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Business Loan
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Business loans are commonly used by business owners to access cash needed for business start up, growth or improvement. There are a wide variety of programs and lenders available, so it’s important to understand your specific needs and pursue a loan that fits your situation.
Business loans are available to firms and corporations to meet their operating expenses; to finance for capital expenditure / acquisition of fixed assets towards starting / expanding a business or industrial unit; and to swap existing high cost debt from other bank / financial institution etc.
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Eligibility criteria for small business loan
Age limit - 21 to 65 years.
Small Business would include individuals and firms managing a business enterprise established mainly for the purpose of providing any service other than professional services whose original cost price of the equipment used for the purpose of business does not exceed Rs.20 lac. Advances for acquisition, construction, renovation of house-boats and other tourist accommodation will be included here. Distribution of mineral oils shall be included under "Small Business". Advances to judicial stamp vendors and lottery ticket agents may also be classified under this category.
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Documents Required
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- ID Proof
- Age proof
- No objection certificate from the landlord where you wanted to start the business
- Details of the business
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General Terms :
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- Loan application should be duly filled up by the borrower in the Bank’s standard format.
- Pre-sanction inspection is to be conducted.
- Appraisal of the proposal is to be done in conformity with Bank’s lending policy.
- End-use of the fund is to be ensured.
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