Who is eligible for business loan?
Business loan helps traders, businessmen and professionals to start or expand their commercial activities. The loan can be secured against a collateral in the form of property, finished goods, etc or can be availed without keeping any collateral security. This unsecured business loan is more expensive than secured business loan.
Features for Business Loan
Loans upto Rs. 50 Lakh
Business Vintage – Minimum 3 years
Turnover – Rs. 30 Lakhs to Rs. 10 Cr
Age – 21 to 65 years Documentation
Last 2 years ITR
PAN Card / Form 60 for all applicant / Co-applicant / Guarantor
Fees and Charges
Normally lender charges a fee of up to 2.5% of loan amount towards the processing of loan.
The lender may charge you a penalty for early closure of loan.