Business Loan chennai
Mid corporates & Large corporates, Trading business, Manufacturers, Mining industries, EPC contractors and service entities are seeing opportunities to grow.
Short term and Long term basis with a minimum of 50Lakhs and maximum of infinity
Business loan, as the world knows, is usually of a higher amount if your business if well-established whereas a smaller amount of business loan chennai can also be taken to fulfil small business needs.
The business loan has many varieties and different criteria for every segment of the business world.
khannan finserv Pvt Ltd offered Business loan chennai and the terms are dependent on a variety of factors. One of the primary reasons for needing business financing is because you want to purchase inventory or equipment that will help your company grow and be successful.
Why Business Loan?
A Business loan is, no doubt, required to give a flight to your business in this competitive market. It can be required for:
* Establishing a new business
* Expanding an existing business
* Purchase of equipment and machinery loan chennai
* Maintenance of inventory
* Maintenance of liquidity
* Working capital
* Repayment of previous debts
What are the Types of Business Loans?
* Term Loans
* SBA Loans
* Business Lines of Credit
* Equipment Loans
* Invoice Financing
* Merchant Cash Advances
* Business Credit Cards
What is the Eligibility of Business Loan?
An individual who is willing to avail the business loan must fulfil specific criteria. These eligibility criteria may vary, and it all depends on the banks. Some of the common eligibility criteria are:
* The company should be private limited or partnership firm.
* The loan should be at least 21 years old.
* The business should be stable and profitable for at least two consecutive years.
* The annual income or turnover of the business should be at least Rs 40 lakhs.
* The balance sheet should be audited by a CA.
What are the Documents Required for Business Loan?
* Address proof
* Identity proof
* Business proof and proof of continuation
* PAN card
* Last three years audited financials
* ITR of last one year
* Sales tax returns of 3 years
* Other documents required by the bank.
What is the Repayment Period?
The repayment period of loan depends on its tenure and EMI. The long-term loans can run up to 20 years while short-term loans can be repaid within months to a year from the date of sanctioning.
What are the Interest Rates?
The rate of interests is different for each bank. Each bank has its criteria for interest rates. The banks also levy processing charges along with these interest rates.
Many other banks plus other financing institutions also give business loan. You just need to follow the above-mentioned information to get business loan.
Loan against Property
Loan against property Documents. UPTO RS 40 Lakhs , No Financials required.
Documents Needed for the loan are :
1. No Bank Statement
2. No Income Tax Returns
3. Property Documents
4. Address proof and Identity proof for KYC
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