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Avail a business loan to grow from a small to medium company

A company starts off with an aspiration to grow and expand. But, to fuel that aspiration you need funds. Often, companies need a financial boost to grow and manage the gap between execution and receiving sales proceeds. In today’s dynamic business environment and tough competition, you wouldn’t want to give up on promising opportunities for lack of finances.

The best approach to bridge the financial gap is to take credit. A business loan is one that’s specifically designed to meet the ever-changing needs of a company. They can be used to meet a wide range of corporate requirements such as initial capital, financing assets or meeting operating expenses. Approach a reputed financial institution that has the requisite experience and willingness to understand your corporate requirements. They will be able to offer customised credit options, to help you grow your company from small to medium.

Applying for a Business Loan can be a hassle-free process requiring minimal documentation and paperwork if the lender is experienced. Listed are some documents that you would need while applying for credit.

  • A recent photograph
  • Identity proof
  • Address proof
  • Proof of age – Generally, minimum age is 27 years old; exceptions may be made
  • Bank statements
  • Proof of business existence
  • Last three years’ Profit & Loss Statement and Balance Sheet - Annual turnover should be between Rs 10 lakhs and 100 crores. Business needs to be in continuity and show positive trends in turnover and profit during last two years.
  • Last three years’ income tax returns (business and individual) duly certified - Taxable income of over Rs 2 lakhs per annum during last two years.

Depending on your application and documents verification, you may be eligible for a business loan of as high as Rs 50 lakhs. Once the principal amount, tenure and interest rate are finalised, you will be given an equated monthly instalment (EMI) amount that you will have to repay throughout the tenure. An EMI is nothing but a convenient amount comprising of the principal and interest amounts that you need to repay every month.

Some benefits of obtaining a business loan from a reputed financial institution are:

  • The convenience of having Relationship Managers at your doorstep to advise and assist with applications
  • Smooth processing and quick approval
  • No need to hypothecate assets or provide any other collateral
  • Flexible repayment options, tenures range from 12-48 months
  • Insurance cover for your business loan
  • Additional benefits of processing time and interest rate for existing customers

A business loan could be your stepping stone to growing from a small to a medium enterprise. With so many benefits, it is the ideal way to finance an expanding company. Visit a reputed financial institution so that you can avail of the best terms.

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