Apply Unsecured Business Loan | Quickly Get up 15Cr
BroCred is a specialized online platform that serves as a comprehensive consultancy for businesses seeking financial support in the form of loans. The platform is designed to facilitate the borrowing process for entrepreneurs and business owners, offering a range of services to help them secure the funding they need for their ventures.
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created by brocred.com
- Last updated 20/08/2024
- 180 Cities Across India
- Online process
Get approval within 30mins*
Get Quick Business Loan
- Apply Online
- Check eligibility
- Choose Offer
- Get Approval
- Loan Disbursment
Why Choose us for Business Loan
- Secured and Unsecured Loans
- Wide Range Of Banks
- Competitive Rates
- Transparent Process
- Expert Guidance
- Get Desired Loan Amount
- Efficient Application Process
- Quick Disbursment
Top Banks With us
How To Apply Business Loan
Acquiring a Business loan in India is now a hassle-free experience thanks to our simplified online application process. By filling out an Enquiry form on our website, individuals can easily apply for a personal loan. We assess your eligibility either through our dedicated calculator or by checking the information you provide. Following confirmation of eligibility, we arrange for the collection of necessary documents at your doorstep and proceed to initiate the application with your chosen bank. The final steps involve securing loan approval and facilitating the efficient disbursement process.Apply Unsecured Business Loan | Quickly Get up 15Cr
- Age Limit 18 years - Max 60 years
- Business structure (partnership, proprietorship, private or public limited company)
- Minimum Turnover 50 Lakhs
- Loan Amount From 5 Lakhs to 5 Crores
- Minimum Cibil Score 650+
Quick Apply Business Loan
Required Documents
The documents necessary for applying for a business loan in India include the following. Each of these documents is crucial for the business loan application:
- . ID Proof: Passport, Voters ID card, Driving License, and Pan Card.
- Address Proof: This can include electricity bills, water bills, telephone bills, etc.
- Co-Applicant KYC
- Board Resolution (If a private limited company is involved or Partnership Authorization Letter/co-borrower if a partnership firm is present).
- Proof of Continuity of Business.
- Income Tax Returns (ITR) and Statement of Computation of Income for up to 2 years.
- Chartered Accountant (CA) Certified or Audited Profit and Loss Account Statement and schedules of P&L along with Balance Sheet for the last 2 years
- Ownership Proof of Residence or Office.
Here are the primary reasons for choosing a business loan
- Facilitating business growth
- Expanding the business's physical presence
- Initiating a new business venture
- Establishing credit for future needs
- Acquiring business equipment
- Increasing inventory levels
- Attracting new talent to the business
Compare rate of Interest
Frequently Asked Questions (FAQ)
An Annual Turnover of 50Lakhs enables borrowers to access small cash loans ranging from 5,00,000 to 25,00,000, easily repayable through EMIs. Keep in mind that the loan amount may vary among different lenders.
The criteria for business loan eligibility encompass diverse factors, including your CIBIL score, tax payment history, bank balance, credit utilization ratio, and additional parameters like:
- Business type: Whether your business is a proprietor, partnership, private limited company or a public limited company, the loan amount may vary.
- Date of Registration: To be eligible for the business loan by Bajaj Finance you should be registered for at least 3 years.
Annual - Turnover: The annual turnover of your business, also impacts the loan amount and thus it will affect your eligibility to take the loan.
- Pincode: The pincode of your residential address, helps us offer the best loan terms for your business.
1.Low Credit Score
2.Low Income
3.Inaccurate Details in Application
4.Business Instability
5.Too Many Pending Loans
6.Not Eligible
- Creditworthiness is a pivotal factor impacting a business loan’s interest rate. Lenders assess your financial history to decide on loan approval and interest rates. Higher credit scores often secure lower rates, while lower scores may result in higher rates.
- The type of business loan sought also affects the interest rate. Secured loans, backed by collateral, typically have lower rates, offering security for the lender. Unsecured loans, lacking collateral, may carry higher rates due to increased risk.
- Loan amount is another determinant; larger amounts may secure lower interest rates as they generate more income for the lender. Conversely, smaller loan amounts may attract higher interest rates.
- Repayment tenure, or how long you have to repay the loan, influences interest rates. Longer terms may yield lower rates, reducing pressure on borrowers. Shorter terms may have higher rates to expedite repayment.The health of your industry is a crucial factor. Lenders assess industry stability and growth potential. Struggling industries may face higher interest rates due to increased default risk, while booming industries could enjoy lower rates.
Securing a business loan with a favorable interest rate is crucial for effective cost management. Lower rates mean more manageable monthly payments, benefiting cash flow. Understanding these factors – creditworthiness, loan type, amount, tenure, and industry health – is essential for securing the best loan terms.
It Depends on The Loan amount , Your Net Business Income, Your Eligibility . Usually in Business Loan You Can Get Between 12 Months to Max 60 Months.
Upon submission of your loan application and required documents, the lender initiates the approval process. Depending on your chosen lender, approval can be obtained within three to seven working days. However, if the necessary documents are not submitted, the approval process may be extended.with their current situation.
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