1. What is Business Loan?
> A bank loan granted for the use of a business or commercial purposes is called as Business
Loan. Business loan can be secured as well as unsecured loan.
2. How do i take a Business loan?
> You can start
by checking with different banks or just enquire with us here.
3. How is my Business Loan Eligibility determined?
> Your eligibility is determined by your repayment capacity, taking into consideration, factors such as Your Income, Your Experience,
your Business stability, Business Net Profit & Turnover, stability and continuity of Business, assets/liabilities and your credit
4. How long is processing time for Business Loan?
> Business Loan Processing times vary from bank
to bank. Usually a Business Loan processing takes around 1-5 weeks.
5. What is the maximum i can borrow as a Business
> Business Loan eligibility differs from bank to bank and also Turnover/ Net profit of your business.
fees & charges are payable?
> Apart from the rate of interest bank also do charge some fees which are of two types.
Once when you are applying for the loan and once when you are pre-closing the loan. The fees when charged at the time of processing
called as Processing Fees vary from 1%-3% of the loan amount. The second charge is the prepayment penalty paid at the time of preclosure.
This too varies from 2 –5 %.
7. What is the range of rate of interest offered on Business Loans?
8. What is the minimum period
my business should exist for loan eligibility?
> A business has to be in existence for a minimum period of three years, for
it to be eligible for a Loan
9. What are Documents required for Business Loan application?
> The documents listed
for Home Loan are listed here. Further your lender may decide to ask for more documents as per as their requirements.