Business loan is type of financing you can avail to meet the need of your growing business.
How does it Work?
Business loan are capital offered by lenders to Businesses. Lenders require repayment of the principal amount with interest.
Who qualifies for a Business Loan?
Most lenders believe that past results reflect what will happen in the future thus ask for Credit Score. Annual Revenue One of the chief business loan requirements for a lender is to understand the trends in your business, especially how sales and cash flow have grown.
There are some eligibility criteria that Banks demands in order to sanction Business loan. We Card2Connect are providing you with the full and all the necessary eligibility criteria that one should have.
Common Eligibility Criteria for Business Loan. The age of the applicant must be of 21 years and he should be in the age of 65 years maximum. Firms that are on Proprietorship/partnership and are Pvt Ltd. Companies are eligible for the loan application. Individuals that are self-employed. And takes part in the manufacturing, Services or Trading can also apply for the Loan. A Business must have an experience of at least 5 year in the line of activity. For more details, please contact at 2222222222
Documents Requirement
- Proof of Address:
Aadhaar card, Voter Id card, Driver’s Licence, utility Bill etc. - Photo Id Proof:
Driver’s Licence, PAN Card, Passport etc. - Proof of Business:
GST Registration, Trade Licence, Registration under Shop Act, Drug Licence, etc. - Income Proof:
Balance Sheet and Profit & Loss Account audited by an Auditor with Auditor's report - Other Document:
- Partnership Deed in the case of Partnership Firm
- Articles of Association, Memorandum of Association, and Board Resolution as per the format provided by the lender in the case of a Company.
- PAN Card of Partnership Firm/Company
- National and State Permit if finance is availed for a commercial vehicle.