A business loan supports your company’s expansion, whether you want to modernise your equipment or extend your staff.
Unsecured loans specifically created for a business’s needs during growth and expansion are known as business loans. Want to step up your marketing efforts? Looking for a new workplace? Or maybe you require working money to cover operating costs. When you’re short on funds, a business loan can save the day. When it comes to your loan search and application process, Vraj Fincare truly partners with you. We comprehend how crucial business expansion is to you.
We also recognise that successful business operations depend on having access to the proper capital at the appropriate time. We provide you the best business loan options from our channel partners, the top banks and NBFCs in the nation, to help you scale quickly.
You may compare business loan options, find competitive deals, calculate EMIs, and much more with the assistance of our knowledgeable business loan agents in India. You can quickly choose the best bank for business loans with Viraj Fincare thanks to their all-around assistance.
Get professional loan assistance today to give your company wings!
Uses of Business Loan
You can meet a variety of financing needs with the help of several sorts of company loans. These flexible loans can be used to fill liquidity shortages or ease cash flow issues.
Purchasing Inventory
Businesses use business loans to buy new stock and inventory so they can keep selling their product(s) to clients. These loans are a great choice for small firms with few assets because they often do not need collateral.
Hiring Employees
A strong staff is essential to the success of a developing company. However, especially for a small business, the cost of acquiring and training new personnel can be substantial. You may grow your team without feeling the pinch thanks to business financing. Utilize these loans to hire and mentor new hires.
Upgrading Machinery
The most cutting-edge equipment for your company is expensive. You can increase output at scale by investing in the newest equipment with the aid of a company loan. You can finance these pricey but necessary goods with the appropriate loan product without having an impact on cash flows.
Marketing Spend
Your firm may grow with effective marketing. Additionally, marketing is a continuous process that is necessary to draw in new clients. This implies that you must spend money on specialised agency or top talent. Use a business loan to cover all of your marketing expenditures.
Managing Operational Expenses
A business needs a lot to function day in and day out. This is why businesses need business loans to cover ongoing operating costs in the event of a liquidity crisis or erratic cash flow. Use a loan to effectively address operating costs rather than spending all of your income on them.
Eligibility Criteria
Anyone can apply for a business loan, regardless of whether they are a salaried worker, a government employee, or a working professional. All you need to do is meet the minimal eligibility requirements outlined by banks and NBFCs. While bank and NBFC eligibility requirements for personal loans might vary, the following requirements are often required of applicants:
Salaried or a working
professional
Aged between
21 and 60 years
Having a job and a minimum
3 months experience
Having a minimum Rs. 25,000 net income per month.
Documentation Required
Photo Identity Proof
- PAN Card
- Aadhaar Card
- Passport
- Voter ID
Proof of Residence or Address Proof
- Voter ID
- Aadhaar Card
- Passport
- Utility Bills
- Driving License
Income Proof
- Last 12 months’ statements for current and savings accounts
- Balance sheet and Profit/Loss Account audited by a registered CA for the last two years
- Last three years of ITRs - both company and individual
Others
- PAN Card of the company/partnership firm
- A certified copy of Partnership Deed agreement
- GST Registration Certificate
- Registration of Incorporation
- Business address proof
- Articles of Association and Memorandum of Association documents
- Professional Practice Licence for Consultants, Doctors, etc.
Business Loan Balance Transfer
When a borrower switches the outstanding loan balance from one lender to another, it is known as a business loan balance transfer. reduce the interest rate. To obtain a lower EMI To obtain a longer term can receive extra benefits, such as a top-up loan. You can shift your company loan to a different lender with better conditions if you’re not happy with your existing lender for whatever reason. However, you must carefully consider the advantages and disadvantages of moving to a new lender before making this choice. Consider elements like the new interest rate, the repayment option flexibility, the qualifying requirements, etc.
We provide advice on the ideal time to make a balance transfer at Viraj Fincare. We walk you through every step to ensure that you receive the best terms on your new loan!
Documents required for a balance transfer
- Identity proof – Passport, Aadhar Card, Driving License, etc.
- Address proof – Aadhaar Card, Passport, Voter’s ID, etc.
- Income proof - Balance sheet and Profit/Loss Account audited by a registered CA for the last two years, last three years of ITRs - both company and individual
- Bank statements - Last 12 months’ statements for current and savings accounts
- Business proof - PAN Card, Partnership Deed agreement, GST Registration Certificate, Registration of Incorporation, Business address proof, AoA and MoA, Professional Practice Licence for Consultants, Doctors, etc.