India is a business oriented place and most of the residents in different parts of India are into various kind of Business. The population is around 1.2 billion people .There are several different types of schemes that tries to help people lending them loan and assured finances. Most often it is very difficult to get the loan pass as there comes a lot of issues with legal hurdles like preparing documents and getting the approval. Kanoonvala dedicatedly helps you with the paperwork and the quick approval of loans with less interest rate.
Benefits of Business Loans
It is always to be noted when getting a loan from any financial organisation that it should be secure and legally approved. While getting a business loan for you is easy and the benefits that are incurred are as:
You are benefitted with a flexibility of low cost EMI and lesser rate of Interest without any security deposit or bearing extra costs as it is availed by the Government.
The approval of the loans is faster than others as Kanoonvala has the best team for the providing you all types of business loans.
- The minimum turnover should be INR 40 lakhs
- The minimum experience should be of 3 years
- You should have a total of 5 years of business experience.
- The business should be making profit for at least 2 previous years from the day that you request a loan.
- Annual income should be around 1.5 lakhs per annum.
- The age criteria should be of minimum of 21 years.
- If beyond 65 years of age, the loan will be denied.
- The eligibility should be checked before applying for the loan. If only the criteria are fulfilled the applicant should move forward
- Make a thorough research of the bank that you are interested in getting the loan from
- Accumulate all the documents necessary to get the loan
- Fill out the application.
- If your Eligibility is right, and your application is without any error, you will get access to the business loan.
- The PAN Card that belongs to the company, the firm or the individual.
- ID proofs such as the Aadhar Card, Passport, Voter's ID or driving License.
- Bank Statements of the last 6 months.
- Latest ITR to consists of the computation of income, balance sheets, and P&L account of the last 2 years.
- Proof of Continuation that can either be ITR/Trade License/establishment/Sales Tax Certificate
- Sole Proprietorship Declaration or a notarized copy of the partnership deed.
- True copy of MOA and AOA.
QusWhat is the security that should be given for the business loan?
AnsThere is no need of giving any security as per the Government of India for your business loans.
QusDo I have to share my personal information to calculate my EMI?
AnsNo, the EMI calculator is places to allow the masses to calculate their expected EMI on their leisure.