Finance

With approval in 24 hours, a business loan can be the answer to your financial needs

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Who can get a business loan in India?

The lockdown-induced disruption has not tamed the spirit of entrepreneurs across the country, who are still looking for ways to bolster their operations and make maximum profit.

Organisations are looking for easy loan options to meet their operation cost and business loan with an approval within  24 hours is nothing short of a blessing for them. So, if you are an entrepreneur in a middle of a disruption and looking for a financial assistance by the way of business loans, read on:

  1. Your CIBIL score matters, a lot

Your CIBIL score, based on your credit history, is what will determine whether you would be available for the best loan features, including less turnaround time in approval and disbursal. The applicant is required to have a minimum CIBIL score depending on the platform and is also required to have a clean repayment record. As long as you have not defaulted on any of your payments, you are good to go and apply for a business loan, especially an unsecured one. What more, you do not even need to pledge any collateral as long as your credit score proves your financial worth to the lender.

Quick tip: You can keep an eye on the CIBIL score for free on the Finserv MARKETS website. This will help you in applying for business loans immediately, as soon as you meet the minimum requirement. 

  1. How to know if you are eligible?

Following are some criteria you need to meet for availing business loan within 24 hours

  • The applicant must be aged between 25 and 65 years
  • The applicant should have filled out the Income Tax Returns (ITR) for their business for at least last 1 year
  • The applicant must possess a business vintage of not less than three years

This is all you need for availing business loans quickly and efficiently.

Quick Tip: Financial literacy will help you in understanding which loan works best for your business. You can read about the types of working capital loans.

  1. What are the documents that need to be submitted?
  • KYC documents:

Aadhaar card

Voter’s ID

PAN card

Driver’s licence

Any other government-approved KYC document

  • Address proof:

Electricity bill

Passport

Rent agreement

Utility bills

  • Financial documents:

Copy of income tax returns

Bank account statement

GST returns

Profit and loss statement

  • Ownership evidence

Registration papers for your business

Depending on the nature of the application, you might be asked to furnish additional documents and therefore it is advisable to have all the papers in place before starting with the application process.

  1. How to apply for the unsecured business loan online?
  • Log on to the official loan webpage and click on ‘Apply Now’
  • Fill the loan application form
  • Add the following information
  • Employment type
  • Name
  • Mobile number
  • Pin code
  • Email ID
  • PAN
  • Date of birth
  • Nature of the business
  • Business vintage
  • Annual turnover

3)  Verify and click on ‘submit’

4) Upload the documents asked and wait for further guidance

There are multiple options for business owners in distress. All you need to weigh in the several offerings and choose the one that fits best for your requirement.  Consider going to the Finserv MARKETS website for the various products and offers on the same.

Rajesh Saini

Dr Deepika – Infertility Specialist in Panchkula & Chandigarh

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