Money is the fundamental part of business life. Some people in India love to work in companies and earn money. However, some of them believe in establishing own business and earn profits. Loan taken in order to set up/enhance/improve the business of the company is known as the commercial loans. It is also known as the business loans.
Type of People Availing Commercial/Business Loans:
Many small and big business houses are being set up in India. Setting up of small/big business houses is not an easy task. It requires lot of financial assistance and lot of challenges comes along with it. Getting funds is the major task for the establishment of the company. It is taken up by set of people given below as follows like:
- Small time entrepreneur
- Service Provider
- Manufacturer
- Big time entrepreneurs
- Self Employed Professional
- Small time businessmen
- Big time businessmen
Eligibility Criterion For Taking Business/Commercial Loans In India
- Banks and financial institutions in India are offering commercial/business loans. Some of the eligibility criterions available for taking up the business/commercial loans in India are given below as follows:
- You must be in the line of business for at-least 2/3 years with valid certificates.
- Ownership document of property used for business purposes.
- Residence Proof document.
- Passport Size Photos
- Identify Proof like Pan Card, Passport, Aadhar Card and Driving Licence.
How Can One Apply For Business/Commercial Loans?
It is very simple. One needs to follow certain steps like:
- You must have good repayment capacity.
- Vital documents must be available as per requirements.
- You must have database showing company’s performance.
- Statement of Profit/Loss is mandatory showing the loss and profit of the company.
- Income and expenditure statement showing the expense and income of the company.
- Robust business plan must be in place like equipment, employees, assets, marketing strategy as well.
- Good credit score must be present.
- If you start a new company, concentrate on vision, mission, core ideas and presentations.
- Proper collateral must be there to avail business/commercial loans.
So, please have all the above mentioned documents in place to get a good commercial/business loans in India.
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