If want to business for yourself or working who was the new plan but do not have the capital you need to invest in your work then a business loan is the perfect solution for you. What people complain about while thinking about business loans is that they might get cheated or about the “Business Loan Interest Rate“ or the loan processing time will take months while they lose out on their dreams. No more do you have to face problems as you can apply for a business loan online nowadays.

Eligibility criteria for applying for a business loan

First and foremost you must check the “Business Loan Eligibility“ to see if you stand a chance to even apply for taking out a loan. The eligibility criteria can differ from company to company but some of the basic criteria are as follows:

● Self-employed individuals who are both professionals and non-professionals can apply. Self-employed professionals mainly included doctors, architects, chartered accountants, etc cetera. Self-employed non-professional includes individuals who are traders and manufacturers, etc.
● Entities can also apply for a business loan. They include partnerships, private limited companies, limited liability partnerships, etc cetera.
● The companies who are giving out the loan may ask the businesses to prove that they are making a turnover of 40 lacs minimum per year.
● a minimum of 3 years of experience in the current business must be required for which the loan is taken out.
● One must also have a minimum of 5 years of total business experience.
● The business must also be profitable and one may be asked to provide the details for the past two years.
● The minimum annual income must be not less than 1.5 lacs per annum.
● The applicants must be at least 25 years of age and cannot be more than 55 years.
● The IT returns for the past 1 year must be filed properly.
● Lenders can choose to offer to give out the loan depending upon your geographical area as well. Check if such clauses are mentioned by the company from which you will seek out your loan.

Documents you have to produce to be able to apply for a business loan:

● The PAN card for the company, individual or the firm.
● Photo identity proof
● Address proof
● Past 6 months bank statement
● The latest income tax return along with the income balance sheet that has been computed which will also have the profit and loss account for the last 2 years.
● Proof of continuation is also required
● Certified copy of the partnership deal of your company or the sole proprietorship declaration.
● You may also have to produce the certified true copy of the memorandum and the articles of association.

“Apply for Business Loan Online“ from anywhere. No more do you have to stand in long queues and wait for days for your documents to get verified. Just log on to the website and click the business loan option. Fill the details and you will be ready to go.