Business Loan

 *Business Loan Overview*

A business loan is a type of loan provided by financial institutions to businesses for various purposes, such as expansion, working capital, or equipment purchase. Here's an overview of its features, eligibility criteria, and required documents:

*Features*

1. *Loan Amount*: The loan amount varies based on business needs, revenue, and creditworthiness.

2. *Interest Rates*: Interest rates can be fixed or floating, depending on the lender and loan terms.

3. *Repayment Tenure*: Repayment tenure typically ranges from 6 months to 10 years.

4. *EMI/Repayment*: Equated Monthly Installments (EMIs) or regular repayments.

*Eligibility Criteria*

1. *Business Age*: Typically, 2-5 years of operational history.

2. *Revenue*: Minimum annual revenue requirement varies by lender.

3. *Credit Score*: A good credit score (usually 650+).

4. *Business Type*: Eligibility may vary based on business type (e.g., manufacturing, services).

5. *Collateral*: Some loans may require collateral.

*Documents Required*

1. *Business Documents*: Business registration documents (e.g., GST certificate, PAN card).

2. *Financial Documents*: Financial statements (e.g., balance sheet, profit-loss statement).

3. *Identity Proof*: PAN card, Aadhaar card, passport, etc. (for business owners).

4. *Address Proof*: Address proof for business and owners.

5. *Bank Statements*: Recent bank statements for business.

Rate of Interest 3% Tenure 20 Years