Your business requires working capital to run and function smoothly. Lack of funds may sabotage the ambitious growth plans of your Business.
Banks give you money to run your business, which you have to repay with interest, called a business loan.
Your business loan can be secured (you give a collateral) such as your Company inventory, land or machinery and avail your loan at a lower rate of interest.
Your business loan can be unsecured (you do not need to give a collateral).You are charged a higher rate of interest.
If you are a business owner you need money to finance your working capital needs. You can also take a loan to expand your business.
You get a business loan for sole proprietorship firm, partnership firm, private limited company or a public limited company.
You get a special collateral free facility if your business is a Micro or a Small Enterprise. This is under the Credit Guarantee Fund Trust.
Attractive lending schemes for women offered by banks. Women get loans at lower interest rates with no collateral.
You need to be at least 21 years of age and 65 years when your loan matures.
Your business needs to have a minimum turnover of INR 40 Lakhs.
You need to have a minimum experience of 3 years in the current business and at least 5 years of total business experience.
Your business should be making profits for at least 2 years.
You need to have a minimum annual income of at least INR 1.5 Lakhs for a loan of INR 15 Lakhs and at least INR 3 Lakhs for a loan above INR 15 Lakhs. You need to have a minimum Cibil score of at least 700.
• You require to submit owner's/business PAN card details.
• Your Residence and identity proof.
• Your 6 months bank statements.
• Your latest Income Tax Returns along with the computation of income, Balance sheet and Profit and Loss account for the last 2 years.
• Your proofs of the business such as trade licenses, sales tax certificates and so on.
06 March 2018, Tuesday
The Modi Government is really serious on catching willful defaulters. Big willful defaulters are using loopholes in Indian Laws, to defraud banks of crores of rupees. Nirav Modi has defrauded Punjab National Bank of nearly Rs 12,600 Crores and escaped the long arm of the law. Now the big q...
17 February 2018, Saturday
India is shocked with what is the greatest banking fraud in Indian history. PNB has been cheated of Rs 11,360 Crores by Billionaire Diamantaire, Nirav Modi and some Gem and Jewelry firms. Worse....This scam has been going on since 2011. The Nation wants to know....How deep is this fraud...
16 February 2018, Friday
Punjab National Bank on Valentine's Day, disclosed that it had discovered a Rs 11,360 Crore scam. At the center of this scam were some unscrupulous PNB employees and a Billionaire Diamond Jeweler with International Connections. The CBI is investigating the scam and Gitanjali Gems...
18 July 2012, Wednesday
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14 March 2014, Friday
As the name suggests ELSS invests the whole corpus in equities. Proportions as high as 80-90% of equities are found in an ELSS Fund. It is a special kind of mutual fund that qualifies for tax benefits. Basically Equity Linked Savings Scheme is a mutual fund with a lock in period of three years and...
07 January 2014, Tuesday
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