business right now. It tends to be required for:

Building up another business

Extending a current business

Acquisition of gear and hardware

Upkeep of stock

Upkeep of liquidity

Working capital

Reimbursement of past obligationsIn basic terms, a business advance can be characterized as the assets obtained from the moneylender (banks, NBFCs or some other monetary foundation) for business purposes. Be that as it may, it isn't so natural to comprehend it in basic words. The advance has numerous assortments and various criteria for each section of the business world.

Business advance, as the world knows, is for the most part of a higher sum if your business if entrenched while a littler measure of business credit can likewise be taken to satisfy independent venture needs.

We should take a gander at what everything is required to get a business advance:

Why Business Loan?

A Business credit is, no uncertainty, required to give a trip to your business right now. It tends to be required for:

Building up another business

Extending a current business

Acquisition of gear and hardware

Upkeep of stock

Upkeep of liquidity

Working capital

Reimbursement of past obligations

sanofar banu

Human Resource | Posted 25 Feb, 2020

It is better for you to go to the bank which you are expecting to get the loan. And ask them directly, Becuase each will tel their experience. But it may differ. So its the best way

james peter

Employee | Posted 06 Sep, 2019

Hi, it all depends upon good credit score and there are two types of business loans available secured loans where need to provide surety or guarantor against the loan and for unsecured loans are short-term loans without any collateral or guarantor needed. Also giving assurance to the lenders with a proper source of income and business plan

Anuj Pandey

@letsuser/financialadvisor | Posted 23 Jan, 2019

A business loan is a great way to secure your financing and increase working capital. You can easily apply online for a business loan up to Rs. 30 lakhs with minimum documentation from any NBFC.

Generally, banks involve a lengthy documentation process, so it is better to apply for a loan from an NBFC. You can apply for a business loan, if you are running a business that is:



Limited or private limited company
Partnership or proprietorship firm
Chartered accountant
Self-employed professional

You, as a business loan customer, should have a profile:

o Self-employed professional
o Self-employed non professional
o Entities like partnership or private limited

A few business loan requirement that you need to submit while applying for a loan are:
Application form
Photograph
Income details like IT returns, balance sheet, P/L account statement for last 2 years
Bank account statements for last 3 months
KYC documents
Business vintage proof of 5 years minimum
Business practice proof