Business Loan for Startups

Business Loan for Startup

With many entrepreneurs making their mark and moving ahead with path-breaking strides, startups are no longer a derogatory word, in fact, they have become the current buzzword.

At Fullerton India, we offer startup loan for new business to assist young entrepreneurs achieve their entrepreneurial dreams. You can avail a startup business loan if you are of a small or medium-sized firm for different requirements. Your requirement could be a working capital loan - to finance the working capital requirements during expansion or an equipment purchase loan - for purchase of new machinery or specialized equipment, or any other such expense.

Features and Benefits of Startup Business Loan

Startup loans for new businesses are different from other financing loans for established companies and have various benefits and specific features.

Flexibility - Startup business loans are designed with more flexibility to allow the business owner to concentrate on growth than just worry about repayment. At Fullerton India, we offer customised packages with flexible repayment tenures for your convenience.

Collateral - At Fullerton India, our shorter-term startup loans for a new business do not require collateral. You can avail up to INR 50 lakhs of unsecured business loans.

Availability of Funds - We ensure swift disbursal as soon as your loan is approved.

Documentation Required - To avail a startup business loan from Fullerton India, you will only need to submit basic documents without too many hassles.

Documents Required for Startup Loan for new Business

The documents required for obtaining a startup business loan from Fullerton India are as follows:

• Identity Proof - Passport, PAN card, Aadhaar card, driver’s license or voters id can serve this purpose.
• Address Proof - Electricity bills, telephone bills, Passport, Aadhaarcard or voters id can serve this purpose
• Proof of Age - Can be submitted by way of a copy of the passport or the PAN card.
• Income Statement - Proof of stable income to be provided
• Bank Statements - The last 6 months' bank statement to be submitted. You can also give a scanned copy of the canceled cheque to give IFSC code proof.
• Signature - Proof of signature to be submitted by bank verified statements or PAN card.
• Photos - 2 copies passport size.
• Financial statements audited by a CA for the past 2 consecutive years
• IT returns for the last 2 consecutive years

Eligibility Criteria for Startup Business Loan

To avail a startup loan for new business from Fullerton India, some of the eligibility criteria are as follows:

• You should be a resident citizen of India
• You should have a CIBIL score of at least 700
• Your business should have been operational for at least 2 years
• Minimum annual income of your business should be INR 2 lakhs
• Should be between 21 years to 65 years of age

For detailed eligibility criteria for business loans, click here.