From starting a new business to fueling capital in to your existing one, you could be needing business loans in India for any number of reasons.
A Secured loan is a loan that is protected by an asset or a collateral of some sort. To apply for a secured loan and have it approved, an applicant has to provide a guarantor or a collateral to the lender.
Benefits of Business Loan.
The amount of business loan you get depends on a multitude of factors such as
- Type of the business, i.e. Proprietorship, Partnership, Pvt Ltd or Public Ltd.
- Track record and type of business
- Annual Cash flow of the business.
- Profit and Loss of the business.
- Annual Turnover of the business.
Who is Eligible for Business Loan?
A person with stable monthly income is eligible for Business Loan.
- Current employment certificate
- Current job appointment letter
- Experience Certificate of previous job(including appointment and relieving letter)
- Last 3 month's salary slip if you are salaried person and 6 months bank statement
- Last 2 years ITR with computation of income OR last 2 years Form-16 provided by your employer