GET COMMERCIAL AND BUSINESS LOANS
Money is the fundamental part of business life. Some people in India love to work in companies and earn money. However, some of them believe in establishing own business and earn profits. Loan taken in order to set up/enhance/improve the business of the company is known as the commercial loans. It is also known as the business loans.
Type of People Availing Commercial/Business Loans:
Many small and big business houses are being set up in India. Setting up of small/big business houses is not an easy task. It requires lot of financial assistance and lot of challenges comes along with it. Getting funds is the major task for the establishment of the company. It is taken up by set of people given below as follows like:
ØSmall time entrepreneurs
ØBig time entrepreneurs
ØSelf Employed Professionals
ØSmall time businessmen
Eligibility Criterion For Taking Business/Commercial Loans In India:
Banks and financial institutions in India are offering commercial/business loans. Some of the eligibility criterions available for taking up the business/commercial loans in India are given below as follows:
ØYou must be in the line of business for at-least 2/3 years with valid certificates.
ØOwnership document of property used for business purposes.
ØResidence Proof document.
ØPassport Size Photos.
ØIdentify Proof like Pan Card, Passport, Aadhar Card and Driving Licence.
How Can One Apply For Business/Commercial Loans?
It is very simple. One needs to follow certain steps like:
ØYou must have good repayment capacity.
ØVital documents must be available as per requirements.
ØYou must have database showing company’s performance.
ØStatement of Profit/Loss is mandatory showing the loss and profit of the company.
ØIncome and expenditure statement showing the expense and income of the company.
ØRobust business plan must be in place like equipment, employees, assets, marketing strategy as well.
ØGood credit score must be present.
ØIf you start a new company, concentrate on vision, mission, core ideas and presentations.
ØProper collateral must be there to avail business/commercial loans.
So, please have all the above mentioned documents in place to get a good commercial/business loans in India.
TO KNOW MORE ABOUT BUSINESS LOAN: